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Hedge fund activism, CEO turnover and compensation
Choi, Wonik; Gong, James Jianxin - In: Journal of accounting and public policy 39 (2020) 6, pp. 1-24
Persistent link: https://www.econbiz.de/10012420902
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Hedge Fund Activism, CEO Turnover and Compensation
Choi, Wonik - 2020
This paper examines the governance role of hedge fund activists by analyzing the impact of these activists on CEO turnover, CEO pay, and CEO pay-performance link in targeted companies. Using the difference-in-difference approach, we first find significantly higher CEO turnover following hedge...
Persistent link: https://www.econbiz.de/10012851568
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Career risk and market discipline in asset management
Ellul, Andrew; Pagano, Marco; Scognamiglio, Annalisa - In: The review of financial studies 33 (2020) 2, pp. 783-828
Persistent link: https://www.econbiz.de/10012197994
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Career risk and market discipline in asset management
Ellul, Andrew; Pagano, Marco; Scognamiglio, Annalisa - 2018
Persistent link: https://www.econbiz.de/10011915697
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Career risk and market discipline in asset management
Ellul, Andrew; Pagano, Marco; Scognamiglio, Annalisa - 2018
We establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers …. Using hand-collected data on 1,948 professionals, we find that top managers working for funds liquidated after persistently …
Persistent link: https://www.econbiz.de/10011918925
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The impact of hedge fund activism on target firm performance, executive compensation and executive wealth
Carrothers, Andrew - In: Journal of governance and regulation : international … 6 (2017) 3, pp. 14-28
Persistent link: https://www.econbiz.de/10011920173
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High-Water Mark Fees with Stochastic Benchmark
Wang, Gu - 2020
A hedge fund manager invests the fund in a constant investment opportunity, and receives high-water mark fees when the fund reaches a new maximum relative to a stochastic benchmark, aiming to maximize the expected power utility from fees in the long run. The manager's optimal portfolio includes...
Persistent link: https://www.econbiz.de/10012854040
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Career Risk and Market Discipline in Asset Management
Ellul, Andrew - 2019
We establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers …. Using hand-collected data on 1,948 professionals, we find that top managers working for funds liquidated after persistently … a model with moral hazard and adverse selection, these scarring effects can be ascribed to a drop in asset managers …
Persistent link: https://www.econbiz.de/10012897675
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The Impact of Hedge Fund Activism on Target Firm Performance, Executive Compensation and Executive Wealth
Carrothers, Andrew Glen - 2017
This paper examines the relationship between hedge fund activism and target firm performance, executive compensation, and executive wealth. It introduces a theoretical framework that describes the activism process as a sequence of discrete decisions. The methodology uses regression analysis on a...
Persistent link: https://www.econbiz.de/10012946893
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Hedge Fund Activist Entry and CEO Compensation
Fidrmuc, Jana P. - 2018
Applying a difference-in-differences approach, we document the effect of hedge fund activism on the corporate governance of target firms through the channel of CEO compensation. We hand-collect data on managerial pay for a sample of 244 U.S. publicly-listed firms that were targets of activist...
Persistent link: https://www.econbiz.de/10012932603