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Figures are numerical solutions, and each caption lists the parameter values used.",182 "units_stated_in_notes": false,183 "standard_errors_description": "none"184 },185 "figures": {186 "uncertainty_shown": "no"187 },188 "conclusion": {189 "bounded_claims": true,190 "policy_implications": false,191 "open_questions": false,192 "restates_contribution": true193 },194 "hedging": {195 "level": "moderate",196 "typical_devices": [197 "'may' for nonmonotonic effort",198 "'generally' qualifying results",199 "'might not' regarding firms' choices",200 "noting limits of postretirement compensation"201 ]202 },203 "claim_evidence": [204 {205 "claim": "Optimal contracts defer compensation, and vesting accelerates near the end of tenure.",206 "evidence_type": "equation_or_proof",207 "evidence_ref": "Sections V-VI, Appendix C"208 },209 {210 "claim": "Manipulation escalates over the CEO's tenure, producing an endogenous horizon problem.",211 "evidence_type": "figure",212 "evidence_ref": "Figure 3"213 },214 {215 "claim": "Without manipulation, vesting is deterministic; with manipulation, vesting is performance-based.",216 "evidence_type": "equation_or_proof",217 "evidence_ref": "Sections IV, VI"218 },219 {220 "claim": "Short-termism is prevalent: most surveyed CEOs would sacrifice long-term value to meet expectations.",221 "evidence_type": "prior_literature",222 "evidence_ref": "Graham, Harvey, and Rajgopal (2005)"223 },224 {225 "claim": "Under deterministic contracts, long-term incentives can be reduced only by distorting effort.",226 "evidence_type": "figure",227 "evidence_ref": "Section VII, Figure 4"228 },229 {230 "claim": "Incentive compatibility conditions are necessary and sufficient.",231 "evidence_type": "equation_or_proof",232 "evidence_ref": "Proposition 1, Appendices A-B"233 }234 ],235 "structural_summary": "The introduction motivates the paper with survey and empirical evidence of CEO short-termism. It then identifies a gap: prior models either take incentives as given or study contracts that rule out manipulation entirely. The paper builds a continuous-time dynamic agency model with hidden effort and manipulation. The analysis proceeds in steps: the agent's incentive-compatibility conditions, the principal's control problem, an infinite-tenure benchmark, finite tenure solved by backward induction, the general optimal contract, and a deterministic-contract subclass. Numerical examples illustrate the results and link them to empirical implications. The conclusion restates the findings, and proofs are placed in the appendices.",236 "writing_profile_keywords": [237 "dynamic contracting",238 "continuous time",239 "CEO horizon",240 "short-termism",241 "vesting",242 "numerical illustration",243 "proofs in appendix"244 ],245 "confidence": 0.85,246 "notes": "Theory paper. 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