The timeliness of performance information in determining executive compensation

We study whether boards of directors concentrate on performance near compensation decision times rather than providing consistent incentives for chief executive officers (CEO) throughout the fiscal year. We show empirically that managers can profit by moving sales revenue among fiscal quarters. Though this may suggest that boards use short-term trends when determining rewards, we find evidence consistent with boards tying pay to recent sales growth so as to use the best information about future performance. We also find that the timing of profits throughout the year does not affect CEO pay, which may suggest that smoothing firm income is important to CEOs.     

Dynamic incentives and retirement

This paper examines multi-period compensation contracts when retirement is anticipated. Short-term contracts in long-term employment relationships are equivalent to a long-term renegotiation-proof contract. The dynamic of incentive rates is determined by (i) how and in which periods managerial effort affects the contractible performance measures; and by (ii) the time-series correlation of error terms in performance reports. The model explains why long-term investments can decrease while incentive rates increase as managers approach retirement. Earnings persistence is negatively associated to earnings-based incentive rates but, towards retirement, high earnings persistence implies increasing earnings-based incentive rates.     

What determines early exercise of employee stock options in Australia?

Employee stock options (ESOs) are a popular way of remunerating employees. We analyse factors at the firm and option level affecting the employee's decision to exercise ESOs before they mature. Exercises over the period 1998–2004 are analysed and the key factor influencing early exercise is found to be dividends. Exercises frequently occur well before maturity, but in most cases little time value is sacrificed. Our findings have implications for the ‘fair’ valuation of ESOs in companies’ financial statements, as required by the relevant Australian accounting standard, AASB 2.     

论我国农村集体土地征用社会保险补偿机制

伴随着城市化进程的不断加快，大量农村集体土地被征用，被征地农民的基本权益保障问题突出。构建一套行之有效的土地征用社会保险补偿机制，是切实保障被征地农民基本权益的重要手段，也是顺利推进城市化进程的重要工具。     

构建征地补偿的正当程序规制

征地公正补偿问题已成为土地征收中的热点和难点。公共选择的经济学实证方法论提供了分析征地补偿不公制度性因素的崭新视角。对征地补偿进行正当程序规制是次优的法治模式选择。     

An investigation of the short‐ and long‐run relations between executive cash bonus payments and firm financial performance: a pitch

This letter is a discussion of the application of the pitch template developed by Faff (2015) to a financial accounting research topic. The pitch template focuses ideas into key areas, giving clear and concise direction in planning and structuring the research idea. In this instance, the template is used in a nonlinear manner to develop a research proposal to investigate the relation between cash bonus payments and firm financial performance.     

CEO optimism,CEO selection,compensation, and corporate investment decision: The case of CEOs who were rehired as CEOs by another firms after turnover

What happens to CEOs after they are let go by their firm? This study is designed to investigate CEOs who are rehired as CEOs by another firms after turnover. CEOs defined as “moderately optimistic” and those who left voluntarily from their departing firms, are younger, have better prior performance, and work in larger firms are found to have a greater likelihood of being rehired as a CEO by another employer. Moreover, new-hire firms with higher growth opportunity and higher R&D expenditures are found to be significantly more willing to hire overconfident CEOs. Furthermore, more-optimistic CEOs are found to receive higher total compensation from their new-hire firms than CEOs who are less optimistic. Finally, overconfident CEOs working in firms with high growth opportunity and higher R&D show a significantly greater tendency toward increasing firm investment.     

悬臂构件承载力不足的补偿方法

针对有些悬挑构件后来增加立柱支顶的实际工程问题，作者提出了简便合理的承载力补偿方法，并通过进一步的力学分析，证实其可行性和合理性，可供处理类似工程问题参考。     

Reaffirming the management ethic in industrial firms

These then are the ground rules underlying what I call “the manegement ethic.”They are based on common sense, logic, and a sense of fair play—but then, that is quite simply what good management is all about. There is nothing original about these ideas; nor, as can be seen from the following quotation, is there anything new about them.We trained hard—but it seemed that every time we were beginning to form up into teams, we would be reorganized. I was to learn later in life that we tend to meet any new situation by reorganizing. And what a wonderful method it can be for creating the illusion of progress while producing confusion, inefficiency and demoralization.