Working Paper

22 September 2017

Why CEO Option Compensation Can be a Bad Option for Shareholders: Evidence from Major Customer Relationships

We study how the existence of important production contracts affects the choice of CEO compensation contracts. We hypothesize that having major customers raises the costs associated with CEO risk-taking incentives and leads to lower...

Claire Yang Liu | Ronald Masulis | Jared Stanfield
01 September 2016

Are CEOs Born Leaders? Lessons from Traits of a Million Individuals

What makes a CEO? Our study combines a near-exhaustive sample of CEOs of Swedish companies with data on their cognitive and non-cognitive ability and height at age 18. On average, CEOs, particularly large-company CEOs, have much higher...

Renee Adams | Matti Keloharju | Samuli Knüpfer
01 January 2015

Decision-Making during the Crisis: Why did the Treasury let Commercial Banks fail?

Limited attention has been paid to the comparative fate of banks benefiting from TARP Capital Purchase Program (CPP) funding and less fortunate banks subject to FDIC resolution. We address this omission by investigating two core...

Ettore Croci | Gérard Hertig | Eric Nowak