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An Empirical Analysis of Legal Insider Trading in the Netherlands
Degryse, Hans; De Jong, Frank; Lefebvre, Jérémie - 2021
In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by...
Persistent link: https://www.econbiz.de/10013316351
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CEO Preferences and Acquisitions
Jenter, Dirk - 2011
This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone benefits of staying employed until the planned retirement...
Persistent link: https://www.econbiz.de/10013117262
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Market Competition or Family Ties : Which Prevails on Italian CEOs Pay?
Graziano, Clara - 2015
The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed firms from 2000 to 2011 and tests the impact of the 2007-08 financial crisis on pay-performance sensitivity. We argue that important differences both in the level of compensation...
Persistent link: https://www.econbiz.de/10013020525
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Executive Compensation : A Survey of Theory and Evidence
Edmans, Alex - 2017
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public...
Persistent link: https://www.econbiz.de/10012949331
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An Empirical Analysis of Legal Insider Trading in the Netherlands
Degryse, Hans; Jong, Frank de; Lefebvre, Jérémie - CESifo - 2009
In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by...
Persistent link: https://www.econbiz.de/10005034632
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The Diffusion of Knowledge Via Managers' Mobility
Mion, Giordano - 2017
Better managers and managerial practices lead to better firm performance. Yet, little is known about what happens when … managers move across firms. Does a firm hiring a good manager improve its performance? If yes is there some valuable knowledge …-invariant ability of the manager as well as overall firm performance. We find that the export experience gained by managers in previous …
Persistent link: https://www.econbiz.de/10012964189
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Globalization and Executive Compensation
Keller, Wolfgang - 2017
This paper identifies globalization as a factor behind the rapid increase in executive compensation and inequality over the last few decades. Employing comprehensive data on top executives at major U.S. companies, we show that compensation is higher at more global firms. We find that pay...
Persistent link: https://www.econbiz.de/10012942995
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Gift Exchange in the Workplace : Money or Attention?
Dur, Robert - 2009
convinced that their manager cares for them. Managers can signal their altruistic feelings towards their employees in two ways … altruistic managers may offer lower wages and nevertheless build up better social-exchange relationships with their employees … than egoistic managers do. In such equilibria, a low wage signals to employees that the manager has something else to offer …
Persistent link: https://www.econbiz.de/10012765691
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Disentangling Managerial Incentives from a Dynamic Perspective : The Role of Stock Grants
Hili, Amal - 2016
We analyze the optimal contract between a risk-averse manager and the initial shareholders in a two-period model where the manager's investment effort, carried out in period 1, and her current effort, carried out in period 2, both impact the second-period profit, so that it may be difficult to...
Persistent link: https://www.econbiz.de/10012979660
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The Efficiency Costs of Dividend Taxation with Managerial Firms
Koethenbuerger, Marko - 2015
The paper analyzes the efficiency costs of dividend taxation in an effort-based corporate agency model in which non-verifiable managerial effort enhances taxable profits. We show that investment changes following a rise in dividend taxes might not be sufficient to infer the efficiency cost of...
Persistent link: https://www.econbiz.de/10013011653