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This paper develops a theory of board power when the board of directors collects private information about the CEOs ability to make value-increasing investments. When CEO ability is unknown ex-ante, we show that board power can be helpful in inducing information production by the board and in...
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Using hand-collected data, we document the details of the ex-ante severance contracts and the ex-post separation pay given to S&P500 CEOs upon departing from their companies. We analyze what determines whether or not a departing CEO receives separation pay in excess of her severance contract. We...
Persistent link: https://www.econbiz.de/10013067541
Using hand-collected data, we document the details of the ex-ante severance contract and the ex-post separation pay given to S&P500 CEOs upon departing from their companies. We analyze what determines whether or not a departing CEO receives separation pay in excess of her severance contract. We...
Persistent link: https://www.econbiz.de/10013068439
Complex investments are investments that are difficult to value in the short-term. In this paper, we analyze the incentives of a manager who is compensated based on short-term stock prices to invest in complex long-term investments. In particular, we explore how the manager's investment decision...
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