Narrow search
Showing 1 - 10 of 136
Cover Image
The structure of banker's pay
Bennett, Benjamin; Gopalan, Radhakrishnan; Vorkink, Keith; … - 2016
While executive compensation is often blamed for the excessive risk taking by banks, little is known about the operating performance incentives used in the finance industry both prior to and subsequent to the recent crisis. We provide a comprehensive analysis of incentive design -- the link of...
Persistent link: https://www.econbiz.de/10011962226
Cover Image
Does uncertainty about management affect firms' costs of borrowing?
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2014
Uncertainty about management appears to affect firms' cost of borrowing and financial policies. In a sample of S&P 1500 firms between 1987 and 2010, CDS spreads, loan spreads and bond yield spreads all decline over the first three years of CEO tenure, holding other macroeconomic, firm, and...
Persistent link: https://www.econbiz.de/10010532197
Cover Image
Learning about CEO ability and stock return volatility
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's value for two reasons: Updates occur because of the direct effect of the news, and also because news leads investors to update their assessment of the CEO's...
Persistent link: https://www.econbiz.de/10009724571
Cover Image
CEO investment cycles
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2013
This paper documents the existence of a CEO Investment Cycle, in which disinvestment decreases over CEO tenure while investment increases, leading to “cyclical” firm growth in assets as well as in employment. The estimated variation in investment rate over the CEO cycle is of the same order...
Persistent link: https://www.econbiz.de/10009782415
Cover Image
Management risk and the cost of borrowing
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2015
Management risk occurs because uncertainty about future managerial decisions increases a firm's overall risk. This paper documents the importance of management risk in determining firms' cost of borrowing. CDS spreads, loan spreads and bond yield spreads all increase at the time of CEO turnover,...
Persistent link: https://www.econbiz.de/10011772262
Cover Image
Optimal executive compensation versus managerial power : a review of Lucian Bebchuk and Jesse Fried's "Pay without performance: the unfulfilled promise of executive compensation"
Weisbach, Michael S. - In: Journal of economic literature 45 (2007) 2, pp. 419-428
Persistent link: https://www.econbiz.de/10003580655
Cover Image
Indirect incentives of hedge fund managers
Lim, Jongha; Sensoy, Berk A.; Weisbach, Michael S. - 2013
direct incentives from incentive fees and managers' personal stakes in the fund. Combining direct and indirect incentives …
Persistent link: https://www.econbiz.de/10009724568
Cover Image
Indirect incentives of hedge fund managers
Lim, Jongha; Sensoy, Berk A.; Weisbach, Michael S. - 2013
Persistent link: https://www.econbiz.de/10009733351
Cover Image
Indirect incentives of hedge fund managers
Lim, Jongha; Sensoy, Berk A.; Weisbach, Michael S. - In: The journal of finance : the journal of the American … 71 (2016) 2, pp. 871-918
Persistent link: https://www.econbiz.de/10011482355
Cover Image
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