Executive compensation is one of the central issues of modern corporate governance, but its history has received surprisingly little attention. This draft chapter for the forthcoming Research Handbook on Executive Compensation (Jennifer Hill & Randall Thomas, eds.) surveys the development of,...

Using a large sample of U.S. acquiring and non-acquiring firms and covering a broad sample of transactions, we examine the effects of mergers and acquisitions (M&A) on CEO compensation during 1993-2006, a period of intense M&A activity. We alleviate endogeneity concerns through dynamic panel...

This paper aims to provide empirical evidence on the effects of CEO's share option remuneration and CEO's stock ownership on leasing. Financial contracting theory suggests that ownership structure is important determinant of capital structure, debt financing and leasing. Also, lease financing is...

This paper investigates whether and how various characteristics of CEOs and corporate boards are related to the severity of corporate governance problems within firms. The latter is proxied by private benefits of control, which we measure for dual class stock firms using the voting premium...

We examine the compensation of ethnic minority executives in listed US firms. The total pay of African American executives is 9 percent lower than that earned by Caucasians. This is due to lower base salary, lower bonus, and lower restricted stock grants. The lower bonus is due to a lower...

This paper analyzes the CEO incentives of inside debt in the form of deferred equity compensation in the context of M&A decisions. This study runs statistical regressions on the likelihood of a merger, whether the deal is diversifying, how much stock is used to pay for the deal, and the relative...