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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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Managerial Value Diversion and Shareholder Wealth
Bebchuk, Lucian A. - 2008
managers. We question this view within its own analytical framework by studying, in a principal-agent model, the effects of … diversion overlooks a significant cost of such behavior. Many common modes of compensation can provide managers with incentives …
Persistent link: https://www.econbiz.de/10012774878
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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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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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Managerial Power and Rent Extraction in the Design of Executive Compensation
Bebchuk, Lucian A.; Fried, Jesse M.; Walker, David I. - 2021
constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …
Persistent link: https://www.econbiz.de/10013233722
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Powerful Independent Directors
Fogel, Kathy - 2015
errant top managers, or both …
Persistent link: https://www.econbiz.de/10013034382
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Achievement Effects of Individual Performance Incentives in a Teacher Merit Pay Tournament
O’Rourke, Margaret - 2015
This paper estimates the effect of the individual incentives teachers face in a teacher-based value-added merit pay tournament on student achievement. We first build an illustrative model in which teachers use proximity to an award threshold to update their information about their own ability,...
Persistent link: https://www.econbiz.de/10013014659