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1.
Changes in CEO compensation structure and the impact on firm performance following CEO turnover 总被引:4,自引:3,他引:1
David W. Blackwell Donna M. Dudney Kathleen A. Farrell 《Review of Quantitative Finance and Accounting》2007,29(3):315-338
We document changes in compensation structure following CEO turnover and relate them to future performance. Compared to outgoing
CEOs, incoming CEOs derive a significantly greater percentage of their compensation from option grants and new stock grants.
The voluntary turnover sample shows similar changes in compensation structure while the forced turnover sample results suggest
that new stock grants drive the significant increase in incentive compensation following turnover. Post-turnover performance
is positively associated with new stock grants as a percentage of total compensation in the full sample and when analyzing
forced and voluntary turnovers separately. We find limited evidence that future operating income is positively associated
with option grants following forced turnover. Post-turnover improvement in operating income is positively associated with
an increase in new stock grants for the incoming relative to the outgoing CEO.
相似文献
Kathleen A. Farrell (Corresponding author)Email: |
2.
We empirically examine how governance structure affects the design of executive compensation contracts and in particular, the implicit weights of firm performance measures in CEO’s compensation. We find that compensation contracts in firms with higher takeover protection and where the CEO has more influence on governance decisions put more weight on accounting-based measures of performance (return on assets) compared to stock-based performance measures (market returns). In additional tests, we further find that CEO compensation in these firms has lower variance and a higher proportion of cash (versus stock-based) compensation. We further find that CEOs’ incentives (measured as changes in CEO annual wealth which includes expected changes in the value of the CEO’s equity holdings in addition to yearly compensation) do not vary across governance structures. These findings are consistent with CEOs in firms with high takeover protection and where they have more influence on governance negotiating different contracts.
相似文献
Fernando PenalvaEmail: Phone: +34-93-2534200 |
3.
Zhilan Feng Chinmoy Ghosh C. F. Sirmans 《The Journal of Real Estate Finance and Economics》2007,35(3):225-251
We analyze director compensation for Real Estate Investment Trusts (REITs) and investigate the relations between director
compensation and other measures of the board independence and board monitoring. Using 136 REITs in 2001, we find that REITs
that pay higher equity-based compensation to their board members are associated with higher financial performance. Our data
indicate that board equity-based compensation is positively related to the existence of an independent nomination committee,
however, it has no significant relationship with board size, proportion of outside directors, CEO duality and CEO tenure and
ownership.
相似文献
Zhilan FengEmail: |
4.
Ling Chu Robert Mathieu Sean Robb Ping Zhang 《Review of Quantitative Finance and Accounting》2007,28(2):147-162
In this paper, we provide evidence that banks with a low level of capitalization have reduced their commitment with respect
to lines of credit after the introduction of the Basle Accord. A bank's lending behavior reflects its level of commitment
towards borrowers, which in turn affects the level of effort it exerts on screening and monitoring the activities of borrowers.
We find that the post-Basle Accord market reaction to the announcement of lines of credit issued by banks with a low level
of capitalization is significantly lower than the reaction to other types of bank credit announcements. We interpret this
result as evidence that some banks have a low level of commitment associated with lines of credit after the Basle Accord.
相似文献
Sean RobbEmail: |
5.
Marc-Gregor Czaja Hendrik Scholz Marco Wilkens 《Review of Quantitative Finance and Accounting》2009,33(1):1-26
We investigate here the sensitivity of the equity values of a large sample of German financial institutions to movements in
the term structure of interest rates. While similar approaches rely on a single interest rate factor only, we quantify the
exposure to changes in level, slope, and curvature, which are the driving factors of term structure changes. Our main findings
are: (i) banks and insurances are exposed to level and curvature changes but only marginally to slope movements; (ii) the
interest rate risk exposure depends on the banking sector investigated; (iii) level and curvature changes are priced in the
cross-section of stock returns.
相似文献
Marco WilkensEmail: |
6.
Publicly traded versus privately held: implications for conditional conservatism in bank accounting 总被引:1,自引:0,他引:1
Compared with privately held banks, publicly traded banks face greater agency costs because of greater separation of ownership
and control but enjoy greater benefits from access to the equity capital market. Differences in control and capital market
access influence public versus private banks’ accounting. We predict and find that public banks exhibit greater degrees of
conditional conservatism (asymmetric timeliness of the recognition of losses versus gains in accounting income) than private
banks. We predict and find that public banks recognize more timely earnings declines, less timely earnings increases, and
larger and more timely loan losses. Although public ownership gives managers greater ability and incentive to exercise income-increasing
accounting, our findings show that the demand for conservatism dominates within public banks and that the demand for conservatism
is greater among public banks than private banks. Our results provide insights for accounting and finance academics, bank
managers, auditors, and regulators concerning the effects of ownership structure on conditional conservatism in banks’ financial
reporting.
