Showing 1 - 10 of 135
The extant literature has used measurements of CEO risk-taking incentives which do not include the effects of termination provisions such as severance agreements. This paper provides a general form model that allows for the valuation and computation of CEO compensation structures including...
Persistent link: https://www.econbiz.de/10012965715
In this paper, we examine the effect of managers' pay duration on firms' voluntary disclosures. Pay duration refers to the average period that it takes for managers' annual compensation to vest. We hypothesize and find that pay duration can incentivize managers to provide more bad news earnings...
Persistent link: https://www.econbiz.de/10013034493
This chapter summarizes the empirical and theoretical research on executive compensation and provides a comprehensive and up-to-date description of pay practices (and trends in pay practices) for chief executive officers (CEOs). Topics discussed include the level and structure of CEO pay...
Persistent link: https://www.econbiz.de/10014024708
This paper uses novel data to examine the fleets of corporate jets operated by both publicly traded and privately held firms. In the cross-section, firms owned by private equity funds average 40% smaller fleets than observably similar public firms. Similar fleet reductions are observed within...
Persistent link: https://www.econbiz.de/10013133808
In recent years there have been two parallel discussions taking place in the US and in the UK about the role which institutional shareholders should play in governing the corporation. In the US this discussion is around the idea of shareholder empowerment, in the UK it is around shareholder...
Persistent link: https://www.econbiz.de/10013138199
We examine the effect of a CEO's military service on merger and acquisition decisions and outcomes. We find that acquirers led by CEOs with military backgrounds earn significantly higher abnormal stock returns at deal announcement, and these deals exhibit higher short-run and long-run synergies....
Persistent link: https://www.econbiz.de/10013092373
In recent years, there has been an increasing interest in assessing the effectiveness of corporate governance in China. This paper examines the impact of internal governance mechanisms such as ownership structure and board characteristics and debt financing on agency costs making use of a large...
Persistent link: https://www.econbiz.de/10012894146
Adopting a ‘positive theory of agency’ approach, we draw on insights from economic, finance, and accounting theory to develop and study the agency relation between the firm and the society in the context of the natural environment. We call it the natural environment agency theory (NEAT)....
Persistent link: https://www.econbiz.de/10014362021
This paper tests the proposition that politicians and their affiliated firms (i.e., firms operating in their province) temporarily suppress negative information in response to political incentives. We examine the stock price behavior of Chinese listed firms around two visible political events...
Persistent link: https://www.econbiz.de/10011862181
Using 4-dimensional panel data (time, industry, country, companies) we examine the differences between European quoted and non-quoted companies at the level financial performance and some financial ratios. We find that quoted companies perform significantly better not only in terms of profit,...
Persistent link: https://www.econbiz.de/10011459361