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Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay

Fried, Jesse M. - 2011

This Article identifies a cost to public investors of tying executive pay to the future value of a firm's stock - even its long-term value. In particular, such an arrangement can incentivize executives to engage in share repurchases (when the current stock price is low) and equity issuances...

Persistent link: https://www.econbiz.de/10013123251

Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay

Fried, Jesse M. - 2011

Persistent link: https://www.econbiz.de/10013125003

Employee Ownership : Management Entrenchment vs. Reward Management

Lapied, André - 2011

model suggesting that employee ownership policy reveals management quality. Good managers would use employee ownership as a … reward management tool whereas bad managers would implement it for entrenchment motives. We bring about three main … conclusions: (i) Bad managers use employee ownership as an entrenchment mechanism. (ii) This latter phenomenon increases the cost …

Persistent link: https://www.econbiz.de/10013125539

Stock Option Awards : Effects on Firm Performance and Risk-Taking after Japan’s Corporate Governance Reforms

Kim, Hyonok - 2012

We empirically investigate the adoption of stock option plans in Japan after the corporate governance reforms of the early 2000s. We examine the determinants of stock option grants, especially focusing on the effects of herding behavior among Japanese firms and the change of accounting treatment...

Persistent link: https://www.econbiz.de/10013101448

Reputation and Regulatory Effects on Director Turnover and Directorships

Chang, Jui-Chin - 2012

I examine the reputation and regulatory effects on the directors' turnover and their directorships when firms are accused of fraudulent financial reporting (FR). The results show that the directors at FR firms incur reputation costs from abnormal turnover in relation to the directors at non-FR...

Persistent link: https://www.econbiz.de/10013101697

Executive Compensation, Earnings Management and Over Investment in Malaysia

Chu, Ei Yet - 2012

Using 196 Malaysian public listed firms, the study investigates the inter-relationship between executive compensation, earnings management and over investment. Although there is no evidence that executive directors enhance their compensation packages through earnings management, there is a...

Persistent link: https://www.econbiz.de/10013107006

Do Higher Paid CEOs Weather the Storm Better? Evidence from the Great Recession

Song, Wei-Ling - 2012

The astonishing collapse of the largest financial institutions managed by repulsively high-paid Wall Street executives led to the Say-on-Pay rules in the Dodd-Frank legislation. However, the shareholders of S&P 500 firms do not seem to exercise their newly granted right as anticipated by the...

Persistent link: https://www.econbiz.de/10013109055

CEO-Director Connections and Corporate Fraud

Chidambaran, N.K. - 2012

We study the relation between fraud and CEO-board connectedness. While nonprofessional connections due to shared non-business service or alma mater increase fraud probability, professional connections from employment overlaps lower the incidence of fraud. The benefits of professional...

Persistent link: https://www.econbiz.de/10013109109

The Effect of CEO Hiring Source on Total Cash Flow

Ang, James S. - 2012

We examine the financial performance that boards of large U.S. firms realize by their decision to hire a new CEO from within the firm versus externally. Using a structural self-selection modeling approach, we find, for boards that promote internally, greater total cash flows than would have been...

Persistent link: https://www.econbiz.de/10013109482

CEO Ownership and Valuation

Kim, E. Han - 2010

We find a highly significant hump shaped relation between Tobin's Q and CEO share ownership for firms under weak external governance (EG), but find no relation for firms under strong EG. These relations illustrate the substitution effect of EG and CEO ownership in mitigating agency problems at...

Persistent link: https://www.econbiz.de/10013146651