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This paper studies the determinants of corporate hedging practices in the REIT industry between 1999 and 2001. We find a positive significant relation beween hedging and financial leverage, indicating the financial distress costs motive for using derivatives in the REIT industry. Using estimates...
Persistent link: https://www.econbiz.de/10014224517
Relations between REIT CEO compensation, firm stock performance and risk, after FASB accounting changes and additional SEC compensation disclosure requirements in 2006, are examined. Total compensation becomes more weighted to bonus payments and stock grants and away from options and salary. The...
Persistent link: https://www.econbiz.de/10013311292
We study the relations between governance mechanisms (internal and external), conference call voluntary disclosures (incidence and length), and CEO compensation using hand-collected data on conference calls, corporate governance, and compensation. We hypothesize and show that institutions push...
Persistent link: https://www.econbiz.de/10012974636
We study the relations between governance mechanisms (internal and external), conference call voluntary disclosures (incidence and length), and CEO compensation using hand-collected data on conference calls, corporate governance, and compensation. We hypothesize and show that institutions push...
Persistent link: https://www.econbiz.de/10013030764
Using a large sample of U.S. firms for the period 1993-2009, we provide evidence that the sensitivity of a chief financial officer's (CFO) option portfolio value to stock price is significantly and positively related to the firm's future stock price crash risk. In contrast, we find only weak...
Persistent link: https://www.econbiz.de/10013131966
Are CEOs' attitudes and beliefs linked to their firms' innovative performance? This paper uses Malmendier and Tate's measure of over-confidence, based on CEO stock-option exercise, to study the relationship between a CEO's revealed beliefs about future performance and standard measures of...
Persistent link: https://www.econbiz.de/10013069826
I study firm characteristics that justify the use of options or refresher grants in the optimal compensation packages for CEOs in the presence of moral hazard. I model explicitly the determination of stock prices as a function of the output realizations of the firm: Symmetric learning by all...
Persistent link: https://www.econbiz.de/10013047902
We develop a unified model of the interactions among investors, fund companies and fund managers. We show that the …-performing (under-performing) managers are less (more) likely to be fired in the future, and are also more likely to increase relative … mutual fund managers, we find strong support for the hypothesized U-shaped relation between relative risk and prior …
Persistent link: https://www.econbiz.de/10013115407