자료유형 | 학위논문 |
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서명/저자사항 | Anticipated Incentives in CEO Compensation Contracts: Estimation and Application. |
개인저자 | Tarrant, Ian M. |
단체저자명 | The Pennsylvania State University. Business Administration. |
발행사항 | [S.l.]: The Pennsylvania State University., 2019. |
발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
형태사항 | 53 p. |
기본자료 저록 | Dissertations Abstracts International 80-12A. Dissertation Abstract International |
ISBN | 9781392318966 |
학위논문주기 | Thesis (Ph.D.)--The Pennsylvania State University, 2019. |
일반주기 |
Source: Dissertations Abstracts International, Volume: 80-12, Section: A.
Publisher info.: Dissertation/Thesis. Advisor: Gong, Guojin. |
요약 | Extant empirical research has largely overlooked the incentives that arise when CEOs can reasonably anticipate future awards and liquidations of equity-based compensation. In this study, I use past patterns of stock and option awards, exercises, and sales to estimate future awards, exercises, and sales, which I argue are anticipated by the CEO and act as an important incentive. The anticipated incentives I estimate are large in magnitude and provide information that is incremental to the CEO's existing portfolio of equity incentives disclosed in the annual proxy statement. In empirical analyses, I find that anticipated incentives are negatively (positively) associated with proxies for real (accruals-based) earnings management even in the presence of existing measures of CEO incentives. My findings suggest that the ex ante measure of anticipated incentives introduced in this study captures a new source of information that is decision-relevant for CEOs but currently omitted from existing empirical proxies. |
일반주제명 | Accounting. Finance. |
언어 | 영어 |
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: 이 자료의 원문은 한국교육학술정보원에서 제공합니다. |