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Seven Gaping Holes in Our Knowledge of Corporate Governance
Larcker, David F.; Tayan, Brian - 2023
In Closer Look, we highlight significant “holes” in our knowledge of corporate governance. These are central issues where insufficient or inadequate study has left us unable to answer basic questions, and where key assumptions relied upon by experts have not been verified or validated. While...
Persistent link: https://www.econbiz.de/10014359430
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Mega Grants : Why Would a Board Approve Nine-Figure CEO Pay?
Larcker, David F.; Tayan, Brian - 2023
Recent years have seen a reemergence of the practice of awarding “mega grants” to CEOs. Mega grants are large, one-time equity awards granted in lieu of or in addition to annual awards with the intended purpose of providing significant incentive to the CEO to achieve long-term targets. The...
Persistent link: https://www.econbiz.de/10014362013
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Governance aches and pains : is bad governance chronic?
Larcker, David F.; Tayan, Brian - 2016
Institutional investors pay considerable attention to the quality of a company's governance. Unfortunately, it is difficult for outside observers to reliably gauge governance quality. Oftentimes, poor governance manifests itself only after decisions have been made and their outcomes known. We...
Persistent link: https://www.econbiz.de/10011864693
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CEO pay at valeant : does extreme compensation create extreme risk?
Larcker, David F.; Tayan, Brian - 2016
The litmus test for an effective compensation program is whether it provides “pay for performance.” While the concept of pay for performance is simple, its implementation is not. In particular, boards must consider not only whether a compensation plan encourages executives to pursue...
Persistent link: https://www.econbiz.de/10011864729
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An activist view of CEO compensation
Baum, Alex; Hale, Robert; Morfit, Mason; Larcker, David F. - 2017
Understanding CEO compensation plans is a continuing challenge for directors and investors. The disclosure of these plans is dictated by SEC rules that rely heavily on the “fair value” of awards at the time they are granted. The problem with these numbers is that they are static and do not...
Persistent link: https://www.econbiz.de/10011870307
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Stakeholders and shareholders are executives really "penny wise and pound foolish" about ESG?
Larcker, David F.; Tayan, Brian; Trivedi, Vinay; … - 2019
Currently, there is much debate about the role that non-investor stakeholder interests play in the governance of public companies. Critics argue that greater attention should be paid to the interest of stakeholders and that by investing in initiatives and programs to promote their interests,...
Persistent link: https://www.econbiz.de/10012244406
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The big thumb on the scale : an overview of the proxy advisory industry
Copland, James R.; Larcker, David F.; Tayan, Brian - 2018
Proxy advisory firms have significant influence over the voting decisions of institutional investors and the governance choices of publicly traded companies. However, it is not clear that the recommendations of these firms are correct and generally lead to better outcomes for companies and their...
Persistent link: https://www.econbiz.de/10011980178
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Does the Composition of a Company's Shareholder Base Really Matter?
Beyer, Anne - 2014
Most corporations dedicate significant time and attention to managing their shareholder base. Furthermore, companies overwhelmingly prefer “long-term shareholders” to “short-term shareholders.” There is little rigorous research, however, that conclusively demonstrates the impact that...
Persistent link: https://www.econbiz.de/10013049830
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The Evolving Battlefronts of Shareholder Activism
Baker, Andrew; Larcker, David F.; Tayan, Brian; Zaba, Derek - 2023
In this Closer Look, we consider current trends in shareholder activism and their potential impact. We examine the introduction of universal proxies, the increase in “activism experience” among directors, and the changing strategies of activists. With the regulatory and market environments...
Persistent link: https://www.econbiz.de/10014260028
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ESG Investing : What Shareholders Do Fund Managers Represent?
Haber, Stephen; Kepler, John D.; Larcker, David F.; … - 2023
social issues, their view of whether fund managers should use their voting power to influence ESG practices, and their … differences in perception of ESG also exist within and across fund companies. The results suggest that fund managers should … proposals to reflect the divergent interests of beneficial owners.We ask: • How do fund managers determine how to vote shares …
Persistent link: https://www.econbiz.de/10014264047