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Otto, Clemens A. - 2014

I study the effect of chief executive officer (CEO) optimism on CEO compensation. Using data on compensation in US firms, I provide evidence that CEOs whose option exercise behavior and earnings forecasts are indicative of optimistic beliefs receive smaller stock option grants, fewer bonus...

Persistent link: https://www.econbiz.de/10013070717

Corporate Cash Holdings and CEO Compensation Incentives

Liu, Yixin - 2010

We examine the effect of CEO compensation incentives on corporate cash holdings and the value of cash to better … understand how compensation incentives designed to enhance the alignment of manager and shareholder interests may influence … stockholder-bondholder conflicts. We find a positive relation between CEO risk-taking (vega) incentives and cash holdings, and we …

Persistent link: https://www.econbiz.de/10013150559

The Presence, Value, and Incentive Properties of Relative Performance Evaluation in Executive Compensation Contracts

Bettis, J. Carr - 2014

, while RPE cash awards do not. These incentives can be significant in comparison to those conveyed by APE grants with similar …

Persistent link: https://www.econbiz.de/10013059189

Golden Parachutes, Takeover Incentive, and Risk-Taking

Chen, Dong - 2014

We examine the relations between golden parachutes (GPs), pay-performance sensitivity (delta), and managerial risk-taking. We find an insignificant effect of GPs, but a negative and significant interaction of GPs with delta, on risk-taking. These results are consistent with the “takeover...

Persistent link: https://www.econbiz.de/10013065544

Shareholder litigation and the risk incentive effect of executive compensation : A re-examination

Durongkadej, Isarin; Rao, Ramesh P.; Wei, Siqi - 2021

Previous literature shows that securities litigation is positively impacted by management compensation with a focus on the delta, but not the vega, component of compensation. We argue that the vega, rather than the delta, component of management compensation should be associated with litigation...

Persistent link: https://www.econbiz.de/10013232780

CEO Tournament Incentives and Corporate Debt Contracting

Ghosh, Chinmoy; Huang, Di; Nguyen, Nam; Phan, Hieu V. - 2022

This study examines the relation between CEO tournament incentives, proxied by the difference between CEO pay and the … tournaments. Our evidence suggests that creditors view tournament incentives favorably and are willing to provide better debt …

Persistent link: https://www.econbiz.de/10014235416

Organization Capital and Executive Performance Incentives

Gao, Mingze; Leung, Henry; Qiu, Buhui - 2021

We conjecture that a firm’s organization capital (OC) has a substitution effect on its executive pay-for-performance sensitivity (PPS) and empirically document a robust and significant substitution effect of OC on executive PPS. We use state-level unemployment insurance benefits as an...

Persistent link: https://www.econbiz.de/10013251641

Are Dissenting Directors Rewarded?

Marshall, Cassandra D. - 2011

I explore whether directors who resign in dissent from their board are rewarded in the labor market for directors. Using a hand collected sample of 278 boardroom disputes reported in 8-K filings during 1995-2006, I show that firms which have disputes are small, highly levered, have poor...

Persistent link: https://www.econbiz.de/10013133018

CEO Pay Incentives and Risk-Taking : Evidence from Bank Acquisitions

Hagendorff, Jens - 2011

link between financial stability and the risk-taking incentives embedded in the executive compensation contracts at banks …

Persistent link: https://www.econbiz.de/10013133407

Entrenchment or Incentive? CEO Employment Contracts and Acquisition Decisions

Zhao, Jing - 2013

A long-standing controversy is whether CEO employment contracts insulate inferior managers from discipline leading to …, long-term equity incentives, accelerated stock and option vesting provisions in severance arrangement, and more refined …

Persistent link: https://www.econbiz.de/10013083291