Working Paper

08 December 2016

Will I Get Paid? Employee Stock Options and Mergers and Acquisitions

We analyze how employee compensation contracts of target firms affect merger terms and outcomes. Using unique data from merger agreements, we document that in 80.0% of all M\&A deals at least some of the target's ESOs are canceled by...

Ilona Babenko | Fangfang Du | Yuri Tserlukevich
17 April 2018

The Additional Costs of CEO Compensation: The Effect of Relative Wealth Concerns of Employees

Do employees who compare themselves to the CEO matter for executive compensation? We hypothesize that employees have relative wealth concerns and compare their wage to the CEO’s pay. Using German establishmentlevel wage data, we...

Ingolf Dittmann | Christoph Schneider | Yuhao Zhu
08 June 2018

The Economic Significance of Laws Relating to Employment Protection and Different Forms of Employment: Analysis of a Panel of 117 Countries, 1990-2013

This paper presents findings from analysis of a dataset of labour laws, based on the Centre for Business Research Labour Regulation Index (CBR-LRI), which has recently been extended to cover 117 countries and the period from 1970 to...

Zoe Adams | Louise Bishop | Simon Deakin | Colin Fenwick | Sara Martinsson Garzelli | Giudy Rusconi
07 May 2020

Sexism, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement

During the Harvey Weinstein and #MeToo events, firms with a non-sexist corporate culture, proxied by having women among the five highest paid executives, earn excess returns of 1.6%. These returns are followed by positive revisions in...

Karl Lins | Lukas Roth | Henri Servaes | Ane Tamayo