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Citations for "Why Do Firms Use Incentives That Have No Incentive Effects?"

by Paul Oyer

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  1. Gill, David & Prowse, Victoria & Vlassopoulos, Michael, 2013. "Cheating in the workplace: An experimental study of the impact of bonuses and productivity," Journal of Economic Behavior & Organization, Elsevier, vol. 96(C), pages 120-134.
  2. Lustig, Hanno & Syverson, Chad & Van Nieuwerburgh, Stijn, 2011. "Technological change and the growing inequality in managerial compensation," Journal of Financial Economics, Elsevier, vol. 99(3), pages 601-627, March.
  3. Maug, Ernst & Dittmann, Ingolf, 2007. "Lower salaries and no options : the optimal structure of executive pay
    [Lower salaries and no options? On the optimal structure of executive pay]
    ," Papers 07-41, Sonderforschungsbreich 504.
  4. Arindrajit Dube & Richard B. Freeman, 2010. "Complementarity of Shared Compensation and Decision-Making Systems: Evidence from the American Labor Market," NBER Chapters, in: Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options, pages 167-199 National Bureau of Economic Research, Inc.
  5. Pedro S. Martins, 2008. "Rent Sharing Before and After the Wage Bill," Working Papers 12, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.
  6. Brian J. Hall & Thomas A. Knox, 2002. "Managing Option Fragility," NBER Working Papers 9059, National Bureau of Economic Research, Inc.
  7. William Fuchs, 2015. "Subjective Evaluations: Discretionary Bonuses and Feedback Credibility," American Economic Journal: Microeconomics, American Economic Association, vol. 7(1), pages 99-108, February.
  8. Tzioumis, Konstantinos, 2008. "Why do firms adopt CEO stock options? Evidence from the United States," Journal of Economic Behavior & Organization, Elsevier, vol. 68(1), pages 100-111, October.
  9. Oyer, Paul & Schaefer, Scott, 2005. "Why do some firms give stock options to all employees?: An empirical examination of alternative theories," Journal of Financial Economics, Elsevier, vol. 76(1), pages 99-133, April.
  10. Panu Kalmi, 2006. "Stock option compensation and equity values," Economics Bulletin, AccessEcon, vol. 10(2), pages 1-8.
  11. Jenter, Dirk, 2004. "Executive Compensation, Incentives, and Risk," Working papers 4466-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
  12. John S. Heywood & Uwe Jirjahn, 2011. "Variable Pay, Industrial Relations and Foreign Ownership: Evidence from Germany," Research Papers in Economics 2011-05, University of Trier, Department of Economics.
  13. Xie, Jun, 2015. "CEO career concerns and investment efficiency: Evidence from China," Emerging Markets Review, Elsevier, vol. 24(C), pages 149-159.
  14. Kvaløy, Ola & Olsen, Trond E., 2008. "Relative performance evaluation, agent hold-up and firm organization," Journal of the Japanese and International Economies, Elsevier, vol. 22(2), pages 229-241, June.
  15. Kelly Shue & Richard Townsend, 2016. "Growth through Rigidity: An Explanation for the Rise in CEO Pay," NBER Working Papers 21975, National Bureau of Economic Research, Inc.
  16. Scott Fung, 2009. "Agency problems in stock market-driven acquisitions," Review of Accounting and Finance, Emerald Group Publishing, vol. 8(4), pages 388-430, December.
  17. James Bannister & Harry Newman & Joseph Weintrop, 2011. "Tests for relative performance evaluation based on assumptions derived from proxy statement disclosures," Review of Quantitative Finance and Accounting, Springer, vol. 37(2), pages 127-148, August.
  18. Oyer, Paul & Schaefer, Scott, 2005. "Accounting, Governance, and Broad-Based Stock Option Grants," Research Papers 1821r1, Stanford University, Graduate School of Business.
  19. Singer, Marcos & Donoso, Patricio & Rodríguez-Sickert, Carlos, 2008. "A static model of cooperation for group-based incentive plans," International Journal of Production Economics, Elsevier, vol. 115(2), pages 492-501, October.
  20. Armin Falk & David Huffman & W. Bentley Macleod, 2015. "Institutions and Contract Enforcement," Journal of Labor Economics, University of Chicago Press, vol. 33(3), pages 571 - 590.
  21. Rachel Griffith & Andrew Neely, 2009. "Performance Pay and Managerial Experience in Multitask Teams: Evidence from within a Firm," Journal of Labor Economics, University of Chicago Press, vol. 27(1), pages 49-82, 01.
