Narrow search
Showing 1 - 10 of 39,794
Cover Image
Managerial Power and Rent Extraction in the Design of Executive Compensation
Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002
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/10005114260
Cover Image
The Managerial Labor Market and the Governance Role of Shareholder Control Structures in the UK
Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2002
mitigating agency problems between managers and shareholders.We find that both the CEO's industry-adjusted monetary compensation …
Persistent link: https://www.econbiz.de/10011092291
Cover Image
Executive Compensation as an Agency Problem
Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003
instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …
Persistent link: https://www.econbiz.de/10005662270
Cover Image
Pay Distribution in the Top Executive Team
Bebchuk, Lucian A. - 2009
We investigate the distribution of pay in the top executive team in public companies. In particular, we study the CEO's pay slice (CPS), defined as the fraction of the aggregate top-five total compensation paid to the CEO. The level of a firm's CPS might reflect the relative centrality of the...
Persistent link: https://www.econbiz.de/10012721426
Cover Image
Firm Expansion and CEO Pay
Bebchuk, Lucian A. - 2009
We study the extent to which decisions to expand firm size are associated with increases in subsequent CEO compensation. Investigating a broad universe of firm-expansion choices, we find, controlling for performance and firm characteristics, a positive and economically meaningful correlation...
Persistent link: https://www.econbiz.de/10012721726
Cover Image
Investment Bank Governance
Altinkilic, Oya - 2009
Employing a new method of industry tests we examine investment bank governance. Most of the findings reject the view that banks are governed suboptimally over a sample period from 1990 through 2003. CEO pay is large and significantly sensitive to stock price performance, and stock price...
Persistent link: https://www.econbiz.de/10012721747
Cover Image
Analyst Forecast Characteristics and the Cost of Debt
Mansi, Sattar - 2009
We examine the relation between analyst forecast characteristics and the cost of debt financing. Consistent with the view that the information contained in analysts' forecasts is economically significant across asset classes, we find that analyst activity reduces bond yield spreads. We also find...
Persistent link: https://www.econbiz.de/10012721788
Cover Image
Executive Compensation at Fannie Mae : A Case Study of Perverse Incentives, Nonperformance Pay, and Camouflage
Bebchuk, Lucian A. - 2009
This paper is a case study of Fannie Mae's executive compensation arrangements during the period 2000-2004. We identify and analyze four problems with these arrangements:- First, by richly rewarding executives for reporting higher earnings, without requiring return of the compensation if...
Persistent link: https://www.econbiz.de/10012721851
Cover Image
The Growth of Executive Pay
Bebchuk, Lucian A. - 2009
This paper examines both empirically and theoretically the growth of U.S. executive pay during the period 1993-2003. During this period, pay has grown much beyond the increase that could be explained by changes in firm size, performance and industry classification. Had the relationship of...
Persistent link: https://www.econbiz.de/10012721856
Cover Image
Stealth Compensation Via Retirement Benefits
Bebchuk, Lucian A. - 2009
This Article analyzes an important form of stealth compensation provided to managers of public companies. We show how …
Persistent link: https://www.econbiz.de/10012721903