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Author : Pierre Chaigneau
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (143 download)
Download or read book Essays on CEO Compensation written by Pierre Chaigneau and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Vaibhav Sharma
Publisher :
ISBN 13 :
Total Pages : 120 pages
Book Rating : 4.:/5 (493 download)
Download or read book Three Essays on Executive Compensation written by Vaibhav Sharma and published by . This book was released on 2009 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Executive compensation and its potential importance in aligning shareholder and management interests has been an extensively researched area within corporate finance. This thesis studys executive compensation while addressing several unresolved issues in the literature. Essay one examines CEO compensation following spin-offs. The second essay studys changes in CEO salaries and their relation to firm performance. Essay three examines managerial decision horizons for target and acquirer firms in mergers and acquisitions.
Author : Scott William O'Brien
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.:/5 (991 download)
Download or read book Essays on CEO Compensation written by Scott William O'Brien and published by . This book was released on 2016 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The two essays of my dissertation examine issues concerning CEO compensation. First, I examine the use of relative performance evaluation (RPE), asymmetry in pay for skill/luck, and compensation benchmarking for a sample of firms involved in a spinoff. The spinoff affects firm characteristics that influence the use of these compensation practices. I find that RPE is used for post-spinoff CEOs, but not pre-spinoff CEOs. This result is consistent with RPE being more prevalent as performance benchmark firms are easier to identify. Post-spinoff CEOs are also paid asymmetrically for luck where they are rewarded for good luck but not punished for bad luck. Both pre- and post- spinoff CEOs receive similar levels of compensation benchmarking. Second, I study the role of reference points in CEO compensation. Using two samples, I identify multiple reference points and link the reference points to the behavioral phenomena of prospect theory and anchoring-and-adjusting. In a sample of CEOs who move from one company to another (mover sample), I estimate the CEOs' expected gain or loss in compensation as a result of the move, but do not find the effects of the expected gain or loss to be consistent with prospect theory preferences. Also in the mover sample, I find evidence of anchoring-and-adjusting where the compensation of the incoming CEO's predecessor (anchor) affects the compensation of the incoming CEO. Lastly, I find evidence that fiscal year high and low prices act as reference points where drops from the fiscal year high price to the fiscal year end price result in larger decreases in compensation than increases in compensation from the fiscal year low price to the fiscal year end price, consistent with prospect theory.
Author : Min Jung Kang
Publisher :
ISBN 13 : 9781267847461
Total Pages : 202 pages
Book Rating : 4.8/5 (474 download)
Download or read book Two Essays on CEO Compensation and Turnovers written by Min Jung Kang and published by . This book was released on 2012 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wanrong Hou
Publisher :
ISBN 13 :
Total Pages : 312 pages
Book Rating : 4.:/5 (855 download)
Download or read book Three Essays on CEO Compensation, Risk-taking Behavior and Subsequent Firm Performance written by Wanrong Hou and published by . This book was released on 2012 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sooyoung Song
Publisher :
ISBN 13 :
Total Pages : 302 pages
Book Rating : 4.:/5 (466 download)
Download or read book Two Essays on CEO Compensation written by Sooyoung Song and published by . This book was released on 2000 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrew Fodor
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (262 download)
Download or read book Two Essays on CEO Compensation written by Andrew Fodor and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The multi -period model presented in this paper has the advantage of considering aggregate performance over the tenure of the CEO. The key to this alternative compensation design is the holding back of some portion of CEO pay. That is to not pay the CEO the complete sum of pay justified by performance. This will allow the board to later penalize the CEO by not distributing previously held back pay. I present, and find support for, a number of hypotheses supporting the use of the holdback compensation policy.
