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Insider Trading Restrictions and Top Executive Compensation

Denis, David J. - 2020

The use of equity incentives is significantly greater in countries with stronger insider trading restrictions, and these higher incentives are associated with higher total pay. These findings are robust to alternative definitions of insider trading restrictions and enforcement, and to panel...

Persistent link: https://www.econbiz.de/10012857393

CEO Dismissal : The Role of Investment Analysts

Wiersema, Margarethe - 2020

While poor firm performance has been shown to be an important predictor of CEO dismissal, financial performance alone cannot explain the increased incidence of CEO dismissal. The complex and ambiguous relationship between poor firm performance and CEO dismissal is due in part to the uncertainty...

Persistent link: https://www.econbiz.de/10012857436

CEO Compensation and Covenant Violations

Francis, Bill B. - 2020

to constraining managers' risk-shifting behaviors in the pre-violation stage, evidence reveals that strict covenants …

Persistent link: https://www.econbiz.de/10012857455

Voting with Their Feet or Activism? Institutional Investors’ Impact on CEO Turnover

Helwege, Jean - 2020

managers. Going forward, the increasing size of institutional investors seems likely to inhibit voting with their feet while …

Persistent link: https://www.econbiz.de/10012857602

CEO Pay Gap and Bank Risk-taking

DeYoung, Robert - 2019

The large compensation received by bank executives is among the many factors blamed for the risk-taking that led to the 2008-2009 financial crisis. We test whether and how pay disparities between CEO and non-CEO executives—the so-called CEO pay gap—influenced risk taking at publicly traded...

Persistent link: https://www.econbiz.de/10012858941

Factors Influencing CEO Compensation in US Telecommunication Industry

Garanina, Tatiana - 2019

The objective of this paper is to define the relationship between a set of factors and CEO compensation that will enable companies to imply better corporate governance practices in their management process. Developed econometric model is tested on the data of US telecom companies for the period...

Persistent link: https://www.econbiz.de/10012859017

Rookie Directors and Firm Performance : Evidence From China

Chen, Zonghao - 2019

This paper examines the benefits and costs associated with rookie independent directors (RIDs) in Chinese public companies from 2008 to 2014. We find that RIDs attend more board meetings. Boards with more RIDs tunnel less to controlling shareholders, suggesting that RIDs are efficient monitors....

Persistent link: https://www.econbiz.de/10012859742

Phantom Menace : Role of Pseudo Peers in CEO Compensation

Kalpathy, Swaminathan L. - 2019

We study pay spillovers within the network of peer compensation benchmarking and show that these can reconcile growth differences and convergence in CEO compensation. Specifically, compensation of a small group of prominent, highly-central network firms is shown to have a substantial spillover...

Persistent link: https://www.econbiz.de/10012860019

Impax Laboratories : Executing Accretive Acquisitions (A&B)

Esty, Benjamin - 2019

Impax Laboratories was a technology-based pharmaceutical company that used a “dual platform” strategy to sell both generic and branded treatments. While Impax had grown organically for most of its history, it was beginning to use major acquisitions for growth. In the early morning of June...

Persistent link: https://www.econbiz.de/10012860184

Leverage Dynamics under Managerial Discretion

Wong, Tak-Yuen - 2019

This paper studies leverage dynamics when managers cannot commit to future financing and default policies ex …-ante. Managers derive private benefits of control but debt constrains their flexibility, and thus, they build up less excessive … funding advantage of debt. Optimal maturity structure trades off disciplines on the managers' leverage ratcheting incentives …

Persistent link: https://www.econbiz.de/10012861971