HALL, BRIAN J.; KNOX, THOMAS A. - In: Journal of Accounting Research 42 (2004) 2, pp. 365-412
We empirically analyze the dynamics of executives' pay-to-performance sensitivities. Option pay-to-performance sensitivities become weaker as options fall underwater, often leading to pressures to reprice options or restore pay-to-performance sensitivity in other ways. Building a detailed data...