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We study how investors perceive the skill set that different types of CEOs bring into their companies. We compare CEOs who started their careers during a recession with other CEOs. We show that the announcement return around the appointment of a recession CEO is very significant and positive,...
Persistent link: https://www.econbiz.de/10012992183
Career mobility theory suggests that given a certain occupation, schooling improves upward mobility in terms of … promoted and that this career mobility advantage is more pronounced in the early stages of their working lives. By contrast …. Altogether, these findings strongly support the career mobility theory. Furthermore, by differentiating between internal and …
Persistent link: https://www.econbiz.de/10012929528
Persistent link: https://www.econbiz.de/10010389687
We develop a model of manager-employee relationships where employees care more for their manager when they are more convinced that their manager cares for them. Managers can signal their altruistic feelings towards their employees in two ways: by offering a generous wage and by giving attention....
Persistent link: https://www.econbiz.de/10011377053
Whilst researchers extensively investigate executive incentives, very little appears in the literature on the effect of outside-director ‘skin in the game' on board monitoring and thus firm performance. Utilizing a unique panel dataset, we observe a sizeable positive relationship between...
Persistent link: https://www.econbiz.de/10013131143
Many governance reform proposals are based on the view that boards have been too friendly to executives, for example, by awarding them excessive pay. Although boards are often on friendly terms with executives, it is less clear that they have systematically failed to function in the interests of...
Persistent link: https://www.econbiz.de/10013116563
Many governance reform proposals are based on the view that boards have been too friendly to executives, for example, by awarding them excessive pay. Although boards are often on friendly terms with executives, it is less clear that they have systematically failed to function in the interests of...
Persistent link: https://www.econbiz.de/10013117028
I examine the reputation and regulatory effects on the directors' turnover and their directorships when firms are accused of fraudulent financial reporting (FR). The results show that the directors at FR firms incur reputation costs from abnormal turnover in relation to the directors at non-FR...
Persistent link: https://www.econbiz.de/10013101697
We show that long-term compensation is associated with higher pay in the financial industry and the legal sector. Then, using a detailed survey of law school graduates, we explore why firms use long-term compensation. We find that individuals with jobs that make them highly visible and that...
Persistent link: https://www.econbiz.de/10013064773
There is widespread concern about whether Chief Executive Officers (CEOs) are appropriately punished for poor performance. While CEOs are more likely to be forced out if their performance is poor relative to the industry average, overall industry performance also matters. This seems puzzling if...
Persistent link: https://www.econbiz.de/10013069958