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Who is in whose pocket? Director compensation, board independence, and barriers to effective monitoring
Abstract We use a bargaining framework to examine empirically the relations between director compensation and board-of-director independence. Our evidence suggests that independent directors have aExpand
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Financial Advisors and Shareholder Wealth Gains in Corporate Takeovers
Abstract We examine the effect of financial advisor reputation on wealth gains in corporate takeovers. In view of the adversarial nature of a takeover, we construct a measure of the relativeExpand
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The influence of firm- and manager-specific characteristics on the structure of executive compensation
Abstract We analyze the influence of firm and managerial characteristics on executive compensation. Consistent with theory, we find monitoring difficulties result in greater use of options while CEOExpand
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Managerial Incentives and Corporate Fraud: The Sources of Incentives Matter
Operating performance and stock return results imply that managers who commit fraud anticipate large stock price declines if they were to report truthfully, which would cause greater losses forExpand
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Corporate Financial Control Mechanisms and Firm Performance: The Case of Value-Based Management Systems
We examine the performance of 84 firms that adopt value-based management (VBM) systems during the period 1984-1997. The typical firm significantly improves matched-firm-adjusted residual income afterExpand
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The Interactions Between R&D Investment Decisions and Compensation Policy
We use a system of equations to investigate the endogenous relation between R&D investment and CEO compensation. Growth opportunity is positively related to the use of stock options. Stock optionsExpand
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Does the Location of Directors Matter? Information Acquisition and Board Decisions
Using data on over 4,000 individual residential addresses, we find that geographic distance between directors and corporate headquarters is related to information acquisition and board decisions. TheExpand
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Debt as a Bonding Mechanism : Evidence from the Relations Between Employee Productivity , Capital Structure , and Outside Employment Opportunities
We investigate the disciplining role of debt in the publicly held firm by examining the relation between employee productivity and financial leverage. The unique feature of our study is that weExpand
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Characteristics of Common Stock Holdings of Insurance Companies
This article investigates the stock market portfolios of insurance company portfolio managers and compares the characteristics of their equity holdings with those of other (noninsurance)Expand
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Executive Compensation and Corporate Fraud
Executives at fraud firms face greater financial incentives to commit fraud than do executives at industry- and size-matched control firms. After controlling for various firm, governance, and CEOExpand
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