3.12财务金融系系列讲座之112期
时间：2013年3月12日（周二）13:30
地点：史带楼303室
主持人：Dr. Gong Zhan
Department of Finance, School of Management, Fudan University
主题：How Monitoring Affects the Structure of CEO Equity-Based Compensation
演讲者： Dr. Fan Yu
Department of Finance and Business Economics
Foster School of Business, the University of Washington
摘要: I study how board and institutional monitoring affect the structure of equity-based compensation, specifically, the split between restricted stock and options. I find that firms adjust the structure of equity-based compensation to manage the total contractual incentives provided to their CEOs. Better monitored firms tend to have higher proportions of restricted stock in the CEO’s total equity-based compensation. The higher ratio is associated with lower total contractual incentives and total pay level. The findings support the view that monitoring and contractual incentives are substitutes, rather than complements.
财务金融系
2013-3-6
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