Download or read book Stealth Compensation of Corporate Executives written by United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Oversight of Government Management and published by . This book was released on 1992 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stealth Compensation Via Retirement Benefits written by Lucian A. Bebchuk and published by . This book was released on 2009 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Article analyzes an important form of stealth compensation provided to managers of public companies. We show how boards have been able to camouflage large amounts of executive compensation through the use of retirement benefits and payments. Our study illustrates the significant role that camouflage and stealth compensation play in the design of compensation arrangements. It also highlights the importance of having information about compensation arrangements not only publicly available but also communicated in a way that is transparent and accessible to outsiders. To improve the transparency of executives' retirement payments and benefits, we propose several changes in current disclosure requirements. Among other things, firms should be required to report to investors each year the dollar value of all the retirement benefits to which their executives become entitled. For example, firms should disclose to investors the annual buildup in the actuarial value of executives' retirement plans, as well as the tax savings reaped by executives at the company's expense through the use of deferred compensation arrangements. Firms should also disclose to investors each year the present value of all the retirement benefits their top executives have accumulated.
Download or read book Stealth Compensation written by Kristina Minnick and published by . This book was released on 2014 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Companies can increase executive compensation by allowing dividends to be paid on unvested restricted stocks grants, also known as stealth compensation. Examining all S&P 500 firms over the period 2003-2007, we find that more than half of the dividend paying firms allow this practice. We look at whether this form of compensation reduces agency costs or decreases value for shareholders. We find that CEOs' stealth compensation amounts to an average $180,000 in additional income, which increases the CEOs' cash compensation and total compensation by 9% and 2% respectively. Firms engaging in stealth compensation have higher dividend payout ratios than those not allowing stealth compensation. For all firms using stealth compensation, there is a reduction in average ROA and Tobin's Q over the long run. However, stealth compensation companies with potential agency issues see a meaningful improvement in their long run performance. For weakly governed companies, stealth compensation may act as a bonding mechanism which may serve to reduce agency costs and therefore increase shareholder value.
Download or read book Stealth Compensation Via Retirement Benefits written by Lucian A. Bebchuk and published by . This book was released on 2004 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper analyzes an important form of?stealth compensation? provided to managers of public companies. We show how boards have been able to camouflage large amount of executive compensation through the use of retirement benefits and payments. Our study highlights the significant role that camouflage and stealth compensation play in the design of compensation arrangements. Our study also highlights the importance of having information about compensation arrangements not only publicly available but also communicated in a way that is transparent and accessible to outsiders. We propose requiring public companies to place a monetary value on all retirement benefits to which their executives become entitled. In particular, firms should disclose to investors the annual buildup in the monetary value of executives' retirement benefits, including the value of tax savings reaped by executives at the company's expense"--John M. Olin Center for Law, Economics, and Business web site.
Download or read book Stealth Compensation of Corporate Executives written by United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Oversight of Government Management and published by . This book was released on 1992 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stealth Compensation written by Megan M. Russell and published by . This book was released on 2004 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stealth Compensation of Corporate Executives written by and published by . This book was released on 19?? with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Download or read book Executive Compensation written by United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and published by . This book was released on 1992 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pay to Play written by Ryan Kraski and published by Nomos Verlag. This book was released on 2021-07-16 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pay-to-Play bietet einen zugänglichen Ansatz zum Verständnis zweier Systeme zur Wissenserschaffung und -verbreitung, die in das US-Rechtssystem eingebettet sind – private, gemeinnützige Universitäten und das Urheberrecht. Pay-to-Play zeigt die harte Realität auf, dass ein umfangreicher Bestand an akademischen Werken hinter gewinnorientierten digitalen Paywalls verschlossen bleibt. Der Zugang zu diesen Werken ist für den Einzelnen unerschwinglich und wird in der Regel nur durch noch teurere institutionelle Mitgliedschaften ermöglicht. Infolgedessen werden die meisten Menschen unnötigerweise vom Innovationsprozess ausgeschlossen, der den Kern der Urheberrechtsklausel der Verfassung darstellt.
Download or read book Executive Compensation written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2006 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Explaining Executive Pay written by Lukas Hengartner and published by Springer Science & Business Media. This book was released on 2007-12-31 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lukas Hengartner shows that both firm complexity and managerial power are associated with higher pay levels. This suggests that top managers are paid for the complexity of their job and that more powerful top managers receive pay in excess of the level that would be optimal for shareholders.
Download or read book Managing Human Resource And Industrial Relations written by Tapomoy Deb and published by Excel Books India. This book was released on 2009 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Handbook of Empirical Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2011-10-13 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second volume of a two-part series examines three major topics. First, it devotes five chapters to the classical issue of capital structure choice. Second, it focuses on the value-implications of major corporate investment and restructuring decisions, and then concludes by surveying the role of pay-for-performance type executive compensation contracts on managerial incentives and risk-taking behavior. In collaboration with the first volume, this handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. - Nine original chapters summarize research advances and future topics in the classical issues of capital structure choice, corporate investment behavior, and firm value - Multinational comparisons underline the volume's empirical perspectives - Complements the presentation of econometric issues, banking, and capital acquisition research covered by Volume 1
Download or read book Executive Compensation written by Gary Girous and published by Business Expert Press. This book was released on 2014-12-08 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chief executive officer (CEO) of a corporation and his or her executive team are responsible for the management of the business and its continued operating and financial success. The CEO and executive team are almost always highly compensated and the relative total compensation has mushroomed over time. Most of the compensation now is designed to be performance-based, but leading to charges that executives have incentives to manipulate corporate earnings and stock price in the short-term for their own self interests. The compensation at some companies became so egregious that compensation again became a major public policy issue subject to federal regulation. Executive Compensation focuses on the major topics related to executive compensation—present, past, and future. First, is understanding what executive compensation is, including composition and objectives of pay contracts. Second, how do specific compensation agreements affect corporate behavior and performance? Third, what are the major components, including how and what are accounted for and disclosed? How is compensation, especially executive compensation, accounted for—that is, what are the calculations and journal entries required? Fourth, what does historical analysis tell us about the topic, especially how contractual decisions have been made and what has worked. Finally, what is in store for the future—both expected compensation agreements and what the compensation incentives suggest for future corporate decisions on operations and accounting manipulation.
Download or read book Corporate Governance and Executive Compensation written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2002 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Handbook of the Economics of Finance SET Volumes 2A 2B written by George M. Constantinides and published by Newnes. This book was released on 2013-01-21 with total page 1732 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume set of 23 articles authoritatively describes recent scholarship in corporate finance and asset pricing. Volume 1 concentrates on corporate finance, encompassing topics such as financial innovation and securitization, dynamic security design, and family firms. Volume 2 focuses on asset pricing with articles on market liquidity, credit derivatives, and asset pricing theory, among others. Both volumes present scholarship about the 2008 financial crisis in contexts that highlight both continuity and divergence in research. For those who seek insightful perspectives and important details, they demonstrate how corporate finance studies have interpreted recent events and incorporated their lessons. - Covers core and newly-developing fields - Explains how the 2008 financial crises affected theoretical and empirical research - Exposes readers to a wide range of subjects described and analyzed by the best scholars
