Executive Compensation And Investor Clientele
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Executive Compensation And Investor Clientele
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Author : Laura Frieder
language : en
Publisher:
Release Date : 2006
Executive Compensation And Investor Clientele written by Laura Frieder and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Executive compensation has increased dramatically in recent times, but so has trading volume and individual investor access to financial markets. We provide a model in which some managers obfuscate financial statements in order to extract additional compensation. Owing to a lack of sophistication or naivete, possibly arising from high opportunity costs of learning about accounting conventions and financial markets, small investors do not ascertain the extent of this behavior. Expected compensation is therefore higher when small investors form a more significant clientele in the market for a firm's stock. Our model further suggests that increased information asymmetry between large and small traders may deter the entry of small investors and keep executive compensation in check. Technologies that lower the cost of trading facilitate entry of small investors and raise expected compensation. Such compensation can in general be reduced through appropriate regulation and transparent disclosures. Empirical tests provide support to the key implication of the model that indirect executive compensation is higher in stocks with more retail investor participation.
Institutional Investors And Executive Compensation
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Author : Jay C. Hartzell
language : en
Publisher:
Release Date : 2002
Institutional Investors And Executive Compensation written by Jay C. Hartzell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
We find that institutional ownership concentration is positively related to the pay-for-performance sensitivity of executive compensation and negatively related to the level of compensation, even after controlling for firm size, industry, investment opportunities and performance. These results suggest that the institutions serve a monitoring role in mitigating the agency problem between shareholders and managers. Additionally, we find that clientele effects exist among institutions for firms with certain compensation structures, suggesting that institutions also influence compensation structures through their preferences.
Institutional Investor Preferences And Executive Compensation
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Author : Joseph A. McCahery
language : en
Publisher:
Release Date : 2011
Institutional Investor Preferences And Executive Compensation written by Joseph A. McCahery and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Institutional Investors And Executive Compensation
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Author : Jay C. Hartzel
language : en
Publisher:
Release Date : 2008
Institutional Investors And Executive Compensation written by Jay C. Hartzel 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.
Due to institutional investors' increasing ownership and interest in corporate governance, we hypothesize that the presence of institutional investors is associated with certain executive compensation structures. We find a significantly negative relation between the level of compensation and the concentration of institutional ownership, suggesting that institutions serve a monitoring role in the shareholder-manager agency problem. We further find a significantly positive relation between the pay-for-performance sensitivity of executive compensation and both the level and concentration of institutional ownership.These results suggest that the institutions act as a complement rather than a substituteto incentive compensation in mitigating the agency problem.
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Author : 郑志刚著
language : en
Publisher: BEIJING BOOK CO. INC.
Release Date : 2021-11-19
written by 郑志刚著 and has been published by BEIJING BOOK CO. INC. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-19 with Business & Economics categories.
本书收录了作者新近发表的有关公司治理的经济时评近三十篇，从公司治理和制度创新角度分析了新经济企业在中国迅速发展的原因，以及如何通过内外部的制度创新，使其在未来实现可持续发展。
Corporate Governance And Board Performance
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Author : Morris O. Namoga
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2017-01-06
Corporate Governance And Board Performance written by Morris O. Namoga and has been published by Cambridge Scholars Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-06 with Business & Economics categories.
The board of directors is widely regarded as a vital governance mechanism that plays an important function in business. How boards are structured, the processes in which they are involved and the role they play vary across different types of firms and countries, with significant implications on how boards perform. In Pacific Island Countries (PICs) board appointments (particularly on state-owned enterprises) are difficult to explain without the suspicion that constituency loyalty has been repaid or that other political debts have been discharged. Too often, ethnicity (the wantok system as known in the Melanesian countries of the Pacific), gender, trade-union affiliation and other forms of political correctness have become the basis for board appointments. In this book, the author takes the reader through how these factors influence the structural make-up of boards, the different processes in which boards participate and how these affect the ability of boards to perform their roles using empirical evidence from PICs. The book is a must-read for board chairpersons, board secretaries, directors, senior managers and policy-makers in PICs. Academics and the general public in PICs and elsewhere who are interested in corporate governance issues should also find this book a valuable reference.
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Author : 郑志刚
language : en
Publisher: BEIJING BOOK CO. INC.
Release Date : 2021-11-09
written by 郑志刚 and has been published by BEIJING BOOK CO. INC. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-09 with Business & Economics categories.
本书在提出既相互独立又相互交叉的三条逻辑主线（分散股权时代、金字塔控股结构、内部人控制问题）的基础上，试图构建理解中国公司治理现实困境的一个统一逻辑分析框架，并探索如何从监管和公司治理政策两方面积极应对和摆脱目前资本市场深陷的公司治理困境。
Corporate Restructuring And Executive Compensation
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Author : Joel M. Stern
language : en
Publisher:
Release Date : 1989
Corporate Restructuring And Executive Compensation written by Joel M. Stern and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
Sovereign Wealth Funds And Long Term Investing
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Author : Patrick Bolton
language : en
Publisher: Columbia University Press
Release Date : 2012
Sovereign Wealth Funds And Long Term Investing written by Patrick Bolton and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
Sovereign wealth funds (SWFs) are state-owned investment funds with combined asset holdings that are fast approaching four trillion dollars. Recently emerging as a major force in global financial markets, SWFs have other distinctive features besides their state-owned status: they are mainly located in developing countries and are intimately tied to energy and commodities exports, and they carry virtually no liabilities and have little redemption risk, which allows them to take a longer-term investment outlook than most other institutional investors. Edited by a Nobel laureate, a respected academic at the Columbia Business School, and a longtime international banker and asset manager, this volume examines the specificities of SWFs in greater detail and discusses the implications of their growing presence for the world economy. Based on essays delivered in 2011 at a major conference on SWFs held at Columbia University, this volume discusses the objectives and performance of SWFs, as well as their benchmarks and governance. What are the opportunities for SWFs as long-term investments? How do they fulfill their socially responsible mission? And what role can SWFs play in fostering sustainable development and greater global financial stability? These are some of the crucial questions addressed in this one-of-a-kind volume.
Performance Measurement And Management Control
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Author : Antonio Davila
language : en
Publisher: Emerald Group Publishing
Release Date : 2014-05-12
Performance Measurement And Management Control written by Antonio Davila 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 2014-05-12 with Business & Economics categories.
This new volume contains selected papers that were presented at the 2013 conference on performance measurement and management control focusing on behavioral implications and human actions associated with the use of performance measurement and management control systems.