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Equity incentives, disclosure quality, and stock liquidity risk
Wruck, Karen H.; Wu, Yi Lin - 2017
We provide evidence that CEO equity incentives, especially stock options, influence stock liquidity risk via information disclosure quality. We document a negative association between CEO options and the quality of future managerial disclosure policy. Contributing to the literature on CEO...
Persistent link: https://www.econbiz.de/10011963233
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Industry Tournament Incentives and Corporate Hedging Policies
Lonare, Gunratan - 2020
corporate hedging policies. We exploit the textual analysis of 10-Ks to generate corporate hedging proxies. We find that the … of corporate hedging on the adverse effects of risk-inducing ITIs on the cost of debt and stock price crash risk, which … could be the possible reasons for the relation. Also, the relation between ITIs and corporate hedging is less pronounced for …
Persistent link: https://www.econbiz.de/10012849052
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Bank Monitoring and CEO Risk-Taking Incentives
Saunders, Anthony - 2017
This paper investigates whether monitoring by bank lenders affects CEO incentives of borrowing firms. We find that an increase in bank monitoring incentives significantly reduce the sensitivity of CEO wealth to stock return volatility (Vega). The results are more profound when bank lenders are...
Persistent link: https://www.econbiz.de/10012972638
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Market timing, maturity mismatch, and risk management : evidence from the banking industry
Ruprecht, Benedikt; Entrop, Oliver; Kick, Thomas; … - 2013
compliance with the interest rate risk regulation. Although hedging motives dominate, we find selective hedging behavior in swap …
Persistent link: https://www.econbiz.de/10010248947
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Market timing, maturity mismatch, and risk management : evidence from the banking industry ; conference paper
Ruprecht, Benedikt; Entrop, Oliver; Kick, Thomas; … - 2013
the interest rate risk regulation. Although hedging motives dominate, we find selective hedging behavior in swap use …
Persistent link: https://www.econbiz.de/10010343773
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Managerial Risk-Taking Incentives and Merger Decisions
Lin, Chen - 2017
We provide evidence concerning the effect of managerial risk-taking incentives on merger and acquisition (M&A) decisions and outcomes for different types of mergers: vertical, horizontal, and diversifying. Using chief executive officer (CEO) relative inside leverage to proxy for the incentives...
Persistent link: https://www.econbiz.de/10012974548
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CEO Incentive Contracts, Risk Shifting, and Commitment Benefits of Gender Diverse Boards
Nanda, Vikram K. - 2020
We argue gender-diverse boards are associated with distinct preferences that reassure investors about their commitment to moderate risk and boost long-term corporate survival. Results suggest a strong relation between gender-diverse boards and bondholder-aligned CEO compensation components,...
Persistent link: https://www.econbiz.de/10012849311
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Do CEOs make their own luck? : relative versus absolute performance evaluation and firm risk
Wruck, Karen H.; Wu, Yi Lin - 2017 - Current Draft: 10/5/17
Influenced by their compensation plans, CEOs make their own luck through decisions that affect future firm risk. After adopting a relative performance evaluation (RPE) plan, total and idiosyncratic risk are higher, and the correlation between firm and industry performance is lower. The opposite...
Persistent link: https://www.econbiz.de/10011968863
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Policy Uncertainty, Corporate Risk-Taking, and CEO Incentives
Ion, Mihai - 2017
uncertainty is high, CEOs sell more own-firm shares and exercise fewer options, firms are more likely to use financial hedging …
Persistent link: https://www.econbiz.de/10012947474
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Should Banks' Stress Test Results be Disclosed? An Analysis of the Costs and Benefits
Goldstein, Itay; Sapra, Haresh - In: Foundations and Trends(R) in Finance 8 (2014) 1, pp. 1-54
Stress tests have become an important component of the supervisory toolkit. However, the extent of disclosure of stress-test results remains controversial. We argue that while stress tests uncover unique information to outsiders — because banks operate in second--best environments with...
Persistent link: https://www.econbiz.de/10010883379