Say on Pay legislations have become increasingly common over the past few decades, in tandem with more publicity around the compensation that is paid to executives/management of public companies. This publicity has, in turn, been driven largely by disclosure requirements imposed by the...

Performance shares, or PSUs, have become the largest element of pay for top executives in corporate America. Their spread was ignited by institutional investors looking for more “shareholder‐friendly” equity awards—as opposed to restricted stock and stock options, which have been...

We present evidence that share repurchases reduce investment inefficiencies related to short-term investors. Using U.S. data from 1988 to 2018, we first document that stock buybacks are associated with lower long-term investments. However, contrary to popular perception that buybacks sacrifice...

In the debate over whether a corporation’s primary purpose is to make money for shareholders or protect the interests of all stakeholders, including employees and customers, some argue that corporate law requires directors and corporations to serve primarily shareholder economic interests....