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CEO severance pay and corporate tax planning

Campbell, John L.; Guan, Xinjiao; Li, Oliver Zhen; … - In: The journal of the American Taxation Association : a … 42 (2020) 2, pp. 1-27

Persistent link: https://www.econbiz.de/10012494148

CEO Severance Pay and Corporate Tax Planning

Campbell, John L. - 2019

planning, consistent with CEO severance pay providing contractual protection against managers' career concerns and thereby … inducing otherwise risk-averse managers to engage in incremental levels of tax planning. This result holds under an … managers are expected to face greater career concerns – when they are less experienced, when they face stronger shareholder …

Persistent link: https://www.econbiz.de/10012903181

Golden Parachutes and the Limits of Shareholder Voting

Choi, Albert H. - 2020

With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, Congress attempted to constrain change-in-control payments (also known as “golden parachutes”) by giving shareholders the right to approve or disapprove such payments on an advisory basis. This Essay...

Persistent link: https://www.econbiz.de/10012851619

Do firms gain from managerial overconfidence? : the role of severance pay

Graziano, Clara; Luporini, Annalisa - 2022

We analyze the effects of optimism and overconfidence when the manager's compensation package includes severance pay and the CEO has bargaining power. We find that optimism does not affect incentive pay but increases severance pay with a negative effect on profit. Overconfidence, on the...

Persistent link: https://www.econbiz.de/10013255972

Are Ex-Ante CEO Severance Pay Contracts Consistent with Efficient Contracting?

Cadman, Brian D.; Campbell, John L.; Klasa, Sandy - 2016

Efficient contracting predicts that ex-ante severance pay contracts are offered to CEOs as protection against downside risk and to encourage investment in risky positive net-present-value projects. Consistent with this prediction, we find that ex-ante contracted severance pay is positively...

Persistent link: https://www.econbiz.de/10014185462

Ex Ante Severance Agreements and Timely Disclosures of Bad News

Ling, Qianhua - 2011

This study explores the puzzle of CEO severance agreements by examining the association between the existence of ex ante severance agreements and the timeliness of bad news disclosures. Classifying severance agreements by type and by the way boards granting them, this paper documents a positive...

Persistent link: https://www.econbiz.de/10013119368

Marital Prenups? A Look at CEO Severance Agreements

Huang, Peggy - 2012

Some theoretical literature on firm-specific human capital investment suggests that severance contracts generate strong incentives for CEOs to ensure firm profitability, while the agency problem theory argues severance agreements are a less effective executive compensation measure. Using a...

Persistent link: https://www.econbiz.de/10013109114

Marital Prenups? A Look at CEO Severance Agreements

Huang, Peggy - 2012

Using a hand-collected sample of 5,142 CEO severance agreements of S&P 500 companies between 1993 and 2007, I examine whether and how the existence and structure of severance agreements affect shareholder wealth and the risk-taking behavior of CEOs. I show that firms with severance agreements...

Persistent link: https://www.econbiz.de/10013114077

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

Strategy and innovation across organizational boundaries : the influence of governance decisions on strategic oucomes

Kruse, Deniz Philipp - 2021

Persistent link: https://www.econbiz.de/10013161592