  22. Francis, Bill & Hasan, Iftekhar & Sharma, Zenu, 2011. "Incentives and innovation : evidence from CEO compensation contracts," Research Discussion Papers 17/2011, Bank of Finland.
  23. Hanen Maalej & Mohamed Triki, 2008. "Déterminants de la pratique de l'actionnariat salarié dans les entreprises françaises," Post-Print halshs-00525419, HAL.
  24. Antonio Falato & Dalida Kadyrzhanova, 2012. "Optimal CEO incentives and industry dynamics," Finance and Economics Discussion Series 2012-78, Board of Governors of the Federal Reserve System (U.S.).
  25. Uwe Jirjahn, 2016. "The Adoption and Termination of Profit Sharing for Employees: Does Management's Attitude Play a Role?," Research Papers in Economics 2016-01, University of Trier, Department of Economics.
  26. Carter, Mary Ellen & Lynch, Luann J., 2004. "The effect of stock option repricing on employee turnover," Journal of Accounting and Economics, Elsevier, vol. 37(1), pages 91-112, February.
  27. Singer, Marcos & Donoso, Patricio, 2011. "Contracting contractors," Journal of Business Research, Elsevier, vol. 64(3), pages 338-343, March.
  28. Alex Edmans & Xavier Gabaix, 2015. "Executive Compensation: A Modern Primer," NBER Working Papers 21131, National Bureau of Economic Research, Inc.
  29. Bizjak, John M. & Lemmon, Michael L. & Naveen, Lalitha, 2008. "Does the use of peer groups contribute to higher pay and less efficient compensation?," Journal of Financial Economics, Elsevier, vol. 90(2), pages 152-168, November.
  30. Dittmann, Ingolf & Maug, Ernst & Spalt, Oliver G., 2007. "Sticks or Carrots? Optimal CEO Compensation when Managers are loss averse," Papers 07-36, Sonderforschungsbreich 504.
  31. Malcolm Baker & Joshua Coval & Jeremy C. Stein, 2004. "Corporate Financing Decisions When Investors Take the Path of Least Resistance," NBER Working Papers 10998, National Bureau of Economic Research, Inc.
  32. Martijn Cremers & Yaniv Grinstein, 2009. "The Market for CEO Talent: Implications for CEO Compensation," Yale School of Management Working Papers amz2385, Yale School of Management, revised 01 Sep 2009.
  33. Ingolf Dittmann & Ko-Chia Yu, 2009. "How Important Are Risk-Taking Incentives in Executive Compensation?," Tinbergen Institute Discussion Papers 09-076/2, Tinbergen Institute.
  34. Jed DeVaro & Jin-Hyuk Kim & Nick Vikander, 2014. "Pay-for-(Persistent)-Luck: CEO Bonuses Under Relational and Formal Contracting," Discussion Papers 14-13, University of Copenhagen. Department of Economics.
  35. Dirk Jenter & Fadi Kanaan, 2015. "CEO Turnover and Relative Performance Evaluation," Journal of Finance, American Finance Association, vol. 70(5), pages 2155-2184, October.
  36. Matthias Benz & Alois Stutzer, . "Was erkl�rt die steigenden Managerl�hne? Ein Diskussionsbeitrag," IEW - Working Papers 081, Institute for Empirical Research in Economics - University of Zurich.
  37. Pierre Chaigneau & Alex Edmans & Daniel Gottlieb, 2014. "The Value of Informativeness for Contracting," NBER Working Papers 20542, National Bureau of Economic Research, Inc.
  38. Francine Lafontaine & Scott E. Masten, 2002. "Contracting in the Absence of Specific Investments and Moral Hazard: Understanding Carrier-Driver Relations in U.S. Trucking," NBER Working Papers 8859, National Bureau of Economic Research, Inc.
  39. Kohei Daido & Takeshi Murooka, 2013. "Loss Aversion, Stochastic Compensation, and Team Incentives," Discussion Paper Series 107, School of Economics, Kwansei Gakuin University, revised Jul 2013.
  40. Dittmann, Ingolf & Maug, Ernst & Zhang, Dan, 2011. "Restricting CEO pay," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 1200-1220, September.
  41. Ge Zhang, 2006. "Market Valuation and Employee Stock Options," Management Science, INFORMS, vol. 52(9), pages 1377-1393, September.
  42. Kim, Kyonghee, 2010. "Blockholder monitoring and the efficiency of pay-performance benchmarking," Journal of Corporate Finance, Elsevier, vol. 16(5), pages 748-766, December.
  43. Chaigneau, Pierre & Sahuguet, Nicolas, 2012. "The structure of CEO pay: pay-for-luck and stock-options," CEPR Discussion Papers 9182, C.E.P.R. Discussion Papers.
