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Babenko, Ilona; Bennett, Benjamin; Bizjak, John M.; … - 2019

the announcement of a clawback adoption, as well as post-adoption stock and accounting performance, are significantly and …

Persistent link: https://www.econbiz.de/10012107693

The performance of hedge fund performance fees

Ben-David, Itzhak; Birru, Justin; Rossi, Andrea - 2020

adjusting for any risk). In the cross-section of funds, there is a substantial disconnect between lifetime performance and … incentive fees earned. These poor outcomes stem from the asymmetry of the performance contract, investors' return …

Persistent link: https://www.econbiz.de/10012244548

Do CEOs make their own luck? : relative versus absolute performance evaluation and firm risk

Wruck, Karen H.; Wu, Yi Lin - 2017 - Current Draft: 10/5/17

adopting a relative performance evaluation (RPE) plan, total and idiosyncratic risk are higher, and the correlation between … firm and industry performance is lower. The opposite is true for firms that adopt absolute performance evaluation (APE …) plans. Plans including accounting-based performance metrics and/or cash payouts have weaker risk-related incentives. The …

Persistent link: https://www.econbiz.de/10011968863

Accounting-based compensation and debt contracts

Li, Zhi; Wang, Lingling; Wruck, Karen H. - 2018 - CURRENT DRAFT: February 2, 2018

on LTAP features, and value plans with concave performance-payout functions and reasonable performance targets. A firm …

Persistent link: https://www.econbiz.de/10011963302

An inside view of corporate ESG practices

Briscoe-Tran, Hoa - 2021

Firms often broadcast commitments to environmental, social, and governance (ESG) practices, but do these commitments reflect their internal practices? To find out, I introduce an inside measure of ESG practices from 10 million employee reviews via a word-embedding model. The measure predicts a...

Persistent link: https://www.econbiz.de/10012816469

Equity incentives, disclosure quality, and stock liquidity risk

Wruck, Karen H.; Wu, Yi Lin - 2017

We provide evidence that CEO equity incentives, especially stock options, influence stock liquidity risk via information disclosure quality. We document a negative association between CEO options and the quality of future managerial disclosure policy. Contributing to the literature on CEO...

Persistent link: https://www.econbiz.de/10011963233

How much for a haircut? : illiquidity, secondary markets, and the value of private equity

Bollen, Nicolas P. B.; Sensoy, Berk A. - 2016

Limited partners (LPs) of private equity funds commit to invest with extreme levels of illiquidity and significant uncertainty regarding the timing of capital flows. Secondary markets have emerged which alleviate some of the associated cost. This paper develops a subjective valuation model...

Persistent link: https://www.econbiz.de/10011772208

Private equity in the 21st century : cash flows, performance, and contract terms from 1984 - 2010

Robinson, David T.; Sensoy, Berk A. - 2011

Persistent link: https://www.econbiz.de/10008905955

Estimating the effects of large shareholders using a geographic instrument

Becker, Bo (contributor); Cronqvist, Henrik (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003730089

Private equity indices based on secondary market transactions

Boyer, Brian H.; Nadauld, Taylor D.; Vorkink, Keith; … - 2018

We propose a new approach to evaluating the performance of private equity investments using actual prices paid for LP …

Persistent link: https://www.econbiz.de/10011976241