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The Effect of Long-term Performance Plans on Corporate Sell-Off-Induced Abnormal Returns

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  • Tehranaian, Hassan
  • Travlos, Nickolaos G
  • Waegelein, James F
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    Abstract

    This study examines the association between long-term performance plans and wealth effects accruing to stockholders of divesting firms at announcements of sell-off propos als. The results indicate that divesting companies with long-term per formance plans experience a more favorable stock-market reaction at t he announcement of sell-off proposals relative to firms without long- term performance plans. The findings imply that longterm performance plans serve as an effective mechanism to motivate managers to make better decisions. Copyright 1987 by American Finance Association.

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    Bibliographic Info

    Article provided by American Finance Association in its journal Journal of Finance.

    Volume (Year): 42 (1987)
    Issue (Month): 4 (September)
    Pages: 933-42

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    Handle: RePEc:bla:jfinan:v:42:y:1987:i:4:p:933-42

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    Cited by:
    1. Rustam, Sehrish & Rashid, Kashif & Zaman, Khalid, 2013. "The relationship between audit committees, compensation incentives and corporate audit fees in Pakistan," Economic Modelling, Elsevier, vol. 31(C), pages 697-716.
    2. Brisker, Eric R. & Autore, Don M. & Colak, Gonul & Peterson, David R., 2014. "Executive compensation structure and the motivations for seasoned equity offerings," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 330-345.
    3. Cui, Victor & Ding, Waverly W. & Yanadori, Yoshio, 2011. "Compensation Structure and the Creation of Exploratory Knowledge in Technology Firms," Institute for Research on Labor and Employment, Working Paper Series qt4f7671kn, Institute of Industrial Relations, UC Berkeley.

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