Executive Compensation And Short Term Behavior In Speculative Markets
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Executive Compensation And Short Term Behavior In Speculative Markets
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Author : Patrick Bolton
language : en
Publisher:
Release Date : 2003
Executive Compensation And Short Term Behavior In Speculative Markets written by Patrick Bolton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Executive Compensation And Short Termist Behavior In Speculative Markets
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Author : Patrick Bolton
language : en
Publisher:
Release Date : 2003
Executive Compensation And Short Termist Behavior In Speculative Markets written by Patrick Bolton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business planning categories.
We present a multiperiod agency model of stock based executive compensation in a speculative stock market, where investors are overconfident and stock prices may deviate from underlying fundamentals and include a speculative option component. This component arises from the option to sell the stock in the future to potentially overoptimistic investors. We show that optimal compensation contracts may emphasize short-term stock performance, at the expense of long run fundamental value, as an incentive to induce managers to pursue actions which increase the speculative component in the stock price. Our model provides a different perspective for the recent corporate crisis than the increasingly popular rent extraction view' of executive compensation
Executive Compensation And Short Termist Behavior In Speculative Markets
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Author : Patrick Bolton
language : en
Publisher:
Release Date : 2011
Executive Compensation And Short Termist Behavior In Speculative Markets written by Patrick Bolton 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.
We present a multiperiod agency model of stock based executive compensation in a speculative stock market, where investors are overconfident and stock prices may deviate from underlying fundamentals and include a speculative option component. This component arises from the option to sell the stock in the future to potentially overoptimistic investors. We show that optimal compensation contracts may emphasize short-term stock performance, at the expense of long run fundamental value, as an incentive to induce managers to pursue actions which increase the speculative component in the stock price. Our model provides a different perspective on the recent corporate crisis than the `rent extraction view' of executive compensation.
Executive Compensation And Short Terminist Behavior In Speculative Markets
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Author : Patrick Bolton
language : en
Publisher:
Release Date : 2003
Executive Compensation And Short Terminist Behavior In Speculative Markets written by Patrick Bolton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Pay For Short Term Performance
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Author : Patrick Bolton
language : en
Publisher:
Release Date : 2006
Pay For Short Term Performance written by Patrick Bolton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Executives categories.
We argue that the root cause behind the recent corporate scandals associated with CEO pay is the technology bubble of the latter half of the 1990s. Far from rejecting the optimal incentive contracting theory of executive compensation, the recent evidence on executive pay can be reconciled with classical agency theory once one expands the framework to allow for speculative stock markets.
Pay For Short Term Performance
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Author : Patrick Bolton
language : en
Publisher:
Release Date : 2011
Pay For Short Term Performance written by Patrick Bolton 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.
We argue that the root cause behind the recent corporate scandals associated with CEO pay is the technology bubble of the latter half of the 1990s. Far from rejecting the optimal incentive contracting theory of executive compensation, the recent evidence on executive pay can be reconciled with classical agency theory once one expands the framework to allow for speculative stock markets.
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
Executive Compensation In Imperfect Financial Markets
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Author : Jay Cullen
language : en
Publisher: Edward Elgar Publishing
Release Date : 2014-10-23
Executive Compensation In Imperfect Financial Markets written by Jay Cullen 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 2014-10-23 with Law categories.
This important book discusses the issue of executive compensation in Anglo-American financial markets following the financial crisis. The book begins by contextualizing the problem facing financial institutions in the US and the UK and argues that appr
Private Equity Corporate Governance And The Dynamics Of Capital Market Regulation
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Author : Justin O'brien
language : en
Publisher: World Scientific
Release Date : 2007-12-03
Private Equity Corporate Governance And The Dynamics Of Capital Market Regulation written by Justin O'brien and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-03 with Business & Economics categories.
Global capital markets are in a state of flux. Castigated in the past as “Barbarians at the Gate”, private equity providers are once again proclaiming the end of the public corporation. This important book addresses the implications of private equity for the governance of corporations, the capital markets in which they operate and the professionals who provide corporate advisory services.The book evaluates and ranks the precise nature of the risk posed by private equity by situating it within an overarching analysis of the dynamics of financial capitalism. Key issues addressed include: the management of conflicts of interest, fiduciary duties, the role of enforcement, the efficacy of adopting a rules- or principles-based system of regulation, the form and function of compliance, and a detailed examination of how to embed accountability into an integrity system for the financial markets. The book therefore has enormous benefit for industry, regulatory and academic communities alike./a
Research Handbook On International Banking And Governance
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Author : James R. Barth
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Research Handbook On International Banking And Governance written by James R. Barth 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.
The recent financial crisis has stimulated much debate on the governance of financial institutions, as well as research on the effects of governance arrangements on risk-taking, performance and financial institutions more generally. Furthermore, researchers are asking how regulation, legislation, politics and other factors influence the governance of financial institutions and their behavior in different dimensions. The specially commissioned contributions featured in this timely Handbook confront these complex issues. The contributors – top international scholars from finance, law and business – explore the role of governance, both internal and external, in explaining risk-taking and other aspects of the behavior of financial institutions. Additionally, they discuss market and policy features affecting objectives and quality of governance. The chapters provide in-depth analysis of factors such as: ownership, efficiency and stability; market discipline; compensation and performance; social responsibility; and governance in non-bank financial institutions. Only through this kind of rigorous examination can one hope to implement the financial reforms necessary and sufficient to reduce the likelihood and severity of future crises. Bringing the reader to the frontier of research on governance of financial institutions, this volume is sure to inspire future research in scholars and students of financial institutions, governance and banking as well as all those involved with private financial institutions and public regulatory and supervisory authorities.