资源描述:
《总裁股权激励的投资者定价-外文翻译》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、InvestorpricingofCEOequityincentivesJeffP.BooneInderK.KhuranaK.K.RamanAbstractThemainpurposeofthispaperistoexploreCEOcompensationintheformofstockandoptions.TheobjectiveofCEOcompensationistobetteralignCEO-shareholderinterestsbyinducingCEOstomakemoreoptimal(albeitrisky)invest
2、mentdecisions.However,recentresearchsuggeststhattheseincentiveshaveasignificantdown-side(i.e.,theymotivateexecutivestomanipulatereportedearningsandlowerinformationquality).GiventheconflictbetweenthepositiveCEO-shareholderincentivealignmenteffectandthedysfunctionalinformatio
3、nqualityeffect,itisanopenempiricalquestionwhetherCEOequityincentivesincreasefirmvalue.WeexaminewhetherCEOequityincentivesarepricedinthefirm-specificexanteequityriskpremiumoverthe1992–2007timeperiod.Ouranalysiscontrolsfortwopotentialstructuralchangesoverthistimeperiod.Thefir
4、stisthe1995DelawareSupremeCourtrulingwhichincreasedprotectionfromtakeovers(anddecreasedrisk)forDelawareincorporatedfirms.Thesecondisthe2002Sarbanes–OxleyActwhichimpactedcorporaterisktaking,equityincentives,andearningsmanagement.Collectively,ourfindingssuggestthatCEOequityin
5、centives,despitebeingassociatedwithlowerinformationquality,increasefirmvaluethroughacostofequitycapitalchannel.Keywords:CEOequityincentives,Informationquality,CostofequitycapitalIntroductionInthisstudy,weinvestigateinvestorpricingofCEOequityincentivesforalargesampleofUSfirm
6、sovertheperiod1992–2007.BecauseincentivesembeddedinCEOcompensationcontractsmaybeexpectedtoinfluencepolicychoicesatthefirmlevel,ourobjectiveistoexaminewhetherCEOequityincentivesinfluencefirmvaluethroughacostofequitycapitalchannel.Priorresearch(e.g.,Jensenetal.2004;JensenandM
7、urphy1990)suggeststhatequity-basedcompensation,i.e.,CEOcompensationintheformofstockandoptions,providestheCEOapowerfulinducementtotakeactionstoincreaseshareholdervalue(byinvestinginmoreriskybutpositivenetpresentvalueprojects).Putdifferently,equityincentivesareexpectedtohelpm
8、itigateagencycostsbyaligningtheinterestsoftheCEOwiththoseoftheshareholders,andothe