  44. Miguel Antón & Florian Ederer & Mireia Giné & Martin Schmalz, 2016. "Common Ownership, Competition, and Top Management Incentives," Cowles Foundation Discussion Papers 2046, Cowles Foundation for Research in Economics, Yale University.
  45. Oyer, Paul & Schaefer, Scott, 2011. "Personnel Economics: Hiring and Incentives," Handbook of Labor Economics, Elsevier.
  46. Gueorgui I. Kolev & Robin Hogarth, 2008. "Illusory correlation in the remuneration of chief executive officers: It pays to play golf, and well," Economics Working Papers 1132, Department of Economics and Business, Universitat Pompeu Fabra.
  47. Hall, Brian J. & Murphy, Kevin J., 2002. "Stock options for undiversified executives," Journal of Accounting and Economics, Elsevier, vol. 33(1), pages 3-42, February.
  48. Kunz, Alexis H. & Pfaff, Dieter, 2002. "Agency theory, performance evaluation, and the hypothetical construct of intrinsic motivation," Accounting, Organizations and Society, Elsevier, vol. 27(3), pages 275-295, April.
  49. DeMarzo, Peter & Kaniel, Ron, 2016. "Relative Pay for Non-Relative Performance: Keeping up with the Joneses with Optimal Contracts," CEPR Discussion Papers 11538, C.E.P.R. Discussion Papers.
  50. Eisfeldt, Andrea L. & Kuhnen, Camelia M., 2013. "CEO turnover in a competitive assignment framework," Journal of Financial Economics, Elsevier, vol. 109(2), pages 351-372.
  51. Maija Halonen-Akatwijuka & Oliver Hart, 2015. "Short-term, Long-term, and Continuing Contracts," NBER Working Papers 21005, National Bureau of Economic Research, Inc.
  52. Aboody, David & Johnson, Nicole Bastian & Kasznik, Ron, 2010. "Employee stock options and future firm performance: Evidence from option repricings," Journal of Accounting and Economics, Elsevier, vol. 50(1), pages 74-92, May.
  53. Pierre Chaigneau & Nicolas Sahuguet, 2014. "Explaining the Association between Monitoring and Controversial CEO Pay Practices: an Optimal Contracting Perspective," Cahiers de recherche 1406, CIRPEE.
  54. Giannetti, Mariassunta, 2011. "Serial CEO incentives and the structure of managerial contracts," Journal of Financial Intermediation, Elsevier, vol. 20(4), pages 633-662, October.
  55. Jed Devaro & Fidan Ana Kurtulus, 2010. "An Empirical Analysis of Risk, Incentives and the Delegation of Worker Authority," ILR Review, Cornell University, ILR School, vol. 63(4), pages 641-661, July.
  56. Brookman, Jeffrey T. & Thistle, Paul D., 2013. "Managerial compensation: Luck, skill or labor markets?," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 252-268.
  57. Pierre Chaigneau, 2012. "On the Value of Improved Informativeness," Cahiers de recherche 1205, CIRPEE.
  58. Pierre Chaigneau & Nicolas Sahuguet, 2013. "The effect of monitoring on CEO pay practices in a matching equilibrium," LSE Research Online Documents on Economics 55405, London School of Economics and Political Science, LSE Library.
  59. Nittai K. Bergman & Dirk Jenter, 2005. "Employee Sentiment and Stock Option Compensation," NBER Working Papers 11409, National Bureau of Economic Research, Inc.
  60. Jones, Derek C. & Kalmi, Panu & Mäkinen, Mikko, 2006. "The Productivity Effects of Stock Option Schemes: Evidence from Finnish Panel Data," Discussion Papers 1026, The Research Institute of the Finnish Economy.
  61. repec:ebl:ecbull:v:10:y:2006:i:2:p:1-8 is not listed on IDEAS
  62. repec:aea:jeclit:v:54:y:2016:i:4:p:1232-87 is not listed on IDEAS
  63. Jason Allen & James R. Thompson, 2016. "Capital Structure, Pay Structure and Job Termination," Staff Working Papers 16-12, Bank of Canada.
  64. Josefina Fernández-Guadaño, 2014. "Employee-owned and capitalist firms: is performance linked to ownership?," Service Business, Springer;Pan-Pacific Business Association, vol. 8(4), pages 541-558, December.
  65. Edward P. Lazear, 1995. "Personnel Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262121883, March.
  66. Catherine Casamatta & Alexander Guembel, 2010. "Managerial Legacies, Entrenchment, and Strategic Inertia," Journal of Finance, American Finance Association, vol. 65(6), pages 2403-2436, December.