相似文献
James M. WahlenEmail: |
7.
In this paper we test the theory according to which multimarket contact is a crucial factor hampering competition among firms,
because it lowers the incentive to behave aggressively in one market if there is fear that rivals retaliate in other common
markets. We consider the Italian banking industry in the period 2002–2005, employing both market-level and firm-level data.
The empirical evidence supports theory predictions, since profitability is positively related to the average number of contacts
among banks, and appear to be higher for those credit institutions experiencing more links. This result has also policy implications,
given the increasing consolidation (and hence the growing number of interactions in local markets) that has characterized
this sector in the last years.
相似文献
Paolo CoccoreseEmail: |
8.
In a survey of banks founded from 1994–2002, we find over 85% of respondents think their small-business market was underserved,
72% felt the market needed more competition, almost half indicated they were likely to start a bank because takeover activity
displaced them, and 75% entered due to a market merger. Markets of banks started by displaced managers or following a merger
have performance and lending characteristics similar to comparable banks, but larger changes in asset growth rates. Managers
who responded that small-businesses were underserved have higher numbers and amounts of small-business loans 3 years after
entry. Managers responding that entry was due to mergers eliminating community banks have lower ROA, but larger changes in
market ROA. Markets had smaller changes in ROA when entry was to provide competition or when managers thought the small business
market was underserved.
相似文献
James W. WansleyEmail: |
9.
Among the issues raised by consolidation within the banking industry is a concern that small businesses will be less able
to obtain credit as community banks are acquired by larger or non-local institutions. Community banks have traditionally been
a major source of funding for small businesses. The impact of bank consolidation on credit availability may depend in part
on whether the remaining community institutions expand their small business lending activities. This study examines whether
credit unions have a propensity to extend business loans in markets that have experienced bank merger and acquisition activity.
We find some evidence that credit unions are more likely to engage in business lending in markets characterized by greater
bank merger and acquisition activity. Moreover, the estimated economic significance is meaningful in many of the specifications.
相似文献
Kenneth J. RobinsonEmail: |
10.
Zhilan Feng Chinmoy Ghosh C. F. Sirmans 《The Journal of Real Estate Finance and Economics》2007,35(4):385-410
This paper examines the relationship between CEO entrenchment and dividend policy of real estate investment trusts (REITs).
We develop an index for CEO entrenchment using CEO tenure and duality and find that this index has significant impact on dividend
policy. We further separate our sample into two sub-groups: REITs with and without nomination committees. Our analyses show
a strong positive relationship between CEO entrenchment level and dividend payout for REITs without a nomination committee.
In REITs with nomination committees, CEO entrenchment has less influence on dividend policy. We conclude that dividend policy
serves as a substitution for other governance mechanisms. Further, our results are consistent with the evidence for other
US firms—CEO that are more entrenched pay higher dividends to avoid shareholder sanctions and the threat of takeover.
相似文献
Zhilan FengEmail: |
11.
Piet M. A. Eichholtz Nils Kok Roger Otten 《The Journal of Real Estate Finance and Economics》2008,36(4):405-426
We study the drivers of executive compensation in the listed UK property sector. The UK provides an excellent opportunity
to analyze executive compensation due to high transparency in the different components of executive compensation. We show that company size is the most important variable in explaining the level of executive compensation. We find that
absolute and relative share performance significantly explains long-term compensation, that management style has a distinct
influence on the level of executive compensation, and that using alternative monitoring mechanisms (institutional shareholders,
debtholders, and outside directors) leads to higher levels of long-term incentives. We find only weak evidence of pay-performance
sensitivity for both cash and long-term compensation. Executive shareholdings provide a much stronger link between pay and
performance than does executive compensation.
相似文献
Piet M. A. EichholtzEmail: |
12.
Concentration of Banking Relationships in Switzerland: The Result of Firm Structure or Banking Market Structure? 总被引:1,自引:0,他引:1
Doris Neuberger Maurice Pedergnana Solvig Räthke-Döppner 《Journal of Financial Services Research》2008,33(2):101-126
Switzerland is one of the countries with the highest concentration of bank–customer relationships. The present paper seeks
to find out whether this can be explained by the structure of Swiss firms or by the organization of the Swiss banking market.
Using survey data from small and medium-sized enterprises in 1996 and 2002, we examine the influence of firm-, loan-, and
bank-specific variables on the number of banking relationships. We find that firm and industry structure have the largest
explanatory power, while banking market structure and conduct play a minor role. Relationship lending by state-owned cantonal
banks and small regional banks tends to enhance the concentration of banking relationships.
