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Investor pricing of CEO equity incentives
Boone, Jeffery P.; Khurana, Inder K.; Raman, … - In: Review of quantitative finance and accounting 36 (2011) 3, pp. 417-435
Persistent link: https://www.econbiz.de/10009272472
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Transmission mechanisms of executive compensation to cost of equity capital
Kanyarat Lek Sanoran - In: Global business and finance review 27 (2022) 4, pp. 108-117
Purpose: The nature of each component of executive compensation varies, resulting in variances in executive in- centives and investor pricing. To examine whether there is a differential relation between executive compensation components and cost of equity capital, this study decomposes the...
Persistent link: https://www.econbiz.de/10013433578
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Lessening effects of SOX on the relationship between executive compensation components and cost of equity capital
Kanyarat Lek Sanoran - In: International Journal of Financial Studies : open … 10 (2022) 3, pp. 1-12
The Sarbanes-Oxley Act of 2002 (SOX) imposed stringent requirements on corporate executives to hold them more accountable for their management decisions. This act has ramifications for executive pay as well. This study investigates the lessening effects of SOX on the association between...
Persistent link: https://www.econbiz.de/10013368360
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Noise Hedging and Executive Compensation
Doherty, Neil A. - 2013
We address two apparent paradoxes of risk management: (1) managers hedge in order to avoid negative earnings surprises …, yet they tend to hedge risks uninformative of the value of the company; and (2) the presence of options in managers … informational asymmetry between insiders (managers) and outsiders (investors). Investors derive information about company value from …
Persistent link: https://www.econbiz.de/10013092522
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CFO co-option and CEO compensation
Dikolli, Shane S. - 2019
We study whether relative power in the CEO-CFO relationship influences CEO compensation. To operationalize relative power of a CEO over a CFO, we define CFO co-option as the appointment of a CFO after a CEO assumes office. We find that CFO co-option is associated with a CEO pay premium of about...
Persistent link: https://www.econbiz.de/10012903005
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Right on Schedule : CEO Option Grants and Opportunism
Daines, Robert - 2016
In the wake of the backdating scandal, many firms began awarding options at scheduled times each year. Scheduling option grants eliminates backdating, but creates other agency problems. CEOs that know the dates of upcoming scheduled option grants have an incentive to temporarily depress stock...
Persistent link: https://www.econbiz.de/10013006948
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Firm Performance Implications of Using Qualitative Criteria in CEO Bonus Contracts
Feng, Nancy Chun - 2020
Many argue that the design of compensation contracts for public company chief executive officers (CEOs) is often not guided by a goal of value maximization. Yet, there is limited direct empirical evidence on the negative consequences of the proposed inefficient contracting between shareholders...
Persistent link: https://www.econbiz.de/10012853379
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Clawback Adoptions, Managerial Compensation Incentives, Capital Investment Mix and Efficiency
Biddle, Gary C. - 2020
induce capital investment mix shifts and reducecapital investment efficiency. Specifically, we find that managers …
Persistent link: https://www.econbiz.de/10012853701
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The Presence, Value, and Incentive Properties of Relative Performance Evaluation in Executive Compensation Contracts
Bettis, J. Carr - 2014
Using data that includes specific contractual details of Relative Performance Evaluation (RPE) contracts granted to executives for 1,833 firms for the period 1998 to 2012, we develop new methods to characterize RPE awards and measure their value and incentive properties. The frequency in the use...
Persistent link: https://www.econbiz.de/10013059189
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Product market peers and relative performance evaluation
Jayaraman, Sudarshan; Milbourn, Todd; Peters, Florian; … - 2017
We investigate the role of Relative Performance Evaluation (RPE) theory in CEO pay and turnover using a product similarity-based definition of peers (Hoberg and Phillips 2016). RPE predicts that firms filter out common shocks (i.e., those affecting the firm and its peers) while evaluating CEO...
Persistent link: https://www.econbiz.de/10011807920