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Board of director collusion, managerial incentives and firm values
Andergassen, Rainer - 2011
governance policies, such as managerial pay, and curbing competition. We study a model where managers can exert unobservable cost …
Persistent link: https://www.econbiz.de/10011734901
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Corporate Governance and Managerial Compensation Horizon under Common Ownership
Tang, Tian - 2021
This paper studies the impact of corporate governance mechanisms on managerial compensation horizon under common ownership. We find that the predominant governance approach under common ownership is the threat of exit, which inadvertently exacerbates managerial myopia. Hence, common owners tend...
Persistent link: https://www.econbiz.de/10013216166
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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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Compensation and Competition for Talent : Talent Scarcity or Incentives?
Giannetti, Mariassunta - 2014
We show that long-term compensation is associated with higher pay in the financial industry and the legal sector. Then, using a detailed survey of law school graduates, we explore why firms use long-term compensation. We find that individuals with jobs that make them highly visible and that...
Persistent link: https://www.econbiz.de/10013064773
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The Diminishing Returns of Incentive Pay in Executive Compensation Contracts
Lund, Andrew - 2014
For the past 30 years, the conventional wisdom has been that executive compensation packages should include very large proportions of incentive pay. This incentive pay orthodoxy has become so firmly entrenched that the current debates about executive compensation simply take it as a given. We...
Persistent link: https://www.econbiz.de/10013068058
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CEO Optimism and Incentive Compensation
Otto, Clemens A. - 2014
I study the effect of chief executive officer (CEO) optimism on CEO compensation. Using data on compensation in US firms, I provide evidence that CEOs whose option exercise behavior and earnings forecasts are indicative of optimistic beliefs receive smaller stock option grants, fewer bonus...
Persistent link: https://www.econbiz.de/10013070717
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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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Foreign Competition and CEO Risk-Incentive Compensation
Bakke, Tor-Erik - 2020
in managers voluntarily taking on more risk, and firms therefore reduce the convexity in managers' compensation …
Persistent link: https://www.econbiz.de/10012852792
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Managers’ Stock-Based Compensation and Disclosures of High Proprietary Cost Information : An Investigation of US Biotech Firms
Enache, Luminita - 2020
proprietary information. While prior studies suggest that stock-based compensation provides managers with an incentive to enhance … that, on average, managers' stock-based compensation is not significantly related with their disclosure of high proprietary … cost information. More importantly, we find that a larger amount of stock-based compensation motivates managers to reveal …
Persistent link: https://www.econbiz.de/10012853081
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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