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Corporate Governance und Unternehmenserfolg : eine empirische Analyse des Zusammenhangs zwischen den Führungs-, Kontroll- und Anreizstrukturen und der Geschäftsentwicklung deutscher Banken

Steinbrecher, Johannes - 2016

Das internationale Bankensystem stand in den vergangenen Jahren im Fokus des öffentlichen Interesses. Bei der Diskussion möglicher Optionen zur Verbesserung der Finanzsystemstabilität rückt zunehmend die Corporate Governance in Banken in den Fokus. Der vorliegende Forschungsbericht widmet...

Persistent link: https://www.econbiz.de/10011448727

Corporate Governance und Unternehmenserfolg : eine empirische Analyse des Zusammenhangs zwischen den Führungs-, Kontroll- und Anreizstrukturen und der Geschäftsentwicklung deutscher Banken

Steinbrecher, Johannes - 2016

Persistent link: https://www.econbiz.de/10011742813

Trading away incentives

Colonnello, Stefano; Curatola, Giuliano Antonio; Xia, Shuo - 2022 - This draft: October 19, 2022

Equity pay has been the primary component of managerial compensation packages at US public firms since the early 1990s. Using a comprehensive sample of top executives from 1992-2020, we estimate to what extent they trade firm equity held in their portfolios to neutralize increments in ownership...

Persistent link: https://www.econbiz.de/10013411812

Trading away incentives

Colonnello, Stefano; Curatola, Giuliano Antonio; Xia, Shuo - 2022

Persistent link: https://www.econbiz.de/10013412974

Executive stock options, differential risk-taking incentives, and firm value

Armstrong, Christopher S.; Vashishtha, Rahul - In: Journal of Financial Economics 104 (2012) 1, pp. 70-88

The sensitivity of stock options' payoff to return volatility, or vega, provides risk-averse CEOs with an incentive to increase their firms' risk more by increasing systematic rather than idiosyncratic risk. This effect manifests because any increase in the firm's systematic risk can be hedged...

Persistent link: https://www.econbiz.de/10010571660

Industry Tournament Incentives and Corporate Hedging Policies

Lonare, Gunratan - 2020

corporate hedging policies. We exploit the textual analysis of 10-Ks to generate corporate hedging proxies. We find that the … of corporate hedging on the adverse effects of risk-inducing ITIs on the cost of debt and stock price crash risk, which … could be the possible reasons for the relation. Also, the relation between ITIs and corporate hedging is less pronounced for …

Persistent link: https://www.econbiz.de/10012849052

Equity incentives, disclosure quality, and stock liquidity risk

Wruck, Karen H.; Wu, Yi Lin - 2017

We provide evidence that CEO equity incentives, especially stock options, influence stock liquidity risk via information disclosure quality. We document a negative association between CEO options and the quality of future managerial disclosure policy. Contributing to the literature on CEO...

Persistent link: https://www.econbiz.de/10011963233

Executive Compensation and Risk Taking in European Banking

Ayadi, Rym - 2012

Recent financial crisis has renewed attention on compensation schemes and their impact on risk-taking in depository institutions. Without ample theoretical and empirical backing, the recent policy proposals in the EU have suggested that long-term incentive plans that are closely linked to bank...

Persistent link: https://www.econbiz.de/10013109642

Inside Debt and Bank Risk

van Bekkum, Sjoerd - 2014

Inside debt compensation held by top officers of U.S. banks is negatively related to risk and risk-taking. The evidence reveals a robust and strongly negative relation between end-of-2006 inside debt and 2007-2009 bank-specific risk exposures in terms of lost stock market value, volatility, tail...

Persistent link: https://www.econbiz.de/10013069227

Better Safe than Sorry? CEO Inside Debt and Risk-Taking in Bank Acquisitions

Srivastav, Abhishek - 2014

Widespread losses during the recent financial crisis have increased concerns that equity-based compensation for bank CEOs causes excessive risk-taking by banks. Debt-based compensation, so-called inside debt, aligns the interests of CEOs with those of external creditors. We examine whether...

Persistent link: https://www.econbiz.de/10013062529