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How do Ex-Ante Severance Pay Contracts Fit into Optimal Executive Incentive Schemes?
Rau, P. Raghavendra - 2012
set ex ante explicit severance pay agreements as one component in managing the optimal level of equity incentives. Younger … post payouts to managers are largely determined by the ex ante contract terms …
Persistent link: https://www.econbiz.de/10013116288
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Golden Parachutes, Takeover Incentive, and Risk-Taking
Chen, Dong - 2014
We examine the relations between golden parachutes (GPs), pay-performance sensitivity (delta), and managerial risk-taking. We find an insignificant effect of GPs, but a negative and significant interaction of GPs with delta, on risk-taking. These results are consistent with the “takeover...
Persistent link: https://www.econbiz.de/10013065544
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Managerial Incentives from Option Compensation and Risky Guarantees
Sender, Samuel J. - 2016
2008 financial crisis. Strong and weak banks also stand apart: managers from weak banks took more risk than their peers in …
Persistent link: https://www.econbiz.de/10013002983
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Dual Ownership and Risk-taking Incentives in Managerial Compensation
Chen, Tao - 2020
This paper studies how managerial compensation is shaped by the risk preference of shareholders. Firms with a large ownership held by "dual holders'' -- institutional investors that simultaneously hold equity and bonds of the company -- choose a less risk-inducing compensation structure....
Persistent link: https://www.econbiz.de/10012848455
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The Presence, Value, and Incentive Properties of Relative Performance Evaluation in Executive Compensation Contracts
Bettis, J. Carr - 2014
, while RPE cash awards do not. These incentives can be significant in comparison to those conveyed by APE grants with similar …
Persistent link: https://www.econbiz.de/10013059189
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Shareholder Rights, Managerial Incentives, and Firm Value
Zhang, Feng - 2014
This paper investigates interactions between two central corporate governance mechanisms: shareholder rights and managerial ownership. I find that the effect of managerial ownership on firm value crucially depends on shareholder rights. Managerial ownership enhances firm value when shareholder...
Persistent link: https://www.econbiz.de/10013068483
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Value-Risk Tradeoffs and Managerial Incentives
Tsui, David - 2018
deliberately provide managers with risk-taking incentives to address risk-related agency conflicts and these incentives do not … effects of managers' stock holdings by showing that these incentives vary based on firms' value-risk tradeoffs … managers' incentive compensation packages. I find that shareholder value increases with risk and therefore managerial risk …
Persistent link: https://www.econbiz.de/10012936802
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Managerial Incentives Explanation of Equity Carve-Outs Initial Returns
Seistrajkova, Biljana - 2017
This paper studies the first day return of 227 carve-outs during 1996-2013. I find that the first day return of newly issued subsidiary stocks is explained by the reporting distortions in the pre IPO period, conditioned on whether the executives and directors of the subsidiary received stock...
Persistent link: https://www.econbiz.de/10012970504
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Independent Director Reputation Incentives : The Supply of Monitoring Services
Masulis, Ronald W. - 2017
of evidence that independent director reputation incentives influence the supply of director services. These reputation … incentives vary across firms and over time, significantly influencing important board decisions and firm outcomes. When more …
Persistent link: https://www.econbiz.de/10012974592
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Managerial Incentives, Risk Aversion and Corporate Policy Decisions
McKnight, Scott - 2016
We provide new evidence that equity incentives can have perverse effects on firm value. Conditioning the relationship … between chief executive officer (CEO) incentives and the risk exposure generated by corporate policy decisions on how risk is … avoid risk, the incentive effect of delta partially offsets risk aversion. We show that while CEO incentives affect …
Persistent link: https://www.econbiz.de/10012994292