Ning, Yixi; Hu, Xiankui; Garza-Gomez, Xavier - In: Journal of Economics and Finance 39 (2015) 1, pp. 23-47
institutional Herfindahl index, is negatively related to CEO compensation risk. We argue that while general institutional investors … with relatively small stakes in a firm favor companies characterized by a higher CEO compensation risk, top institutional …Using a panel of publicly traded companies with large changes in institutional holdings, we find that CEO compensation …