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Behavioral Finance in Corporate Governance - Independent Directors, Non-Executive Chairs, and the Importance of the Devil's Advocate
Morck, Randall - 2004
The Common Law, parliamentary democracy, and academia all institutionalize dissent to check undue obedience to authority; and corporate governance reformers advocate the same in boardrooms. Many corporate governance disasters could often be averted if directors asked hard questions, demanded...
Persistent link: https://www.econbiz.de/10012468049
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Do Managerial Objectives Drive Bad Acquisitions?
Morck, Randall - 1989
the announcement day return of bidding firms. The returns to bidding shareholders are lower when their firm diversifies …, when it buys a rapidly growing target , and when the performance of its managers has been poor before the acquisition …. These results are consistent with the proposition that managerial rather than shareholders' objectives drive bad …
Persistent link: https://www.econbiz.de/10012476048
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CEO Pay and the rise of Relative Performance Contracts : A Question of Governance?
Bell, Brian - 2016
responds more to increases in shareholders' return performance than to decreases. Further, this asymmetry is stronger when …
Persistent link: https://www.econbiz.de/10012456270
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The impact of competition on management quality : evidence from public hospitals
Bloom, Nicholas; Propper, Carol; Seiler, Stephan; Van … - 2010
Persistent link: https://www.econbiz.de/10003994168
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The impact of competition on management quality : evidence from public hospitals
Bloom, Nicholas; Propper, Carol; Seiler, Stephan; Van … - 2010
Persistent link: https://www.econbiz.de/10003994673
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The Taxation of Executive Compensation
Hall, Brian J. - 2000
Over the past 20 years, there has been a dramatic increase in the share of executive compensation paid through stock options. In this paper, we examine the extent to which tax policy has influenced the composition of executive compensation, and discuss the implications of rising stock-based pay...
Persistent link: https://www.econbiz.de/10012471173
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Optimal Exercise Prices for Executive Stock Options
Hall, Brian J. - 2000
Although exercise prices for executive stock options can be set either below or above the grant-date market price, in practice virtually all options are granted at the money. We offer an economic rationale for this apparent puzzle, by showing that pay-to-performance incentives for risk-averse...
Persistent link: https://www.econbiz.de/10012471227
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The Impact of Competition on Management Quality : Evidence from Public Hospitals
Bloom, Nicholas - 2010
In this paper we examine the causal impact of competition on management quality. We analyze the hospital sector where … management quality - measured using a new survey tool - is strongly correlated with financial and clinical outcomes such as … a greater number of neighboring hospitals) is positively correlated with increased management quality, and this …
Persistent link: https://www.econbiz.de/10012462620
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The Trouble with Stock Options
Hall, Brian J. - 2003
that we believe explains the over-use of options and several apparent puzzles: boards and managers falsely perceive stock …
Persistent link: https://www.econbiz.de/10012468914
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Managing Option Fragility
Hall, Brian J. - 2002
own incentives' in a way that augments company management of option fragility …
Persistent link: https://www.econbiz.de/10012469654