Bonus Contracts Private Information And Ceo Turnover
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Bonus Contracts Private Information And Ceo Turnover
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Author : Felix Hoppe
language : en
Publisher:
Release Date : 2008
Bonus Contracts Private Information And Ceo Turnover written by Felix Hoppe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
In this paper, we address the question whether performance measures that are specified in annual bonus contracts represent overall performance dimensions used by boards of directors in making governance decisions. Recent studies claim that managerial incentives are predominantly provided by equity holdings rather than short-term cash compensation. Given the dominance of equity compensation and the fact that firms invest resources in the design and use of bonus contracts, it is unclear why the vast majority of firms continue to use annual bonus contracts if these would create only minor, or no incentive benefits. We argue that boards of directors use bonus contracts as a channel to ex-ante communicate how performance will be evaluated annually and thus signal the measures relevant for CEO termination decisions, which provides significant incentives. Further, the resulting cash compensation communicates the board's actual performance evaluation of the CEO, which can disclose private information to the capital market. Our empirical results are consistent with these arguments and show that the incentive weight on privately observed performance measures in bonus contracts is systematically related to the importance of these measures for CEO turnover. We further show that the stock market reaction to a management change depends on bonus contract design. We specifically find a positive reaction when boards of directors have signaled to solely use public information in CEO performance evaluation (good news about the board) and a negative reaction when they (also) use private information (bad news about the CEO). Overall, we show that the care taken in designing annual bonus contracts can be explained by its link with governance decisions and indicate that performance measurement issues are an important part of the corporate governance process.
The Handbook Of The Economics Of Corporate Governance
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Author : Benjamin Hermalin
language : en
Publisher: Elsevier
Release Date : 2017-09-18
The Handbook Of The Economics Of Corporate Governance written by Benjamin Hermalin and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-18 with Business & Economics categories.
The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward
Transparency In Information And Governance
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Author : J. Jay Choi
language : en
Publisher: Emerald Group Publishing
Release Date : 2012-10-17
Transparency In Information And Governance written by J. Jay Choi and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-17 with Business & Economics categories.
For this volume we have collected 12 original research papers dealing with various issues relating to transparency. This topic spans many disciplines beyond accounting and finance, intersecting economics, law and management, embracing sociology and political science, and offering opportunities for creative interdisciplinary research. We hope this v
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Author :
language : zh-CN
Publisher:
Release Date : 2009
written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Industrial management categories.
Bonus Schemes And Target Price Mechanisms Employed In British Armament Procurement Contracts
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Author : United States. Office for Emergency Management. Price Stabilization Division
language : en
Publisher:
Release Date : 1940
Bonus Schemes And Target Price Mechanisms Employed In British Armament Procurement Contracts written by United States. Office for Emergency Management. Price Stabilization Division and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1940 with Defense contracts categories.
Handbook Of The Economics Of Corporate Finance
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Author :
language : en
Publisher: Elsevier
Release Date : 2023-08-15
Handbook Of The Economics Of Corporate Finance written by and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-15 with Business & Economics categories.
Private Equity and Entrepreneurial Finance, volume 1 of the new series, Handbook of the Economics of Corporate Finance, provides comprehensive and accessible updates of central theoretical and empirical issues in corporate finance. The demand for these updates reflects the rapid evolution of corporate finance research, which has become a dominant field in financial economics. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. The dense roadmaps are intended to make the economics of corporate finance and governance accessible not only to doctoral students but also researchers not intimately familiar with this important field. Provides the authority and expertise of leading contributors from an international board of authors Presents the latest release in the Handbook of the Economics of Corporate Finance series Updated release includes the latest information on Private Equity and Entrepreneurial Finance
Handbooks Of Management Accounting Research 3 Volume Set
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Author : Christopher S. Chapman
language : en
Publisher: Elsevier
Release Date : 2009-01-30
Handbooks Of Management Accounting Research 3 Volume Set written by Christopher S. Chapman and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-30 with Mathematics categories.
Winner of the Management Accounting section of the American Accounting Association notable contribution to Management Accounting Literature Award Volume One of the Handbook of Management Accounting Research series sets the context for the Handbooks, with three chapters outlining the historical development of management accounting as a discipline and as a practice in three broad geographic settings. Volume Two provides insights into research on different management accounting practices. Volume Three features contributions from some of the most influential researchers in various areas of management accounting research, consolidates the content of volumes one and two, and concludes with examples of management accounting research from around the world. Volumes 1, 2 and 3 are also available as individual product. * ISBN Volume 1: 978-0-08-044564-9 * ISBN Volume 2: 978-0-08-044754-4 * ISBN Volume 3: 978-0-08-055450-1 * Three volumes of the popular Handbooks of Management Accounting Research series now available in one complete set * Examines particular management accounting practices and specific organizational contexts * Adopts a global perspective of management accounting practices Award: "Winner of the Management Accounting section of the American Accounting Association notable contribution to Management Accounting Literature Award."
Corporate Financial Distress Restructuring And Bankruptcy
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Author : Edward I. Altman
language : en
Publisher: John Wiley & Sons
Release Date : 2019-02-27
Corporate Financial Distress Restructuring And Bankruptcy written by Edward I. Altman and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-27 with Business & Economics categories.
A comprehensive look at the enormous growth and evolution of distressed debt markets, corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative finance book on the topic updates and expands its discussion of financial distress and bankruptcy, as well as the related topics dealing with leveraged finance, high-yield, and distressed debt markets. It offers state-of-the-art analysis and research on U.S. and international restructurings, applications of distress prediction models in financial and managerial markets, bankruptcy costs, restructuring outcomes, and more.
Research Handbook On Executive Pay
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Author : John S. Beasley
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Research Handbook On Executive Pay written by John S. Beasley and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches – managerial power theory and optimal contracting theory – and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, the Handbook will be an essential resource for students, scholars and practitioners of law, finance, business and accounting.
Advanced Microeconomics For Contract Institutional And Organizational Economics
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Author : W. Bentley MacLeod
language : en
Publisher: MIT Press
Release Date : 2022-04-05
Advanced Microeconomics For Contract Institutional And Organizational Economics written by W. Bentley MacLeod and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-05 with Business & Economics categories.
A graduate textbook on microeconomics, covering decision theory, game theory, and the foundations of contract theory, with a unique focus on the empirical. This graduate-level text on microeconomics, covering such topics as decision theory, game theory, bargaining theory, contract theory, trade under asymmetric information, and relational contract theory, is unique in its emphasis on the interplay between theory and evidence. It reviews the microeconomic theory of exchange “from the ground up,” aiming to produce a set of models and hypotheses amenable to empirical exploration, with particular focus on models that are useful for the study of contracts, institutions, and organizations. It explores research that extends price theory to the exchange of commodities when markets are incomplete, discussing recent developments in the field. Topics covered include the relationship between theory and evidence; decision theory as it is used in contract theory and institutional design; game theory; axiomatic and strategic bargaining theory; agency theory and the class of models that are considered to constitute contract theory, with discussions of moral hazard and trade with asymmetric information; and the theory of relational contracts. The final chapter offers a nontechnical review that provides a guide to which model is the most appropriate for a particular application. End-of-chapter exercises help students expand their understanding of the material, and an appendix provides brief introduction to optimization theory and the welfare theorem of general equilibrium theory. Students are assumed to be familiar with general equilibrium theory and basic constrained optimization theory.