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  • Influence
Market Timing and Managerial Portfolio Decisions
This paper provides evidence that top managers have contrarian views on firm value. Managers' perceptions of fundamental value diverge systematically from market valuations, and perceived mispricingExpand
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CEO Preferences and Acquisitions
This paper explores the impact of target CEOs’ retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs’Expand
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Executive Compensation: A Survey of Theory and Evidence
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, theExpand
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Performance-Induced CEO Turnover
This paper revisits the relationship between firm performance and CEO turnover. We drop the distinction between forced and voluntary turnovers and introduce the concept of performance-inducedExpand
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CEO Turnover and Relative Performance Evaluation
This paper shows that CEOs are fired after bad firm performance caused by factors beyond their control. Standard economic theory predicts that corporate boards filter out exogenous industry andExpand
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Institutional cross-holdings and their effect on acquisition decisions
Cross-holdings are created when a shareholder of one firm holds shares in other firms as well, and cross-holdings alter shareholder preferences over corporate decisions that affect those other firms.Expand
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Understanding High-Powered Incentives
This paper analyzes the effect of restricted stock options and restricted stock grants on managerial effort incentives. The combination of low managerial valuations of options and inefficientExpand
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Selling Company Shares to Reluctant Employees: France Telecom's Experience
In 1997, France T‚l‚com, the state-owned French telephone company, went through a partial privatization. The government offered current and prior France T‚l‚com employees the opportunity to buyExpand
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Executive Compensation, Incentives, and Risk
This paper analyzes the link between equity-based compensation and created incentives by (1) deriving a measure of incentives suitable for both linear and non-linear compensation contracts, (2)Expand
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Security Issue Timing: What Do Managers Know, and When Do They Know it?
We study put option sales undertaken by corporations during their repurchase programs. Put sales' main theoretical motivation is market timing, providing an excellent framework for studying whetherExpand
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