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Do firms gain from managerial overconfidence? : the role of severance pay

Graziano, Clara; Luporini, Annalisa - 2022

We analyze the effects of optimism and overconfidence when the manager's compensation package includes severance pay and the CEO has bargaining power. We find that optimism does not affect incentive pay but increases severance pay with a negative effect on profit. Overconfidence, on the...

Persistent link: https://www.econbiz.de/10013255972

Executive compensation : a survey of theory and evidence

Edmans, Alex; Gabaix, Xavier; Jenter, Dirk - 2017

This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public...

Persistent link: https://www.econbiz.de/10011700396

Market competition or family ties : which prevails on Italian CEOs pay?

Graziano, Clara; Rondi, Laura - 2015 - This draft: June 8, 2015

The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed firms from 2000 to 2011 and tests the impact of the 2007-08 financial crisis on pay-performance sensitivity. We argue that important differences both in the level of compensation...

Persistent link: https://www.econbiz.de/10011280832

What explains the rise in CEO pay in Germany? : a panel data analysis for 1977-2009

Fabbri, Francesca; Marin, Dalia - 2012

takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on … work for. We reject, however, the efficient pay hypothesis as CEO pay and the demand for managers increases in Germany in … difficult times when the typical firm size shrinks. We find further that domestic and global competition for managers has …

Persistent link: https://www.econbiz.de/10009508092

Mergers and partial ownership

Foros, Øystein; Kind, Hans Jarle; Shaffer, Greg Eric - 2010

In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find …

Persistent link: https://www.econbiz.de/10003925257

Ownership concentration and share valuation : evidence from Germany

Edwards, Jeremy S. S.; Weichenrieder, Alfons J. - 1999

on minority shareholders of increased ownership (greater monitoring of management, and reduced incentives to exploit … minority shareholders due to greater cash-flow rights) outweigh the harmful effect (greater private benefits of control due to …

Persistent link: https://www.econbiz.de/10009781688

Redundancy pay and collective dismissals

Goerke, Laszlo - 2001

Redundancy payments for collective dismissals are incorporated into a Shapiro-Stiglitz model of efficiency wages. It is shown that a fixed payment will lower wages, leave employment and welfare unaffected if there are no wage-dependent taxes, no additional firing costs and if unemployment...

Persistent link: https://www.econbiz.de/10011400802

The effect of corporate taxation and ownership on raising shareholder capital

Krämer, Robert; Lipatov, Vilen - 2013

model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …

Persistent link: https://www.econbiz.de/10010199748

Punish one, teach a hundred : the sobering effect of punishment on the unpunished

D'Acunto, Francesco; Weber, Michael; Xie, Jin - 2019

Direct experience of a peer's punishment might make non-punished peers reassess the probability and consequences of facing punishment and hence induce a change in their behavior. We test this mechanism in a setting, China, in which we observe the reactions to the same peer's punishment by listed...

Persistent link: https://www.econbiz.de/10011973941

On the profitability of cross-ownership in Cournot oligopolies : stock sizes matter

Benchekroun, Hassan; Dai, Miao; Long, Ngo Van - 2020

profitable beyond that participation ratio. This result may be called a cross-ownership paradox, analogous to the merger paradox … highlight that cross-ownership can be preferable to a horizontal merger under Cournot competition. Not only is it more …

Persistent link: https://www.econbiz.de/10012263696