The traditional view on CEO pay suggests that the use of equity-based incentives (e.g., stocks and options) should increase when stock prices become more informative about managerial action. In this paper, we show this is only true in the relative sense, when comparing with CEOs'...

The “Wall Street Rule” (WSR) has long been viewed as a “cut-and-run” strategy adopted by disillusioned institutional investors to express their dissatisfaction with the management. In this study, I show that WSR, far from being a passive way of protesting, is in fact a potent weapon to...

The recent advent of high-frequency data and advances in financial econometrics allow investors to evaluate the accuracy of different beta (systematic risk) measurements. Benchmarking against the monthly realized beta formed by 30-minute data, we compare the popular Fama-MacBeth betas, the...

The “Wall Street Rule” (WSR), a form of monitoring by institutional investors, has been viewed as a “cut-and-run” strategy adopted to express dissatisfaction with a company's management. In this study, we show that WSR, far from being a passive protest, is in fact a potent weapon to...

The recent advent of high-frequency data and advances in financial econometrics allow market participants to evaluate the accuracy of different beta (systematic risk) measurements. Benchmarking against the monthly realized beta formed by 30-minute data, we compare the popular Fama--MacBeth...