Cambrea, Domenico Rocco; Colonnello, Stefano; Curatola, … - 2019 - This Draft: January 2019
We study how US chief executive officers (CEOs) invest their deferred compensation plans depending on the firm … deferred compensation is to a large extent invested in the company equity in good times and divested from it in bad times. The … instruments to preserve the value of their deferred compensation plans. This result suggests that the incentive alignment effects …