Philip L. Hersch

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This paper examines outside director compensation for a sample of 237 Fortune 500 firms over the 1998-2004 period. We document a trend towards fixed-value equity compensation and away from cash only and fixed-number equity compensation. Adjustments to director compensation are consistent with firms targeting a market level of compensation, and firms that(More)
We examine the relation between a firm’s campaign contributions and lobbying expenditures and its Tobin’s q. We follow other studies that use q to measure the value of the firm’s intangible capital (e.g., the value of advertising, R&D, or environmental performance). Researchers have found a positive and significant relation between intangible assets and q.(More)
By establishing the President's Commission on Mental Health early in his Administration and by ordering the final report to be presented by mid-1978, President Carter appears to have insured that this commission will have direct impact on mental health legislation. The authors point out how the work of previous commissions was delayed to the point of being(More)
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