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Power, rent extraction, and executive compensation
Bebchuk, Lucian; Fried, Jesse - In: CESifo Forum 03 (2002) 3, pp. 23-28
Persistent link: https://www.econbiz.de/10011695703
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Risk Taking of Executives under Different Incentive Contracts: Experimental Evidence
Lefebvre, Mathieu; Vieider, Ferdinand M. - 2011
Classic financial agency theory recommends compensation through stock options rather than shares to induce risk neutrality in otherwise risk averse agents. In an experiment, we find that subjects acting as executives do also take risks that are excessive from the perspective of shareholders if...
Persistent link: https://www.econbiz.de/10010427611
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Do Entrenched Managers Pay Their Workers More?
Cronqvist, Henrik; Heyman, Fredrik; Nilsson, Mattias; … - 2005
find that entrenched managers pay their workers more. For example, our estimates show that CEOs with more control rights … as evidence of agency problems between shareholders and managers affecting workers' pay. The findings do not appear to be … with an agency model in which entrenched managers pay high wages because they come with private benefits, such as lower …
Persistent link: https://www.econbiz.de/10010320116
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What can we learn from privately held firms about executive compensation?
Cole, Rebel A.; Mehran, Hamid - 2008
This study examines the determinants of CEO compensation using data from a nationally representative sample of privately held U.S. corporations. We find that (i) the pay-size elasticity is much larger for privately held firms than for the publicly traded firms on which previous research has...
Persistent link: https://www.econbiz.de/10010283498
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The effect of employee stock options on bank investment choice, borrowing, and capital
Mehran, Hamid; Rosenberg, Joshua - 2007
In this paper, we assess the effects of CEO stock options on three key corporate policies for banks: investment choice, amount of borrowing, and level of capital. Using a sample of 549 bank-years for publicly traded banks from 1992 to 2002, we find that stock option grants lead CEOs to undertake...
Persistent link: https://www.econbiz.de/10010283469
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Executive compensation and the susceptibility of firms to hostile takeovers. An empirical investigation of the U.S. oil industry
Nowak, Eric; Haid, Michael H. - 1999
We investigate the suggested substitutive relation between executive compensation and the disciplinary threat of takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and corporate control mechanisms in three distinct ways. First,...
Persistent link: https://www.econbiz.de/10010316286
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CEO compensation
Frydman, Carola; Jenter, Dirk - 2010
result of powerful managers setting their own pay. Others interpret high pay as the result of optimal contracting in a …
Persistent link: https://www.econbiz.de/10010285538
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The effect of the Sarbanes-Oxley Act on CEO pay for luck
Paligorova, Teodora - 2008
According to the rent-extraction hypothesis, weak corporate governance allows entrenched CEOs to capture the pay-setting process and benefit from events outside of their controlget paid for luck. In this paper, I find that the independence requirement imposed on boards of directors by the...
Persistent link: https://www.econbiz.de/10010280049
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Cross-listing, managerial compensation and corporate governance
Luo, Yongli - In: Cogent Economics & Finance 2 (2014) 1, pp. 1-17
employed as a way of asset appropriation at the managers' discretion. The results also confirm that corporate governance is …
Persistent link: https://www.econbiz.de/10011559138
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Executive Compensation, Macroeconomic Conditions, and Cash Flow Cyclicality
Colonnello, Stefano - 2016
I model the joint effects of debt, macroeconomic conditions, and cash flow cyclicality on risk-shifting behavior and managerial pay-for-performance sensitivity. I show that risk-shifting incentives rise during recessions and that the shareholders can eliminate such adverse incentives by reducing...
Persistent link: https://www.econbiz.de/10011449979