德勤－复旦会计论坛系列讲座之一百二十三

时间：2017年6月6日（周二）下午13：30

地点：史带楼601室

主持人: 周易博士

演讲嘉宾：Martin G. H. Wu (University of Illinois)

Title：Risk Reduction through Relative Performance Evaluation in Principal/Agent Relations

Abstract：We consider a company’s optimal (risk-minimizing) use of a group of peers’ performance measures in principal/agent relations. We introduce a two-factor model in which both market-wide and industry-specific risks affect company performance. In this model setting, relative performance evaluation or RPE can help filter out both risk factors from the agent’s incentive contract, thereby minimizing the risk premium paid by the principal to the agent. We demonstrate that the extent to which the peer group is informative about both risk factors (more precisely, their interaction) determines whether or not weak- and strong-form RPE tests can correctly infer the use of RPE. Accordingly, we construct an informativeness measure of the group of peers about both risk factors and use it to characterize an optimal peer-selection rule. This rule not only supports both the weak- and strong-form RPE hypotheses, but also offers empirical guidance for selecting the optimal peer group for RPE purposes. In doing so, our study helps close the gap between theoretical predictions and empirical investigations of RPE in executive compensation.

会计学系

2017-6-1