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Why Do CEOs Hold So Much Equity?
Armstrong, Chris - 2015
US CEOs hold a large amount of equity that is not explicitly constrained by ownership guidelines or vesting requirements. Although the average CEO receives a risk premium in his annual pay for holding unconstrained equity, most CEOs hold more equity than is compensated by the risk premium in...
Persistent link: https://www.econbiz.de/10013031094
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Adapt or Perish : Evidence of CEO Adaptability to Industry Shocks
Guay, Wayne R. - 2018
Prior turnover literature documents that poor performance leads a board of directors to terminate the CEO, but does not explore the underlying causes of the CEO's poor performance. Recognizing that terminated CEOs have often been successful earlier in their tenure, we conjecture that changes in...
Persistent link: https://www.econbiz.de/10012938531
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Is U.S. CEO Compensation Broken?
Core, John E.; Guay, Wayne R.; Thomas, Randall S. - 2023
Critics of U.S. executive pay practices have raised four major concerns: (1) executive pay is too high; (2) CEO contracts do not provide strong enough incentives to increase value (i.e., there is too little pay-for-performance); (3) options and other equity-based pay provide windfalls, large...
Persistent link: https://www.econbiz.de/10014254436
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Does tax aggressiveness reduce financial reporting transparency?
Balakrishnan, Karthik; Blouin, Jennifer L.; Guay, Wayne R. - 2011 - This draft: March 20, 2011
associated with lower corporate transparency. We also find evidence that managers at tax aggressive firms attempt to mitigate …
Persistent link: https://www.econbiz.de/10009348102
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The Power of the Pen and Executive Compensation
Core, John E. - 2012
We examine the press' role in monitoring and influencing executive compensation practice using more than 11,000 press articles about CEO compensation from 1994 to 2002. Negative press coverage is more strongly related to excess annual pay than to raw annual pay, suggesting a sophisticated...
Persistent link: https://www.econbiz.de/10012755333
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Is Accruals Quality a Priced Risk Factor?
Core, John E. - 2012
In a recent and influential empirical paper, Francis, LaFond, Olsson, and Schipper (2005) conclude that accruals quality (AQ) is a priced risk factor. We explain that FLOS' regressions examining a contemporaneous relation between excess returns and factor returns do not test the hypothesis that...
Persistent link: https://www.econbiz.de/10012755346
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Stock Market Anomalies : What Can We Learn from Repurchases and Insider Trading?
Core, John E. - 2012
We examine whether managers' trading decisions (both at a firm and personal level) are correlated with trading … and disadvantages of the use of managerial trading activity to infer managers' private valuation about their own … securities. Our results provide corroborative evidence for the accruals anomaly, i.e., managers' repurchase and insider trading …
Persistent link: https://www.econbiz.de/10012755653
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Discussion of Accounting Discretion, Corporate Governance, and Firm Performance
Guay, Wayne R. - 2011
Bowen, Ragjopal, and Venkatachalam (2008) explore whether managers, on average, use accounting discretion for reporting … objectives that are in the interests of shareholders (e.g., signaling, tax minimization, etc.), or alternatively whether managers … that although accounting discretion is positively related to governance structures that allow managers greater discretion …
Persistent link: https://www.econbiz.de/10012756633
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Conservative Financial Reporting, Debt Covenants, and the Agency Costs of Debt
Guay, Wayne R. - 2011
Considerable research has documented the role of debt covenants and conservative financial accounting in addressing agency conflicts between lenders and borrowers. Beatty, Weber and Yu (BWY, 2008) document interesting, but mixed, findings on the relation between debt covenants and conservative...
Persistent link: https://www.econbiz.de/10012756638
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Executive Equity Compensation and Incentives : A Survey
Core, John E. - 2011
Stock and option compensation and the level of managerial equity incentives are aspects of corporate governance that are especially controversial to shareholders, institutional activists, and governmental regulators. Similar to much of the corporate finance and corporate governance literature,...
Persistent link: https://www.econbiz.de/10012757171