Showing 1 - 10 of 5,563
governance policies, such as managerial pay, and curbing competition. We study a model where managers can exert unobservable cost …
Persistent link: https://www.econbiz.de/10011734901
We explore the effect of institutional directors on Chief Executive Officer (CEO) pay (total, fixed, and variable compensation). We delve particularly into the impact of pressure-sensitive and pressure-resistant institutional directors, who, respectively, represent institutional investors who...
Persistent link: https://www.econbiz.de/10012297875
This study provides new evidence on the relation between institutional ownership and the equity incentives provided to CEOs by their portfolio holdings of stock and stock options. We show that when firms' CEOs have abnormally high equity incentives, higher institutional ownership is associated...
Persistent link: https://www.econbiz.de/10012968161
We consider a model of CEO selection, dismissal and retention. Firms with larger blockholder ownership monitor more; they get more information about CEO ability, which facilitates the dismissal of low-ability CEOs. These firms are matched with CEOs whose ability is more uncertain. For retention...
Persistent link: https://www.econbiz.de/10012975704
CEOs of public (listed) firms earn more than their counterparts in similar private (unlisted) firms. This can either be because rent extraction is easier in public firms than in private firms, or because managing a public firm involves more legal and institutional responsibilities than managing...
Persistent link: https://www.econbiz.de/10012849653
The negative effects of common ownership on competition have received significant attention, but many proposed mechanisms for institutional investor influence seem implausible. We develop and test an analytical model of optimal compensation in an oligopoly with common ownership, focusing on...
Persistent link: https://www.econbiz.de/10013324403
Persistent link: https://www.econbiz.de/10013268084
Persistent link: https://www.econbiz.de/10011801181
Persistent link: https://www.econbiz.de/10014336438
managers select income-increasing accounting methods because they expect their income-based bonus to increase as a result of …
Persistent link: https://www.econbiz.de/10013006444