Author : Ming Ju
Publisher :
ISBN 13 :
Total Pages : 126 pages
Book Rating : 4.:/5 (128 download)
Download or read book ESSAYS ON CEO AND EMPLOYEE COMPENSATION written by Ming Ju and published by . This book was released on 2018 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the continued increase in executive compensation and the resulting increase in pay disparity between executives and rank-and-file employees, CEO compensation relative to the average worker pay underscores the popular apprehension related to equity vs. efficiency. This dissertation empirically examines the determinants and consequences of the CEO-worker pay ratio, and the association between acquisitions and CEO compensation. In the first chapter, I show that country-level factors such as national culture, matter in determining the CEO-worker pay ratio across countries. Using global firm-level data from 44 countries for 2002-2015, I show that the CEO-worker pay ratio is associated with national characteristics such as culture and societal equity orientation. Specifically, I find that the CEO-worker pay ratio is positively associated with power distance and masculinity of the national culture, and it is negatively associated with uncertainty avoidance and long-term orientation. This pay ratio also reflects societal equity orientation, measured by income and wealth distribution proxies. This chapter contributes to the existing literature on executive compensation by documenting national culture as an important determinant of CEO-worker pay ratios globally. In the second chapter, I show that the relationship between firm value and the CEO-worker pay ratio exhibits an inverse-U shaped relation, which is consistent with elements of tournament theory, efficient contracting theory, rent extraction theory, and equity fairness theory. This is also consistent with there being an optimal pay ratio, or inflection point, beyond which increases in the pay ratio decrease firm value. I then show that the relationship between the pay ratio and firm performance differs systematically with regard to firm characteristics, i.e., in firms with a greater need for collaboration and information sharing, the optimal ratio is lower. In the final analysis, I show that pay disparity within the executive suite has little effect on firm value, rather it is the pay disparity between the named executive officers and the rank and file that drive my results. This chapter contributes to the existing literature by showing that the relationship between firm value and CEO-worker pay ratio is nonlinear. In the third chapter, I examine the effect of acquisitions, especially international acquisitions on CEO compensation, using firm-level panel data for 1995-2016, covering both international and domestic acquisitions by US firms. I find that acquisitions lead to higher CEO compensation, which can be explained by size premium, complexity premium, and opportunism. I also find that international acquisitions lead to higher CEO compensation than domestic acquisitions, which is consistent with the matching theory, as international acquisitions are larger and more complex to manage. This chapter provides direct empirical evidence on the effect of acquisitions on CEO compensation with a large database based on US firms. This chapter also adds to the literature on the comparison of international acquisition and domestic acquisition in terms of their impact on CEO compensation, which has been lacking in existing work. Overall, this dissertation advances our understanding on the determinants and consequences of the CEO-worker pay ratio, and adds insights to the literature on the implications of international acquisitions and managerial compensation.
Author : Dan Zhang
Publisher :
ISBN 13 : 9789058923059
Total Pages : 145 pages
Book Rating : 4.9/5 (23 download)
Download or read book Essays in Executive Compensation written by Dan Zhang and published by . This book was released on 2012 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Long Chen
Publisher : ProQuest
ISBN 13 : 9780549646396
Total Pages : 158 pages
Book Rating : 4.6/5 (463 download)
Download or read book Essays in CEO Compensation and Auditing written by Long Chen and published by ProQuest. This book was released on 2000 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gary Todd Moskowitz
Publisher :
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.:/5 (244 download)
Download or read book Three Essays on the Agency Problem written by Gary Todd Moskowitz and published by . This book was released on 1999 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Duong Thuy Pham
Publisher :
ISBN 13 :
Total Pages : 98 pages
Book Rating : 4.:/5 (987 download)
Download or read book Three Essays on the Compensation, Structure, and Decision Making of the Board of Directors written by Duong Thuy Pham and published by . This book was released on 2017 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: My second essay explores the role CEO gender plays in shaping the board of directors. The literature provides strong evidence that male CEOs are more overconfident than female CEOs. I contend that a male CEO, who may overestimate his ability and/or underestimate the monitoring role of the board, will prefer to exert as much control over the board as possible and thus prefer a weaker board. I find consistent results that new male CEOs are more likely to increase board size, decrease board independence, reduce board gender diversification, have worse director attendance and have lower overall board monitoring. In contrast, new female CEOs have more gender diversified boards and are associated with an increase in overall board monitoring intensity. I also find supporting evidence in terms of CEO compensation, where new male CEOs gain more control and are compensated more in both total compensation and equity compensation post transition, consistent with what we expect from a weaker board.
