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Risk-Taking Incentives and Returns on R&D Investment

Billings, Bruce K. - 2018

Traditional finance theory suggests that riskier investments should yield higher returns. Challenging this notion, anecdotal and empirical evidence suggests that highly-incented managers may take on excessive risk, leading to greater losses, while other theoretical research argues that high...

Persistent link: https://www.econbiz.de/10012924858

Asymmetric Sensitivity of CEO Cash Compensation to Stock Returns

Leone, Andrew J.; Wu, Joanna S.; Zimmerman, Jerold L. - 2006

We document that CEO cash compensation is twice as sensitive to negative stock returns as it is to positive stock returns. Since stock returns include both unrealized gains and unrealized losses, we expect cash compensation to be less sensitive to stock returns when returns contain unrealized...

Persistent link: https://www.econbiz.de/10014029514

The performance of hedge fund performance fees

Ben-David, Itzhak; Birru, Justin; Rossi, Andrea - 2020

adjusting for any risk). In the cross-section of funds, there is a substantial disconnect between lifetime performance and … incentive fees earned. These poor outcomes stem from the asymmetry of the performance contract, investors' return …

Persistent link: https://www.econbiz.de/10012244548

rTSR : when do relative performance metrics capture relative performance?

Ma, Paul; Shin, Jee-Eun; Wang, Charles C. Y. - 2019

We develop a measurement-error framework for assessing the quality of relative-performance metrics designed to filter … out the systematic component of performance, and analyze relative total shareholder return (rTSR)-the predominant metric … market participants use to isolate managers' idiosyncratic performance-chosen by boards to evaluate managers. Among firms …

Persistent link: https://www.econbiz.de/10012064869

The Role of Stock Returns in CEO Performance Evaluation : A New Interpretation

Jayaraman, Sudarshan; Ling, Xiaoxu; Wu, Joanna S.; … - 2021

the market. Further, the greater pay-for-performance sensitivity of information-event returns for CEO compensation is … illustrates the co-dependence between price-based and accounting-based measures for CEO performance evaluation, and presents a …

Persistent link: https://www.econbiz.de/10013250831

Comparing Non-GAAP EPS in Earnings Announcements and Proxy Statements

Black, Dirk E. - 2020

We compare non-GAAP EPS in annual earnings announcements and proxy statements using hand-collected data from SEC filings. We find that proxies for capital market incentives (contracting incentives) are more highly associated with disclosure of non-GAAP EPS in annual earnings announcements (proxy...

Persistent link: https://www.econbiz.de/10012856894

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

A study of association between market value added and earning-based measures (EBM) vis-a-via value-based performance measures (VBM) : an empirical study of BSE Sensex companies

Sikdar, Avijit - In: Research bulletin / The Institute of Cost Accountants … 43 (2017) 1, pp. 1-24

Persistent link: https://www.econbiz.de/10011852603

The persistence in hedge fund performance : extended analysis

Capocci, Daniel - In: International journal of finance & economics : IJFE 14 (2009) 3, pp. 233-255

Persistent link: https://www.econbiz.de/10003901056

"Benchmarking" the benchmarks : how do risk-adjusted returns of Australian mutual funds and indexes measure up?

Costa, Bruce A.; Jakob, Keith; Niblock, Scott J.; … - In: The journal of asset management 16 (2015) 6, pp. 386-400

Persistent link: https://www.econbiz.de/10011416630

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