Remuneration
Working Paper
Changes in CEO Stock Option Grants: A Look at the Numbers
We study changes in the number of CEO stock option grants. Motivated by evidence of rigidity in stock option grants, we first provide a detailed description of the main aggregate trends in CEO stock option grants. We then consider the cross-...Read more
Say Pays! Shareholder Voice and Firm Performance
This paper estimates the effects of Say-on-Pay (SoP); a policy that increases shareholder ?voice? by providing shareholders with a regular vote on executive pay. We apply a regression discontinuity design to the votes on shareholder-sponsored SoP...Read more
A State-Stewardship View on Executive Compensation
We take a state-stewardship view on the corporate governance model and executive compensation policies in economies with strong political involvement. In such a highly politically-oriented institutional environment, the business elites are not...Read more
The International Scope of Say on Pay
Shareholders have long complained that top executives are overpaid by corporate directors irrespective of their performance. Largely powerless to stop these practices, in 2002, they prevailed upon the U.K. Parliament to adopt legislation...Read more
Competition for Managers and Corporate Governance
Separation between CEO and Chairman of the Board is typically viewed as evidence of good corporate governance. Surprisingly, the literature has failed so far to uncover any significant relation between CEO/Chairman duality and firm performance....Read more
Are Female Top Managers Really Paid Less?
Are female top managers paid less than their male counterparts? Is the gender gap higher in male-dominated industries? What effect on pay do female non-executive directors and remuneration consultants exert? While we find no pay gap for the...Read more
Getting Incentives Right: Is Deferred Bank Executive Compensation Sufficient?
In the wake of the global financial crisis, attention has often focused on whether incentives generated by bank executives? compensation programs led to excessive risk-taking. Post-crisis, compensation reform proposals have taken broadly three...Read more
Top Management Ties with Board Members: How They Affect Pay-Performance Sensitivity and IPO Performance
This paper is the first study on the effects of pay-performance sensitivity (PPS) on the
performance of initial public offerings (IPOs) in the presence of social ties and family ties
of the top managers with board members. We find...Read more
Bonus Schemes and Trading Activity
Little is known about how different bonus schemes affect traders' propensity to trade and which bonus schemes improve traders' performance. We study the effects of linear versus threshold (convex) bonus schemes on traders' behavior...Read more
Generalists versus Specialists: Lifetime Work Experience and CEO Pay
We show that pay is higher for CEOs with general managerial skills gathered during lifetime work experience. We use CEOs’ résumés of S&P 1,500 firms from 1993 through 2007 to construct an index of general skills that are transferable across...Read more