  67. Marcos Singer & Patricio Donoso & Sven Widdel, 2007. "¿Premian Las Tarifas El Desempeño Del Transportista?," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 10(1), pages 21-55.
  68. Paul Oyer & Scott Schaefer, 2004. "Compensating Employees Below the Executive Ranks: A Comparison of Options, Restricted Stock, and Cash," NBER Working Papers 10221, National Bureau of Economic Research, Inc.
  69. Maija Halonen-Akatwijuka & Oliver Hart, 2015. "Continuing Contracts," Bristol Economics Discussion Papers 15/665, Department of Economics, University of Bristol, UK, revised 12 Oct 2016.
  70. Gao, Huasheng & Luo, Juan & Tang, Tilan, 2015. "Effects of managerial labor market on executive compensation: Evidence from job-hopping," Journal of Accounting and Economics, Elsevier, vol. 59(2), pages 203-220.
  71. Jean-Pierre Danthine & John Donaldson, 2015. "Executive Compensation: A General Equilibrium Perspective," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(2), pages 269-286, April.
  72. Ulf Axelson & Philip Bond, 2015. "Wall Street occupations," LSE Research Online Documents on Economics 37448, London School of Economics and Political Science, LSE Library.
  73. Hand, John R.M., 2008. "Give everyone a prize? Employee stock options in private venture-backed firms," Journal of Business Venturing, Elsevier, vol. 23(4), pages 385-404, July.
  74. Matthias Kiefer & Edward Jones & Andrew Adams, 2016. "Principals, Agents and Incomplete Contracts: Are Surrender of Control and Renegotiation the Solution?," CFI Discussion Papers 1603, Centre for Finance and Investment, Heriot Watt University.
  75. Maija Halonen-Akatwijuka & Oliver D. Hart, 2013. "More is Less: Why Parties May Deliberately Write Incomplete Contracts," NBER Working Papers 19001, National Bureau of Economic Research, Inc.
  76. Francis, Bill & Hasan, Iftekhar & John, Kose & Sharma, Zenu, 2013. "Asymmetric benchmarking of pay in firms," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 39-53.
  77. Serdar Aldatmaz & Paige Ouimet & Edward D Van Wesep, 2014. "The Option To Quit: The Effect Of Employee Stock Options On Turnover," Working Papers 14-06, Center for Economic Studies, U.S. Census Bureau.
  78. Xu, Jin & Yang, Jun, 2016. "Golden hellos: Signing bonuses for new top executives," Journal of Financial Economics, Elsevier, vol. 122(1), pages 175-195.
  79. DeVaro, Jed, 2011. "Using "opposing responses" and relative performance to distinguish empirically among alternative models of promotions," MPRA Paper 35175, University Library of Munich, Germany.
  80. Thomas Cornelissen & John Heywood & Uwe Jirjahn, 2014. "Reciprocity and Profit Sharing: Is There an Inverse U-shaped Relationship?," Journal of Labor Research, Springer, vol. 35(2), pages 205-225, June.
  81. Jones, Derek C. & Kalmi, Panu & Mäkinen, Mikko, 2004. "The Determinants of Stock Option Compensation: Evidence from Finland," Discussion Papers 957, The Research Institute of the Finnish Economy.
  82. Garvey, Gerald T. & Milbourn, Todd T., 2006. "Asymmetric benchmarking in compensation: Executives are rewarded for good luck but not penalized for bad," Journal of Financial Economics, Elsevier, vol. 82(1), pages 197-225, October.
  83. Francis, Bill & Hasan, Iftekhar & John, Kose & Waisman, Maya, 2012. "Urban agglomeration and CEO compensation," Research Discussion Papers 17/2012, Bank of Finland.
  84. Faulkender, Michael & Yang, Jun, 2010. "Inside the black box: The role and composition of compensation peer groups," Journal of Financial Economics, Elsevier, vol. 96(2), pages 257-270, May.
  85. Committee, Nobel Prize, 2016. "Oliver Hart and Bengt Holmström: Contract Theory," Nobel Prize in Economics documents 2016-1, Nobel Prize Committee.
  86. Antonio Falato & Dalida Kadyrzhanova, 2012. "CEO successions and firm performance in the US financial industry," Finance and Economics Discussion Series 2012-79, Board of Governors of the Federal Reserve System (U.S.).
  87. Gerald T. Garvey & Todd T. Milbourn, 2003. "Asymmetric Benchmarking in Compensation: Executives are Paid for (Good) Luck But Not Punished for Bad," Claremont Colleges Working Papers 2003-01, Claremont Colleges.
