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Do Stock Options Overcome Managerial Risk Aversion? Evidence from Exercises of Executive Stock Options

Heron, Randall A. - 2016

We report that the probability that executives exercise options early decreases with the volatility of the underlying stock return. We interpret this to mean that executives' subjective option value increases with volatility and that option grants increase executives' risk appetite. Further...

Persistent link: https://www.econbiz.de/10012986793

The Impact of Management Practices on SME Performance

Forth, John - 2018

We examine the impact of management practices on firm performance among SMEs in Britain over the period 2011-2014, using a unique dataset which links survey data on management practices with firm performance data from the UK's official business register. We find that SMEs are less likely to use...

Persistent link: https://www.econbiz.de/10012923226

The Relation between Public Managers’ Compensation and Governance

Coccia, Mario - 2018

senior managers. However, the institutional factors associated with high levels of compensation of public managers are hardly … known. In particular, studies about the possible relation between factors of governance and compensation of public managers … insights for general reforms of governance aimed to support equitably levels of compensation of public managers and efficiency …

Persistent link: https://www.econbiz.de/10012924133

Learning about the Details in CEO Compensation

Hu, Shuting (Sophia) - 2018

I document the richness of CEO compensation packages and show that boards learn about the desirability of the many complex package features through observing how these features are associated with firm performance. I first capture the detailed features of plan-based awards for CEOs of the...

Persistent link: https://www.econbiz.de/10012932128

A Newsvendor Contest (Guidelines for a CEO)

Pavlov, Valery - 2018

This study investigates the Newsvendor Contest: two newsvendors not only earn profits but also compete for a fixed bonus awarded to one of them whose realized profit is higher than that of the other contender. We analyze both the simultaneous-move game, which is relevant to such business...

Persistent link: https://www.econbiz.de/10012932176

CEO compensation : evidence from the field

Edmans, Alex; Gosling, Tom; Jenter, Dirk - 2021

We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would sacrifice shareholder value to avoid controversy on CEO pay, implying they face significant constraints other than participation and incentive compatibility. These constraints...

Persistent link: https://www.econbiz.de/10012584217

Managerial Short-Termism and Market Competition

Xiong, Yan - 2021

-term stock prices. Due to information asymmetry between managers and financial markets regarding the investment profitability …, managers under such compensation contracts tend to overinvest to signal good profitability, which gives their respective firms …

Persistent link: https://www.econbiz.de/10013215144

CEO Compensation : Evidence from the Field

Edmans, Alex; Gosling, Tom; Jenter, Dirk - 2021

Persistent link: https://www.econbiz.de/10013220138

CEO Compensation : Evidence From the Field

Edmans, Alex; Gosling, Tom; Jenter, Dirk - 2021

Persistent link: https://www.econbiz.de/10013220645

Benchmarking of Pay Components in CEO Compensation Design

Grinstein, Yaniv; Lauterbach, Beni; Yosef, Revital - 2021

Eighty-nine percent of S&P500 companies report benchmarking CEO pay components. Analyzing a panel of CEO compensation data entailing 1,251 S&P 1500 firms during 2007-2013, we find that: 1) total compensation benchmarking less effectively explains CEO compensation than does component-of-pay...

Persistent link: https://www.econbiz.de/10013224725