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CEO risk incentives and the riskiness of securitisation transactions in the financial industry

Fabrizi, Michele; Parbonetti, Antonio - In: International journal of banking, accounting and finance 6 (2015) 2, pp. 122-150

Persistent link: https://www.econbiz.de/10011607449

The Role of Stock Liquidity in Executive Compensation

Jayaraman, Sudarshan - 2011

We explore the role of stock liquidity in influencing the composition of CEO annual pay and the sensitivity of managerial wealth to stock prices. We find that as stock liquidity goes up, the proportion of equity-based compensation in total compensation increases while the proportion of...

Persistent link: https://www.econbiz.de/10013134340

Stock Performance or Entrenchment? The Effects of Mergers and Acquisitions on CEO Compensation

Kumar, Praveen - 2012

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...

Persistent link: https://www.econbiz.de/10013101686

CEO Compensation and Future Shareholder Returns : Evidence from the London Stock Exchange

Balafas, Nikolaos - 2016

be largely explained by the excessive exposure of low-incentive-pay firms to idiosyncratic risk. Finally, evidence from …

Persistent link: https://www.econbiz.de/10013007051

Performance for Pay? The Relation Between CEO Incentive Compensation and Future Stock Price Performance

Cooper, Michael J. - 2016

Measures of Chief Executive Officer (CEO) excess compensation are negatively related to future firm returns and operating performance. The effect is stronger for more overconfident CEOs at firms with weaker corporate governance. Overconfident CEOs receiving high excess pay undertake activities...

Persistent link: https://www.econbiz.de/10013008938

Contracting with Feedback

Lin, Tse-Chun - 2015

We study the effect of financial market conditions on managerial compensation structure. First, we analyze the optimal pay-for-performance in a model in which corporate decisions and firm value are both endogenous to trading due to feedback from information contained in stock prices. In a less...

Persistent link: https://www.econbiz.de/10013016894

Stock price informativeness and the complexity of CEO compensation

Bennett, Benjamin; Garvey, Gerald; Milbourn, Todd; … - 2019

We study the effects of stock price informativeness (SPI) on the complexity of executive compensation. Using textual analysis of SEC proxy statements to construct measures of compensation complexity, we find informative stock prices reduce pay complexity. Using mutual fund redemption as an...

Persistent link: https://www.econbiz.de/10012104644

Why do firms use equity-based pay? Managerial compensation and stock price informativeness

Bennett, Benjamim; Garvey, Gerald; Milbourn, Todd; … - 2019

We study the motive of using equity-based pay in executive compensation: the risk-sharing motive versus the performance … find equity-based pay decreases in SPI, which is consistent with the risk-sharing motive but inconsistent with the …

Persistent link: https://www.econbiz.de/10012107682

Excessive Financial Services CEO Pay and Financial Crisis : Evidence from Calibration Estimation

Dong, G. Nathan - 2018

The questions of whether there ever existed excessive risk-taking incentives from executive compensation in the … calibration approach to estimate the optimal level of CEO pay and derive the excessive compensation which provides excessive risk … and excessive risk-taking in the financial industry is somewhat weak, suggesting that CEO compensation might not be a …

Persistent link: https://www.econbiz.de/10012910594

Bank CEOs, Inside Debt Compensation, and the Global Financial Crisis

Tung, Frederick - 2013

bank risk taking and improved bank performance in the Crisis. A nascent literature shows that inside debt may dampen CEOs …' risk taking incentives. Unlike the industrial firms that have been the main focus of this literature, however, banks are … subject to pervasive regulatory oversight to constrain risk taking. Therefore, the transmission of risk taking incentives …

Persistent link: https://www.econbiz.de/10013095013