  88. Oyer, Paul & Schaefer, Scott, 2006. "Costs of broad-based stock option plans," Journal of Financial Intermediation, Elsevier, vol. 15(4), pages 511-534, October.
  89. Jed DeVaro & Antti Kauhanen, 2016. "An “Opposing Responses” Test of Classic versus Market-Based Promotion Tournaments," Journal of Labor Economics, University of Chicago Press, vol. 34(3), pages 747 - 779.
  90. Marco Celentani & Rosa Loveira-Pazó, 2004. "What form of relative performance evaluation?," Economics Working Papers 744, Department of Economics and Business, Universitat Pompeu Fabra.
  91. Giannetti, Mariassunta & Metzger, Daniel, 2015. "Compensation and competition for talent: Evidence from the financial industry," Finance Research Letters, Elsevier, vol. 12(C), pages 11-16.
  92. Miguel Antón & Florian Ederer & Mireia Giné & Martin C. Schmalz, 2016. "Common Ownership, Competition, and Top Management Incentives," CESifo Working Paper Series 6178, CESifo Group Munich.
  93. Balazs Reizer, 2016. "Do Firms Pay Bonuses to Protect Jobs?," IEHAS Discussion Papers 1612, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  94. Albuquerque, Ana, 2009. "Peer firms in relative performance evaluation," Journal of Accounting and Economics, Elsevier, vol. 48(1), pages 69-89, October.
  95. van der Goot, Tjalling, 2010. "Is it timing or backdating of option grants?," International Review of Law and Economics, Elsevier, vol. 30(3), pages 209-217, September.
  96. Thomas Cornelissen & John S. Heywood & Uwe Jirjahn, 2010. "Profit Sharing and Reciprocity: Theory and Survey Evidence," Research Papers in Economics 2010-04, University of Trier, Department of Economics.
  97. Inderst, Roman & Mueller, Holger M, 2005. "Benefits of Broad-based Option Pay," CEPR Discussion Papers 4878, C.E.P.R. Discussion Papers.
  98. Balázs Reizer, 2015. "Do Firms Pay Bonuses to Protect Jobs?," CEU Working Papers 2015_6, Department of Economics, Central European University.
  99. Peter Roosenboom & Tjalling van der Goot, 2006. "Broad-based employee stock options grants and IPO firms," Applied Economics, Taylor & Francis Journals, vol. 38(12), pages 1343-1351.
  100. J. Nellie Liang & Scott Weisbenner, 2001. "Who benefits from a bull market? an analysis of employee stock option grants and stock prices," Finance and Economics Discussion Series 2001-57, Board of Governors of the Federal Reserve System (U.S.).
  101. Edward P. Lazear & Paul Oyer, 2012. "Personnel Economics," Introductory Chapters, in: Robert Gibbons & John Roberts (ed.), The Handbook of Organizational Economics Princeton University Press.
  102. Fang, Hongyan & Nofsinger, John R. & Quan, Juan, 2015. "The effects of employee stock option plans on operating performance in Chinese firms," Journal of Banking & Finance, Elsevier, vol. 54(C), pages 141-159.
  103. Kedia, Simi & Rajgopal, Shiva, 2009. "Neighborhood matters: The impact of location on broad based stock option plans," Journal of Financial Economics, Elsevier, vol. 92(1), pages 109-127, April.
  104. Pukthuanthong, Kuntara & Roll, Richard & Walker, Thomas, 2007. "How employee stock options and executive equity ownership affect long-term IPO operating performance," Journal of Corporate Finance, Elsevier, vol. 13(5), pages 695-720, December.
  105. Célérier, C., 2010. "Compensation in the Financial Sector: Are all Bankers Superstars?," Working papers 294, Banque de France.
  106. Ruslan Gurtoviy & Luis G. González, 2008. "How Much to Pay in Cash? Employee Retention via Stock Options," Papers on Strategic Interaction 2004-24, Max Planck Institute of Economics, Strategic Interaction Group.
  107. Chang, Xin & Fu, Kangkang & Low, Angie & Zhang, Wenrui, 2015. "Non-executive employee stock options and corporate innovation," Journal of Financial Economics, Elsevier, vol. 115(1), pages 168-188.
  108. Hoeppner Sven & Kirchner Christian, 2016. "Ex ante versus Ex post Governance: A Behavioral Perspective," Review of Law & Economics, De Gruyter, vol. 12(2), pages 227-259, July.
  109. Palmon, Oded & Bar-Yosef, Sasson & Chen, Ren-Raw & Venezia, Itzhak, 2008. "Optimal strike prices of stock options for effort-averse executives," Journal of Banking & Finance, Elsevier, vol. 32(2), pages 229-239, February.
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