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Co-opted Boards
We develop two measures of board composition to investigate whether directors appointed by the CEO have allegiance to the CEO and decrease their monitoring. Co-option is the fraction of the boardExpand
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Does the use of peer groups contribute to higher pay and less efficient compensation
We provide empirical evidence on how the practice of competitive benchmarking affects chief executive officer (CEO) pay. We find that the use of benchmarking is widespread and has a significantExpand
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Organizational Complexity and Succession Planning
This study uses a large sample of firms to examine how human capital considerations affect the process of CEO succession. Costs and benefits of succession planning are affected by a firm's level ofExpand
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Calculation of Compensation Incentives and Firm-Related Wealth Using Execucomp: Data, Program, and Explanation
In response to recent requests from academics and practitioners, this note addresses the data and program we use in our published articles on executive compensation and incentives. First, we detailExpand
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Organizational complexity and CEO labor markets: Evidence from diversified firms
Abstract We examine whether CEO turnover and succession patterns vary with firm complexity. Specifically, we compare CEO turnover in diversified versus focused firms. We find that CEO turnover inExpand
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The Hidden Cost of Managerial Incentives: Evidence from the Bond and Stock Markets
We examine how incentives embedded in managerial compensation contracts are priced by the bond and stock markets. Specifically, the incentives we consider are the sensitivity of CEO wealth to stockExpand
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Executive Compensation and Managerial Risk-Taking
This paper provides empirical evidence of a strong relation between the structure of managerial compensation and both investment policy and debt policy. Higher sensitivity of CEO wealth to stockExpand
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A Comparison of Profitability and CEO Turnover Sensitivity in Large Private and Public Firms
We construct a large sample of both private and public firms from a broad set of industries to provide a direct comparison of efficiency, profitability, and incentive alignment. We find thatExpand
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Dividends, Investment, and Financial Flexibility
Faced with cash flows that fall short of the sum of expected dividend and investment levels, firms must do one of the following: cut dividends, cut investment, or raise funds through security sales,Expand
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Sources of Financial Flexibility: Evidence from Cash Flow Shortfalls *
Faced with cash flows that fall short of the sum of expected dividend and investment levels, firms must do one of the following: cut dividends, cut investment, or raise funds through security sales,Expand
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