Discontinued operations should reflect a strategic shift of resources that will help to improve future firm performance. A shift of fixed cost allocation from discontinuing or disposing of a line of business is discussed in management text books, and such decisions are complex and affect the...

Uncertainty about a CEO's ability is related to his/her length of service to a firm. Accordingly, monitoring systems should vary depending upon CEOs' tenure. Long-tenured CEOs require less monitoring because their ability has been revealed over time. However, as CEOs advance in their careers,...

We analyze CEO pay and equity holdings for the S&P 1,500 and broad industry classes. Between 1994 and 2000 real annual compensation doubled, and there was a dramatic shift from salary to option grants. The value and proportion of CEO equity holdings and the price-performance-sensitivity of their...

Nonrecurring items are often characterized as transitory and are assumed to be irrelevant for firm valuation. However, I find that industry-level measures of the informativeness of special items and discontinued operations help to revise market assessments of firm value, and these signals are...

We analyze CEO pay and equity holdings for the S&P 1,500 and broad industry classes. Between 1994 and 2000, real annual compensation doubled, and there was a dramatic shift from salary to option grants. The value and proportion of CEO equity holdings and the price-performance-sensitivity of...