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Intermediated Asymmetric Information, Compensation, and Career Prospects
Kaniel, Ron - 2020
Adverse selection harms workers, but benefits firms able to identify talent. An informed intermediary expropriates its agents' ability by threatening to fire and expose them to undervaluation of their skill. Agents' track record gradually reduces the intermediary's information advantage. We show...
Persistent link: https://www.econbiz.de/10012842301
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Stock-based compensation plans and employee incentives
Zábojník, Ján - 2014
Standard principal-agent theory predicts that large firms should not use employee stock options and other stock-based compensation to provide incentives to non-executive employees. Yet, business practitioners appear to believe that stock-based compensation improves incentives, and mounting...
Persistent link: https://www.econbiz.de/10010362951
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Employee stock options
Børsum, Øystein - 2010
An entrepreneur with information about firm quality seeks financing from an uninformed investor in order to pay a worker. I show that if the worker, too, knows the true quality of the firm, then certain long term wage agreements can credibly signal firm quality. Such wage agreements have a low...
Persistent link: https://www.econbiz.de/10010285589
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Employee stock options
Børsum, Øystein - 2010
An entrepreneur with information about firm quality seeks financing from an uninformed investor in order to pay a worker. I show that if the worker, too, knows the true quality of the firm, then certain long term wage agreements can credibly signal firm quality. Such wage agreements have a low...
Persistent link: https://www.econbiz.de/10008655549
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Are Top Management Teams Compensated as Teams? A Structural Modeling Approach
Li, Chen - 2019
. The results favor the team perspective under which unilateral shirking is assumed infeasible for managers. The analysis …-based measures of agency costs. The risk premium can explain up to 37% of total compensation for higher-paid managers in large firms …. This upper bound is higher than that of lower-paid managers and all managers in small firms. Shareholders could experience …
Persistent link: https://www.econbiz.de/10012904639
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Are Top Management Teams Compensated as Teams? A Structural Modeling Approach
Li, Chen - 2019
. The results favor the team perspective under which unilateral shirking is assumed infeasible for managers. The analysis …-based measures of agency costs. The risk premium can explain up to 37% of total compensation for higher-paid managers in large firms …. This upper bound is higher than that of lower-paid managers and all managers in small firms. Shareholders could experience …
Persistent link: https://www.econbiz.de/10012899926
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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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Performance-Based Compensation and Firm Value – Experimental Evidence
Pfeiffer, Glenn - 2015
positive price reactions to adoption of performance-based compensation plans for executive managers, but postulating competing … selection and moral hazard on equity prices. We find that managers select contracts based on their private information … contract and is reflected in stock prices. We refer to this as the sorting effect. Additionally, we find that managers do not …
Persistent link: https://www.econbiz.de/10013036078
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Performance-Based Compensation and Firm Value – Experimental Evidence
Pfeiffer, Glenn - 2015
positive price reactions to adoption of performance-based compensation plans for executive managers, but postulating competing … selection and moral hazard on equity prices. We find that managers select contracts based on their private information … contract and is reflected in stock prices. We refer to this as the sorting effect. Additionally, we find that managers do not …
Persistent link: https://www.econbiz.de/10013036841
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Entrepreneurship, Compensation, and the Corporation
Manne, Henry G. - 2011
This paper revisits the concept of entrepreneurship, which is frequently neglected in mainstream economics, and discusses the importance of defining and isolating this concept in the context of large, publicly held companies. Compensating for entrepreneurial services in such companies, ex ante...
Persistent link: https://www.econbiz.de/10014181690