Similar Search Results

Kind, Axel; Schläpfer, Yves - 2011

To gain insights about the quality of board's firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand- collected sample of 208 “clean” turnover events between January 1998 and June 2009. Unlike the majority of previous...

Persistent link: https://www.econbiz.de/10011390666

Task Difficulty, Performance Measure Characteristics, and the Trade-Off between Insurance and Well-Allocated Effort

Schnedler, Wendelin - 2006

the performance measure and its similarity (congruity, congruence) to the benefit of the manager’s employer. A necessary …

Persistent link: https://www.econbiz.de/10011422137

Private information in executives' option trades: Evidence from the UK

Kyriacou, Kyriacos; Luintel, Kul B.; Mase, Bryan - 2008

UK executives' stock option exercises and associated sell decisions are motivated by private, inside, information. Executives use their inside information to lock in short-term gains, and to sell stock acquired prior to negative abnormal stock returns. This informed trading is robust to the...

Persistent link: https://www.econbiz.de/10010322777

Incentive Contracts and Hedge Fund Management: A Numerical Evaluation Procedure

Jackwerth, Jens Carsten; Hodder, James E. - 2003

The behavior of a hedge-fund manager naturally depends on her compensation scheme, her preferences, and constraints on her risk-taking. We propose a numerical method which can be used to analyze the impact of these influences. The model leads to several interesting and novel results concerning...

Persistent link: https://www.econbiz.de/10010323933

The value relevance of forced top management departures: Dutch evidence

Cools, Kees; van Praag, Mirjam - 2003

Persistent link: https://www.econbiz.de/10010324959

Managerial Talent, Motivation, and Self-Selection into Public Management

Delfgaauw, Josse; Dur, Robert - 2008

brightest managers to the public sector abound. This paper studies self-selection into managerial and non-managerial positions … return to managerial ability is always highest in the private sector. As a result, relatively many of the more able managers …

Persistent link: https://www.econbiz.de/10010325712

Gift Exchange in the Workplace

Dur, Robert - 2008

convinced that their manager cares for them. Managers can signal their altruistic feelings towards their employees in two ways … altruistic managers may offer lower wages and nevertheless build up better social-exchange relationships with their employees … than egoistic managers do. In such equilibria, a low wage signals to employees that the manager has something else to offer …

Persistent link: https://www.econbiz.de/10010325842

The Degradation of Distorted Performance Measures

Sloof, Randolph; van Praag, Mirjam - 2008

Baker (2002) has demonstrated theoretically that the quality of performance measures used in compensation contracts hinges on two characteristics: noise and distortion. These criteria, though, will only be useful in practice as long as the noise and distortion of a performance measure can be...

Persistent link: https://www.econbiz.de/10010325988

How Important Are Risk-Taking Incentives in Executive Compensation?

Dittmann, Ingolf; Yu, Ko-Chia - 2009

This paper investigates whether observed executive compensation contracts are designed to provide risk-taking incentives in addition to effort incentives. We develop a stylized principal-agent model that captures the interdependence between firm risk and managerial incentives. We calibrate the...

Persistent link: https://www.econbiz.de/10010326054

The Executive Turnover Risk Premium

Peters, Florian S.; Wagner, Alexander F. - 2012

We establish that CEOs of companies experiencing volatile industry conditions are more likely tobe dismissed. At the same time, industry risk is, controlling for various other factors, unlikelyto be directly associated with CEO compensation other than through dismissal risk. Using...

Persistent link: https://www.econbiz.de/10010326426