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Managerial Risk Preference and Firm Performance Volatility : New Evidence from Executive Deferred Compensation
Cen, Wei - 2012
risk preference and firm risk (the volatility of firm performance measures such as stock return, earnings and operating … cash flows). My results show a negative association between the CEO risk aversion (as measured by realized performance on … inside debt) and the volatility of firm market performance: Firms with risk-averse CEOs have experience less stock price …
Persistent link: https://www.econbiz.de/10014170281
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Managers’ Stock-Based Compensation and Disclosures of High Proprietary Cost Information : An Investigation of US Biotech Firms
Enache, Luminita - 2020
In this study, we examine whether CEOs' stock-based compensation has any relationship with the disclosure of highly proprietary information. While prior studies suggest that stock-based compensation provides managers with an incentive to enhance their voluntary disclosures in general, we argue...
Persistent link: https://www.econbiz.de/10012853081
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The Role of Stock Returns in CEO Performance Evaluation : A New Interpretation
Jayaraman, Sudarshan; Ling, Xiaoxu; Wu, Joanna S.; … - 2021
the market. Further, the greater pay-for-performance sensitivity of information-event returns for CEO compensation is … illustrates the co-dependence between price-based and accounting-based measures for CEO performance evaluation, and presents a …
Persistent link: https://www.econbiz.de/10013250831
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Accelerated Vesting in Takeovers : The Impact on Shareholder Wealth
Elkinawy, Susan - 2011
We study the impact of accelerated vesting of equity awards on takeovers, whereby the restricted stock and/or stock options of the target CEO immediately vest and become unrestricted upon the close of the acquisition. We find that takeover premiums are significantly larger when the target CEO...
Persistent link: https://www.econbiz.de/10013117248
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Blockholders on Boards and CEO Compensation, Turnover and Firm Valuation
Agrawal, Anup - 2019
We find that the presence of independent directors who are blockholders (IDBs) in firms promotes better CEO contracting and monitoring, and higher firm valuation. Using a panel of about 11,500 firm-years with a unique, hand-collected dataset on IDB-identity and a novel instrument, we find that...
Persistent link: https://www.econbiz.de/10012906210
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The Retention Effects of Unvested Equity : Evidence from Accelerated Option Vesting
Jochem, Torsten - 2018
We document that firms can effectively retain executives by granting deferred equity pay. We show this by analyzing a unique regulatory change (FAS 123-R) that prompted 723 firms to suddenly eliminate stock option vesting periods. This allowed CEOs to keep 33% more options when departing the...
Persistent link: https://www.econbiz.de/10012937264
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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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Does Media Coverage Cause Meritorious Shareholder Litigation? Evidence from the Stock Option Backdating Scandal
Donelson, Dain C.; Kartapanis, Antonis; Yust, Christopher G. - 2021
This study examines the role of media coverage on meritorious shareholder litigation. Asserting a causal effect of the media on litigation is normally difficult due to the endogenous nature of media coverage. However, we use the Wall Street Journal’s backdating coverage to overcome these...
Persistent link: https://www.econbiz.de/10013250378
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The Effect of CEO Stock-Based Compensation on the Pricing of Future Earnings
Choi, Bobae - 2016
anticipate future performance. We find that a CEO's stock-based compensation strengthens the association between current returns …
Persistent link: https://www.econbiz.de/10012995653
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Comparing Non-GAAP EPS in Earnings Announcements and Proxy Statements
Black, Dirk E. - 2020
We compare non-GAAP EPS in annual earnings announcements and proxy statements using hand-collected data from SEC filings. We find that proxies for capital market incentives (contracting incentives) are more highly associated with disclosure of non-GAAP EPS in annual earnings announcements (proxy...
Persistent link: https://www.econbiz.de/10012856894