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How much are differences in managerial ability worth?

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  • Hayes, Rachel M.
  • Schaefer, Scott

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  • Hayes, Rachel M. & Schaefer, Scott, 1999. "How much are differences in managerial ability worth?," Journal of Accounting and Economics, Elsevier, vol. 27(2), pages 125-148, April.
  • Handle: RePEc:eee:jaecon:v:27:y:1999:i:2:p:125-148
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    References listed on IDEAS

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    1. Lazear, Edward P & Rosen, Sherwin, 1981. "Rank-Order Tournaments as Optimum Labor Contracts," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 841-864, October.
    2. Baker, George P & Jensen, Michael C & Murphy, Kevin J, 1988. " Compensation and Incentives: Practice vs. Theory," Journal of Finance, American Finance Association, vol. 43(3), pages 593-616, July.
    3. Lanen, William N. & Thompson, Rex, 1988. "Stock price reactions as surrogates for the net cash flow effects of corporate policy decisions," Journal of Accounting and Economics, Elsevier, vol. 10(4), pages 311-334, December.
    4. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    5. Warner, Jerold B. & Watts, Ross L. & Wruck, Karen H., 1988. "Stock prices and top management changes," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 461-492, January.
    6. Furtado, Eugene P. H. & Rozeff, Michael S., 1987. "The wealth effects of company initiated management changes," Journal of Financial Economics, Elsevier, vol. 18(1), pages 147-160, March.
    7. Sherwin Rosen, 1982. "Authority, Control, and the Distribution of Earnings," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 311-323, Autumn.
    8. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-264, April.
    9. Murphy, Kevin J., 1985. "Corporate performance and managerial remuneration : An empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 11-42, April.
    10. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
    11. Milton Harris & Bengt Holmstrom, 1982. "A Theory of Wage Dynamics," Review of Economic Studies, Oxford University Press, vol. 49(3), pages 315-333.
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    Citations

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    Cited by:

    1. Cools, Kees & Mirjam van Praag, C., 2007. "The value relevance of top executive departures: Evidence from the Netherlands," Journal of Corporate Finance, Elsevier, vol. 13(5), pages 721-742, December.
    2. Peter Nuthall, 2009. "Modelling the origins of managerial ability in agricultural production ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 53(3), pages 413-436, July.
    3. Lo, Kin, 2003. "Economic consequences of regulated changes in disclosure: the case of executive compensation," Journal of Accounting and Economics, Elsevier, vol. 35(3), pages 285-314, August.
    4. Nguyen, Bang Dang & Nielsen, Kasper Meisner, 2010. "The value of independent directors: Evidence from sudden deaths," Journal of Financial Economics, Elsevier, vol. 98(3), pages 550-567, December.
    5. Fang, Jieyan & Kempf, Alexander & Trapp, Monika, 2012. "Fund manager allocation," CFR Working Papers 10-04 [rev.], University of Cologne, Centre for Financial Research (CFR).
    6. Yuk Ying Chang & Sudipto Dasgupta & Gilles Hilary, 2010. "CEO Ability, Pay, and Firm Performance," Management Science, INFORMS, vol. 56(10), pages 1633-1652, October.
    7. Dahiya, Sandeep & Yermack, David, 2008. "You can't take it with you: Sunset provisions for equity compensation when managers retire, resign, or die," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 499-511, December.
    8. W. Stanley Siebert & Nikolay Zubanov, 2010. "Management Economics in a Large Retail Company," Management Science, INFORMS, vol. 56(8), pages 1398-1414, August.
    9. Faccio, Mara & Parsley, David, 2006. "Sudden Deaths: Taking Stock of Political Connections," CEPR Discussion Papers 5460, C.E.P.R. Discussion Papers.
    10. Cho, Chanho & Halford, Joseph T. & Hsu, Scott & Ng, Lilian, 2016. "Do managers matter for corporate innovation?," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 206-229.
    11. Koch, Alexander K. & Peyrache, Eloic, 2005. "Tournaments, Individualized Contracts and Career Concerns," IZA Discussion Papers 1841, Institute for the Study of Labor (IZA).
    12. Levesque, Moren & Shepherd, Dean A. & Douglas, Evan J., 2002. "Employment or self-employment: A dynamic utility-maximizing model," Journal of Business Venturing, Elsevier, vol. 17(3), pages 189-210, May.
    13. Faccio, Mara & Parsley, David C., 2009. "Sudden Deaths: Taking Stock of Geographic Ties," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 44(03), pages 683-718, June.
    14. repec:eee:jfinec:v:125:y:2017:i:1:p:48-71 is not listed on IDEAS
    15. Sabac, Florin, 2008. "Dynamic incentives and retirement," Journal of Accounting and Economics, Elsevier, vol. 46(1), pages 172-200, September.
    16. Wooseok Choi & Sam Han & Sung Hwan Jung & Tony Kang, 2015. "CEO's Operating Ability and the Association between Accruals and Future Cash Flows," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(5-6), pages 619-634, June.
    17. Dow, James, 2013. "Boards, CEO entrenchment, and the cost of capital," Journal of Financial Economics, Elsevier, vol. 110(3), pages 680-695.
    18. Allgood, Sam & Farrell, Kathleen A. & Kamal, Rashiqa, 2012. "Do boards know when they hire a CEO that is a good match? Evidence from initial compensation," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1051-1064.
    19. Fee, C. Edward & Hadlock, Charles J., 2004. "Management turnover across the corporate hierarchy," Journal of Accounting and Economics, Elsevier, vol. 37(1), pages 3-38, February.
    20. Peter Demerjian & Baruch Lev & Sarah McVay, 2012. "Quantifying Managerial Ability: A New Measure and Validity Tests," Management Science, INFORMS, vol. 58(7), pages 1229-1248, July.
    21. Faleye, Olubunmi & Reis, Ebru & Venkateswaran, Anand, 2013. "The determinants and effects of CEO–employee pay ratios," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 3258-3272.
    22. repec:bla:stratm:v:38:y:2017:i:4:p:939-949 is not listed on IDEAS
    23. Farrell, Kathleen A. & Friesen, Geoffrey C. & Hersch, Philip L., 2008. "How do firms adjust director compensation?," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 153-162, April.

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