Brookman, Jeffrey T.; Chang, Saeyoung; Rennie, Craig G. - In: Journal of Financial Research 30 (2007) 2, pp. 259-281
CEOs with higher equity-based compensation are widely believed to be more likely to act in shareholders' interests. Unlike less common acquisitions, voluntary liquidations, or seasoned equity offerings, layoffs are comparatively common elements of firms' operating strategies. We find that CEOs...