Working Paper
Governance and Stakeholders
Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue...
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How are Bankers Paid?
We empirically examine bank CEOs’ compensation. We find that bank CEOs (a) are paid less than their nonfinancial counterparts, an effect driven...
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Mind the gap: The Age Dissimilarity between the Chair and the CEO
We study the relation between the chair of the board of directors and the CEO. We argue that substantial age dissimilarity between the two - giving rise to...
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Are CEOS Paid Extra for Riskier Pay Packages?
This paper estimates the pay premium from CEO incentive compensation. Using detailed U.S. CEO contract compensation data and simulation analysis, we...
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The Market for CEOs
We study the market for CEOs of large publicly-traded US firms, analyze new CEOs’ prior connections to the hiring firm, and explore how hiring choices...
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Inside the Family Firm: The Role of Families in Succession Decisions and Performance
This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of...
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Changes in CEO Stock Option Grants: A Look at the Numbers
We study changes in the number of CEO stock option grants. Despite some evidence of short-term rigidity, the number of options granted changes...
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A Survey of Recent Evidence on Boards of Directors and CEO Incentives
This article surveys the recent literature on boards of directors and the interplay between director incentives and CEO incentives. The primary focus...
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Between Scylla and Charybdis: CEO Political Ideology, Dividends and Downsizing During the Pandemic
Using a proprietary dataset, we study whether CEO political ideology affected how S&P 500 firms reacted to the Covid-19 pandemic. ...
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