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Performance consequences of mandatory increases in executive stock ownership

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  • Core, John E.
  • Larcker, David F.
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    File URL: http://www.sciencedirect.com/science/article/B6VBX-45TTM14-1/2/193ca10354124e3c7f770b1ce06cdcd8
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Financial Economics.

    Volume (Year): 64 (2002)
    Issue (Month): 3 (June)
    Pages: 317-340

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    Handle: RePEc:eee:jfinec:v:64:y:2002:i:3:p:317-340

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    Web page: http://www.elsevier.com/locate/inca/505576

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    References

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    1. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, vol. 48(3), pages 831-80, July.
    2. Himmelberg, C.P. & Hubbard, R.G. & Palia, D., 1997. "Understanding the Determinants of Mangerial Ownership and the Link Between Ownership and Performance," Papers 97-21, Columbia - Graduate School of Business.
    3. Core, John & Guay, Wayne, 1999. "The use of equity grants to manage optimal equity incentive levels," Journal of Accounting and Economics, Elsevier, vol. 28(2), pages 151-184, December.
    4. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    5. Murphy, Kevin J., 1999. "Executive compensation," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 38, pages 2485-2563 Elsevier.
    6. Jensen, M.C. & Murphy, K.J., 1988. "Performance Pay And Top Management Incentives," Papers 88-04, Rochester, Business - Managerial Economics Research Center.
    7. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
    8. Brickley, James A., 1986. "Interpreting Common Stock Returns around Proxy Statement Disclosures and Annual Shareholder Meetings," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(03), pages 343-349, September.
    9. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-77, December.
    10. George P. Baker & Brian J. Hall, 1998. "CEO Incentives and Firm Size," NBER Working Papers 6868, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Fahlenbach, Rudiger & Stulz, Rene M., 2009. "Bank CEO Incentives and the Credit Crisis," Working Paper Series 2009-13, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    2. Edmans, Alex & Gabaix, Xavier & Sadzik, Tomasz & Sannikov, Yuliy, 2009. "Dynamic Incentive Accounts," CEPR Discussion Papers 7497, C.E.P.R. Discussion Papers.
    3. Davila, Toni & Peñalva, Fernando, 2005. "Governance structure and the weighting of performance measures in CEO compensation," IESE Research Papers D/601, IESE Business School.
    4. David Blackwell & Donna Dudney & Kathleen Farrell, 2007. "Changes in CEO compensation structure and the impact on firm performance following CEO turnover," Review of Quantitative Finance and Accounting, Springer, vol. 29(3), pages 315-338, October.
    5. Brian J. Hall, 2003. "Six Challenges in Designing Equity-Based Pay," NBER Working Papers 9887, National Bureau of Economic Research, Inc.
    6. Frydman, Carola & Jenter, Dirk, 2010. "CEO Compensation," Research Papers 2069, Stanford University, Graduate School of Business.
    7. Bengt Holmstrom & Steven N. Kaplan, 2003. "The State of U.S. Corporate Governance: What's Right and What's Wrong?," NBER Working Papers 9613, National Bureau of Economic Research, Inc.
    8. Davila, Antonio & Peñalva, Fernando, 2004. "Corporate governance and the weighting of performance measures in CEO compensation," IESE Research Papers D/556, IESE Business School.
    9. Rosenberg, Matts, 2003. "Stock Option Compensation in Finland: An Analysis of Economic Determinants, Contracting Frequency, and Design," Working Papers 496, Hanken School of Economics.
    10. Hillegeist, Stephen A. & Peñalva, Fernando, 2004. "Stock option incentives and firm performance," IESE Research Papers D/535, IESE Business School.
    11. Lucian Arye Bebchuk & Jesse M. Fried, 2003. "Executive Compensation as an Agency Problem," Journal of Economic Perspectives, American Economic Association, vol. 17(3), pages 71-92, Summer.
    12. Berezinets, Irina & Ilina, Yulia & Muravyev, Alexander, 2011. "CEO and Board Characteristics as Determinants of Private Benefits of Control: Evidence from the Russian Stock Exchange," IZA Discussion Papers 6256, Institute for the Study of Labor (IZA).
    13. Fahlenbrach, Rudiger, 2008. "Shareholder Rights, Boards, and CEO Compensation," Working Paper Series 2008-5, Ohio State University, Charles A. Dice Center for Research in Financial Economics.

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