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Corporate governance, chief executive officer compensation, and firm performance 1 The financial sup
Abstract We find that measures of board and ownership structure explain a significant amount of cross-sectional variation in CEO compensation, after controlling for standard economic determinants ofExpand
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The Use of Equity Grants to Manage Optimal Equity Incentive Levels
We predict and find that firms use annual grants of options and restricted stock to CEOs to manage the optimal level of equity incentives. We model optimal equity incentive levels for CEOs, and useExpand
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Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility
The costs associated with compiling data on employee stock option portfolios is a substantial obstacle in investigating the impact of stock options on managerial incentives, accounting choice,Expand
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Stock Option Plans for Non-Executive Employees
We examine determinants of non-executive employee stock options outstanding, grants, and exercises for 756 firms during 1994 to 1997. We find that firms use greater stock option compensation whenExpand
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The Power of the Pen and Executive Compensation
We examine the press' role in monitoring and influencing executive compensation practice using more than 11,000 press articles about CEO compensation from 1994 to 2002. Negative press coverage isExpand
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The Role of the Business Press as an Information Intermediary
ABSTRACT This paper investigates whether the business press serves as an information intermediary. The press potentially shapes firms' information environments by packaging and disseminatingExpand
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Is Accruals Quality a Priced Risk Factor
In a recent and influential empirical paper, Francis, LaFond, Olsson, and Schipper (FLOS) [2005. The market pricing of accruals quality. Journal of Accounting and Economics 39, 295-327] conclude thatExpand
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On the Corporate Demand for Directors' and Officers' Insurance
Using data on directors' and officers' insurance policies gathered from a sample of Canadian firms, this article examines the determinants of firms' demand for D&O insurance. Firms with greaterExpand
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A Review of the Empirical Disclosure Literature: Discussion
Healy and Palepu (2001) provide a broad review of the empirical disclosure literature. This discussion expands on their survey of the empirical voluntary disclosure literature, and offers moreExpand
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Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors' Expectations
We investigate Gompers, Ishii, and Metrick's (2003) finding that firms with weak shareholder rights exhibit significant stock market underperformance. If the relation between poor governance and poorExpand
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