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Coles, Jeffrey L. - 2017

We model and empirically assess industry tournament incentives for CEOs. The measures we develop for the tournament prize derive from the compensation gap between the CEO at her firm and the highest-paid CEO among similar competing firms. The model predicts that firm performance and risk...

Persistent link: https://www.econbiz.de/10012975384

A Dark Side of Industry Tournament Incentives

Huang, Qianqian - 2020

Are firms' financial disclosure decisions affected by executive compensation at other firms? We find that a CEO's pay gap relative to the highest CEO pay among industry peers, defined as industry tournament incentives, can lead to distortions in corporate financial disclosures. Our analyses show...

Persistent link: https://www.econbiz.de/10012847053

Corporate Governance und Unternehmenserfolg - Eine empirische Analyse des Zusammenhangs zwischen den Führungs-, Kontroll- und Anreizstrukturen und der Geschäftsentwicklung deutsche...

Steinbrecher, Johannes - 2016

Das internationale Bankensystem stand in den vergangenen Jahren im Fokus des öffentlichen Interesses. Bei der Diskussion möglicher Optionen zur Verbesserung der Finanzsystemstabilität rückt zunehmend die Corporate Governance in Banken in den Fokus. Der vorliegende Forschungsbericht widmet...

Persistent link: https://www.econbiz.de/10011698354

Industry Tournament Incentives and Corporate Innovation Strategies

Kong, Lingfei - 2020

This paper examines how the tournament-like progression in the CEO labor market influences corporate innovation strategies. By exploiting a text-based proxy for product innovation based on product descriptions from 10-Ks, we find a significant positive relation between industry tournament...

Persistent link: https://www.econbiz.de/10012850347

Do Agents Game Their Agents' Behavior? Evidence from Sales Managers

Benson, Alan - 2019

model yields the result that managers on the cusp of a quota have a unique personal incentive to retain and adjust quotas … compensation. I estimate 13-15% of quota adjustments and retentions among poor performers are explained by the managers' unique … personal interest in meeting a quota. I use agency theory to discuss how firms mitigate the cost of gaming …

Persistent link: https://www.econbiz.de/10014039270

Competing with superstars

Ammann, Manuel; Horsch, Philipp; Oesch, David - 2015

This paper investigates the effect of superstar CEOs on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to the award. The effect is more pronounced for...

Persistent link: https://www.econbiz.de/10011344197

Performance Regularity : A New Class of Executive Compensation Packages

Bernard, Carole - 2014

The ability of standard executive stock options to incite managers to adequately select the assets of their firm has … better control the investment strategies of top managers. The present article studies the evaluation and sensitivity of a new … class of executive stock options well designed for the control of managers. Such packages are aimed at giving incentives to …

Persistent link: https://www.econbiz.de/10013066790

Performance Peer Groups in CEO Compensation Contracts

Bakke, Tor-Erik - 2020

chosen. These findings suggest managers may have some influence on the choice of performance peers. Lastly, using a quasi …

Persistent link: https://www.econbiz.de/10012839697

Does CEO Compensation Reflect Managerial Ability or Managerial Power? Evidence from the Compensation of Powerful CEOs

Song, Wei-Ling - 2019

contract is similar between new and incumbent CEOs …

Persistent link: https://www.econbiz.de/10012893667

Corporate Governance, Top Executive Compensation and Firm Performance in Japan

Basu, Sudipta - 2016

For 174 large Japanese corporations during 1992-1996, we find that top executive pay is higher in firms with weaker corporate governance mechanisms, controlling for standard economic determinants of pay. We use management ownership and family control (“the ownership mechanisms”), and...

Persistent link: https://www.econbiz.de/10013006500