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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/10012951861
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History of American Corporate Governance : Law, Institutions, and Politics
Hilt, Eric - 2014
This paper presents an overview of the history of corporate governance in the United States, emphasizing the period …
Persistent link: https://www.econbiz.de/10013049687
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Indirect Incentives of Hedge Fund Managers
Lim, Jongha - 2013
managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …
Persistent link: https://www.econbiz.de/10013084738
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The Pay to Performance Incentives of Executive Stock Options
Hall, Brian J. - 2010
Detailed data about stock option contracts are used to measure and analyze the pay to performance incentives of executive stock options. Two main issues are addressed. The first is the pay to performance incentives created by the revaluation of stock option holdings. The findings suggest that if...
Persistent link: https://www.econbiz.de/10012763587
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CEO Incentives and Firm Size
Baker, George P.; Hall, Brian J. - 2021
What determines CEO incentives? A confusion exists among both academics and practitioners about how to measure the strength of CEO incentives, and how to reconcile the enormous differences in pay sensitivities between executives in large and small firms. We show that while one measure of CEO...
Persistent link: https://www.econbiz.de/10013234372
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Performance Incentives within Firms : The Effect of Managerial Responsibility
Aggarwal, Rajesh K.; Samwick, Andrew A. - 2022
executive officers. However, firms are run by teams of managers, and a theory of the firm should also explain the distribution …
Persistent link: https://www.econbiz.de/10013308346
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Executive Compensation and Corporate Governance in the U.S : Perceptions, Facts and Challenges
Kaplan, Steven N. - 2012
In this paper, I consider the evidence for three common perceptions of U.S. public company CEO pay and corporate governance: (1) CEOs are overpaid and their pay keeps increasing; (2) CEOs are not paid for their performance; and (3) boards do not penalize CEOs for poor performance. While average...
Persistent link: https://www.econbiz.de/10013100668
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CEO Pay and the Rise of Relative Performance Contracts : A Question of Governance?
Bell, Brian - 2016
Would moving to relative performance contracts improve the alignment between CEO pay and performance? To address this we exploit the large rise in relative performance awards and the share of equity pay in the UK over the last two decades. Using new employer-employee matched datasets we find...
Persistent link: https://www.econbiz.de/10012986698
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Executive Compensation : Six Questions that Need Answering
Abowd, John M. - 2002
In this article, we focus on how recent research advances can be used to address the following six questions: (1) How much does executive compensation cost the firm? (2) How much is executive compensation worth to the recipient? (3) How well does executive compensation work? (4) What are the...
Persistent link: https://www.econbiz.de/10012787508
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Contractual Freedom and the Evolution of Corporate Control in Britain, 1862 to 1929
Guinnane, Timothy W. - 2014
British general incorporation law granted companies an extraordinary degree of contractual freedom to craft their own governance rules. It provided companies with a default set of articles of association, but incorporators were free to reject any part or all of the model and write their own...
Persistent link: https://www.econbiz.de/10013047400