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Tournament Incentives and Reserve Management
Nart, Ahmet - 2020
This paper examines the relation between tournament incentives and reserve management. We find a positive relation between internal tournament incentives and reserve errors, implying that a larger pay gap as a tournament prize induces vice presidents (VPs) to overestimate loss reserves. In other...
Persistent link: https://www.econbiz.de/10012845912
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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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Venture Capitalist Directors and Managerial Incentives
Litov, Lubomir P.; Liu, Xia (Summer); Megginson, William L. - 2021
We examine the effect of board members with venture capital experience (i.e., VC directors) on executive incentives at publicly listed firms. VC directors serving on the compensation committee are associated with greater CEO risk-taking incentives (i.e., vega) and greater pay-for-performance...
Persistent link: https://www.econbiz.de/10013211007
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Venture Capitalist Directors and Managerial Incentives
Litov, Lubomir P.; Liu, Xia (Summer); Megginson, William L. - 2022
We examine the effect of board members with venture capital experience (i.e., VC directors) on executive incentives at non-VC-backed public firms. VC directors serving on the compensation committee are associated with greater CEO risk-taking incentives (i.e., vega) and pay-for-performance...
Persistent link: https://www.econbiz.de/10013313542
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How do Ex-Ante Severance Pay Contracts Fit into Optimal Executive Incentive Schemes?
Rau, P. Raghavendra - 2012
post payouts to managers are largely determined by the ex ante contract terms …
Persistent link: https://www.econbiz.de/10013116288
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How Do Ex-Ante Severance Pay Contracts Fit into Optimal Executive Incentive Schemes?
Rau, P. Raghavendra - 2013
post payouts to managers are largely determined by the ex ante contract terms …
Persistent link: https://www.econbiz.de/10013089564
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Clawback Provisions in Executive Compensation Contracts
Stark, Johanna - 2020
Clawbacks are contractual provisions in executive compensation contracts that allow for an ex post recoupment of variable pay if certain triggering conditions are met. As a result of regulatory responses to financial crises and corporate scandals as well as of growing shareholder pressure to...
Persistent link: https://www.econbiz.de/10012833330
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Value-Risk Tradeoffs and Managerial Incentives
Tsui, David - 2018
managers' incentive compensation packages. I find that shareholder value increases with risk and therefore managerial risk … aversion creates potential agency conflicts between managers and shareholders. I also find that firms provide managers with … idiosyncratic (rather than systematic) risk and managers are more risk-averse. Collectively, these results suggest that firms …
Persistent link: https://www.econbiz.de/10012936802
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Independent Director Reputation Incentives : The Supply of Monitoring Services
Masulis, Ronald W. - 2017
Extensive research finds that shareholder and CEO preferences affect demand for director services. We find a large body of evidence that independent director reputation incentives influence the supply of director services. These reputation incentives vary across firms and over time,...
Persistent link: https://www.econbiz.de/10012974592
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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