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Do CEOs make their own luck? : relative versus absolute performance evaluation and firm risk
Wruck, Karen H.; Wu, Yi Lin - 2017 - Current Draft: 10/5/17
adopting a relative performance evaluation (RPE) plan, total and idiosyncratic risk are higher, and the correlation between … firm and industry performance is lower. The opposite is true for firms that adopt absolute performance evaluation (APE …) plans. Plans including accounting-based performance metrics and/or cash payouts have weaker risk-related incentives. The …
Persistent link: https://www.econbiz.de/10011968863
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Accounting-based compensation and debt contracts
Li, Zhi; Wang, Lingling; Wruck, Karen H. - 2018 - CURRENT DRAFT: February 2, 2018
on LTAP features, and value plans with concave performance-payout functions and reasonable performance targets. A firm …
Persistent link: https://www.econbiz.de/10011963302
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Equity incentives, disclosure quality, and stock liquidity risk
Wruck, Karen H.; Wu, Yi Lin - 2017
We provide evidence that CEO equity incentives, especially stock options, influence stock liquidity risk via information disclosure quality. We document a negative association between CEO options and the quality of future managerial disclosure policy. Contributing to the literature on CEO...
Persistent link: https://www.econbiz.de/10011963233
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Stock price informativeness and the complexity of CEO compensation
Bennett, Benjamin; Garvey, Gerald; Milbourn, Todd; … - 2019
low), CEO pay is more complex and more closely linked to accounting performance and peer firm performance. Compensation …
Persistent link: https://www.econbiz.de/10012104644