Author : Maya Waisman
Publisher : ProQuest
ISBN 13 : 9780549287827
Total Pages : 334 pages
Book Rating : 4.2/5 (878 download)
Download or read book Three Essays on Corporate Debt and CEO Compensation written by Maya Waisman and published by ProQuest. This book was released on 2007 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zhifang Zhang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)
Download or read book Essays on CEO Compensation and Corporate Governance written by Zhifang Zhang and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Feng Jiang
Publisher :
ISBN 13 :
Total Pages : 155 pages
Book Rating : 4.:/5 (819 download)
Download or read book Essays in Empirical Corporate Finance written by Feng Jiang and published by . This book was released on 2012 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: Furthermore, acquirers with investment banker directors on the board have significantly higher announcement returns, especially if the deal is relatively large and the bankers' experience and/or network is current. We also find evidence that investment banker directors help reduce the takeover premium and advisory fees paid to outside consultants. Finally, the presence of investment banker directors is positively related to long-run operating and stock performance. Lastly, in the third essay, we study whether firms strategically alter CEO compensation to improve their bargaining position with labor unions. We conjecture that (i) firms in heavily unionized industries offer lower compensation packages to their CEOs than do their non-union counterparts, (ii) unionized firms temporarily curtail CEO compensation before union contract negotiations, and (iii) the curtailment in compensation is most pronounced for option grants due to their discretionary nature. Our results support these conjectures. We also find that CEOs are more likely to sacrifice compensation if they hold a relatively large stake in the company whose value depends on the contract negotiations. Finally, we report evidence that curtailing CEO compensation helps reduce the negotiated salary growth.
Author : Randy Beavers
Publisher :
ISBN 13 :
Total Pages : 167 pages
Book Rating : 4.:/5 (915 download)
Download or read book Three Essays in Executive Compensation written by Randy Beavers and published by . This book was released on 2015 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: In essay one, we examine overconfident CEO-directors and find they attend more board meetings, are more active in nominating committees, and have more independent directorships. Attendance is higher when multiple overconfident directors are present on the board. When an overconfident board selects a new CEO after a CEO turnover, they are more likely to appoint a better prepared and more reputable CEO. Overconfident boards are also more likely to select an overconfident CEO. We also find overconfident boards exacerbate the restrained use of debt when an overconfident CEO is present, and we find evidence that the association between CEO-directors and greater CEO pay is driven solely by overconfident CEO-directors on the board. This evidence indicates overconfident CEO-directors exhibit significant influence on the board and over the firm's CEO. In essay two, I analyze the CEO incentives of inside debt in the form of deferred equity compensation in the context of M & A decisions. CEO inside debt holdings are negatively associated with the likelihood of the firm engaging in an M & A. When firms with higher levels of CEO inside debt decide to engage in an acquisition, those acquisitions are non-diversifying, relatively smaller deals, and are paid using a greater portion of stock. The evidence indicates that inside debt incentivizes CEOs to make less risky decisions for the benefit of debt holders and at the expense of shareholders. In essay three, I analyze both CEO inside debt and firm debt jointly to further investigate compensation incentives of risky decision-making and the resulting financial policy decisions concerning the debt structure of the firm. I find larger firms with high CEO inside debt tend to diversify, as calculated by the Herfindahl-Hirschman index of debt type usage. These types of firms use a higher percentage of term loans and other debt but a lower percentage of drawn credit lines and commercial loans. Larger firms with high CEO inside debt have lower interest rates on these debt instruments and shorter maturities, suggesting a more conservative financing policy with regards to debt.
Author : Brandon Neil Cline
Publisher :
ISBN 13 :
Total Pages : 278 pages
Book Rating : 4.:/5 (663 download)
Download or read book Three Essays on Executive Compensation written by Brandon Neil Cline and published by . This book was released on 2005 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
