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Managerial Incentives Explanation of Equity Carve-Outs Initial Returns
Seistrajkova, Biljana - 2017
This paper studies the first day return of 227 carve-outs during 1996-2013. I find that the first day return of newly issued subsidiary stocks is explained by the reporting distortions in the pre IPO period, conditioned on whether the executives and directors of the subsidiary received stock...
Persistent link: https://www.econbiz.de/10012970504
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Do Equity Mispricing and Management Compensation Incentives Drive Bank Mergers?
Doukas, John A. - 2014
-term underperformance, and (vii) reward their top managers of with large compensation increases subsequent to mergers …
Persistent link: https://www.econbiz.de/10013060077
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Managerial Risk Preference and Firm Performance Volatility : New Evidence from Executive Deferred Compensation
Cen, Wei - 2012
Using novel data from executive deferred compensation, this paper presents new evidence on the relationship between CEO risk preference and firm risk (the volatility of firm performance measures such as stock return, earnings and operating cash flows). My results show a negative association...
Persistent link: https://www.econbiz.de/10014170281
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Managers’ Stock-Based Compensation and Disclosures of High Proprietary Cost Information : An Investigation of US Biotech Firms
Enache, Luminita - 2020
proprietary information. While prior studies suggest that stock-based compensation provides managers with an incentive to enhance … that, on average, managers' stock-based compensation is not significantly related with their disclosure of high proprietary … cost information. More importantly, we find that a larger amount of stock-based compensation motivates managers to reveal …
Persistent link: https://www.econbiz.de/10012853081
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Management Team Incentive Heterogeneity and Stock Price Crash Risk
Li, Yiwei - 2019
Research into group decision-making suggests that any optimal managerial compensation incentive design should incorporate synergistic interrelationships among top executives within a firm. This paper investigates whether the equity incentive structure of a management team affects firm-level...
Persistent link: https://www.econbiz.de/10012862763
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Stock Performance or Entrenchment? The Effects of Mergers and Acquisitions on CEO Compensation
Kumar, Praveen - 2012
Using a large sample of U.S. acquiring and non-acquiring firms and covering a broad sample of transactions, we examine the effects of mergers and acquisitions (M&A) on CEO compensation during 1993-2006, a period of intense M&A activity. We alleviate endogeneity concerns through dynamic panel...
Persistent link: https://www.econbiz.de/10013101686
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Blockholders on Boards and CEO Compensation, Turnover and Firm Valuation
Agrawal, Anup - 2019
We find that the presence of independent directors who are blockholders (IDBs) in firms promotes better CEO contracting and monitoring, and higher firm valuation. Using a panel of about 11,500 firm-years with a unique, hand-collected dataset on IDB-identity and a novel instrument, we find that...
Persistent link: https://www.econbiz.de/10012906210
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The Retention Effects of Unvested Equity : Evidence from Accelerated Option Vesting
Jochem, Torsten - 2018
We document that firms can effectively retain executives by granting deferred equity pay. We show this by analyzing a unique regulatory change (FAS 123-R) that prompted 723 firms to suddenly eliminate stock option vesting periods. This allowed CEOs to keep 33% more options when departing the...
Persistent link: https://www.econbiz.de/10012937264
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Bid Resistance by Takeover Targets : Managerial Bargaining or Bad Faith?
Bates, Thomas W. - 2017
This paper examines management's motives for rejecting takeover bids and the associated shareholder wealth effects. We develop several measures of initial bid quality and find a significant negative correlation between contested offers and bid quality. The likelihood of higher follow-on offers...
Persistent link: https://www.econbiz.de/10012976118
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CEO Compensation and Future Shareholder Returns : Evidence from the London Stock Exchange
Balafas, Nikolaos - 2016
This study examines the ex-post consequences of CEO compensation for shareholder value. The main objective is to explore whether companies that pay their CEO excessive fees (in comparison to those of peer firms in the same industry and size group) generate superior future returns and better...
Persistent link: https://www.econbiz.de/10013007051