Kang, Qiang (contributor); Mitnik, Oscar A. (contributor) - 2008
There is a debate on whether executive pay reflects rent extraction due to "managerial power" or is the result of arms … argue is due to a change in the opportunistic timing of option grants. We define "lucky" grants as those with grant prices … induced by a tightening in the "outrage" constraint due to the episode of financial distress. -- CEO compensation ; CEO …