相似文献
Doris NeubergerEmail: |
13.
The association between audit committees,compensation incentives,and corporate audit fees 总被引:4,自引:3,他引:1
This study uses audit fee data from the 2001–2003 reporting periods to examine the relationship between measures of audit
committee effectiveness and compensation incentives with corporate audit fees. Our results suggest that audit committee size,
committee member expertise, and committee member independence are positively associated to audit fee levels, consistent with
the notion that audit committees serve as a complement to external auditors in monitoring management. In contrast, CEO long-term
pay and insider ownership are inversely related to audit fee levels, substituting for external audit effort in motivating
management. Notwithstanding results on the full sample of firm-years, we uncover significant differences in the determinants
of audit fees between the years examined. An important implication of these results is that explaining the intra-firm variation
in audit fees over time is clearly necessary in order to understand the antecedents and consequences of audit fees.
相似文献
James F. Waegelein (Corresponding author)Email: |
14.
We provide an empirical support for theories of lender specialization using the recently developed market for Debtor-in-Possession
(DIP) financing. The legal environment in which DIP financing operates represents a natural laboratory for testing determinants
of lending specialization (e.g. lender choice). We find that the choice of lender is not driven by credit risk, but by information
considerations and that this lending specialization has loan pricing effects. In short, banks (non-bank lenders) lend to more
(less) transparent firms and at lower (higher) loan spreads. Our results are consistent with the interpretation that banks
provide important and useful services.
相似文献
Gabriel G. Ramirez (Corresponding author)Email: |
15.
Bank Competition,Risk, and Subordinated Debt 总被引:2,自引:2,他引:0
Jijun Niu 《Journal of Financial Services Research》2008,33(1):37-56
This paper studies a dynamic model of banking in which banks compete for insured deposits, issue subordinated debt, and invest
in either a prudent or a gambling asset. The model allows banks to choose their level of risk after the interest rate on subordinated
debt is contracted. We show that requiring banks to issue a small amount of subordinated debt can reduce their gambling incentives.
Moreover, when equity capital is more expensive than subordinated debt, adding a subordinated debt requirement to a policy
regime that only uses equity capital requirements is Pareto improving.
相似文献
Jijun NiuEmail: |
16.
Economic consequences of financial reporting changes: diluted EPS and contingent convertible securities 总被引:1,自引:0,他引:1
This paper examines the economic consequences of changes in the financial reporting requirements for contingent convertible
securities (COCOs). Using a sample of 199 COCO issuers from 2000 to 2004, we find that issuers are more likely to restructure
or redeem existing COCOs to obtain more favorable accounting treatment when the financial reporting impact on diluted earnings
per share (EPS) is greater and when EPS is used as a performance metric in CEO bonus contracts. These results provide new
evidence that managers are willing to incur costs to retain perceived financial reporting and compensation benefits. We also
present evidence of significantly negative stock returns around event dates associated with the financial reporting changes,
consistent with investor anticipation of the agency costs associated with the rule change.
相似文献
Christine I. WiedmanEmail: |
17.
Vincenzo Chiorazzo Carlo Milani Francesca Salvini 《Journal of Financial Services Research》2008,33(3):181-203
Using annual data from Italian banks, we study the link between non-interest revenues and profitability. We find that income
diversification increases risk-adjusted returns. Our results provide econometric evidence consistent with current studies
on EU banks, but do not support findings on the U.S. experience. In our view, the differences depend primarily on the relative
importance of local banks: we find that the relation is stronger at large banks. In addition, we find that there are limits
to diversification gains as banks get larger. Small banks can make gains from increasing non-interest income, but only when
they have very little non-interest income share to start with. The source of non-interest income is less important than its
level.
相似文献
Francesca SalviniEmail: |
18.
We report new findings on bank efficiency in East Asian countries for the pre- and post-IMF restructuring periods. We find
that bank efficiency has improved, but only to the pre-IMF intervention level, and that restructured banks are not more efficient
than their unrestructured counterparts. Different restructuring measures have different effects. Bank closures are economically
justified, but mergers show short-term efficiency losses. Recapitalization and reprivatization of badly performing banks lead
to efficiency improvement, but also increase government ownership. Ease of entry that has allowed for more foreign bank participation
results in slightly improved performance of badly performing banks.
相似文献
Luc Can (Corresponding author)Email: |
19.
U.S. banking regulators have proposed a bifurcated system of capital regulation where the largest, internationally active
banking organizations would be subject to significantly more risk sensitive regulatory capital requirements than are currently
in place, while most others would remain subject to the current rules. The proposed new capital regime has the potential to
affect the competitive landscape among banking institutions, particularly in the area of residential mortgage lending. We
analyze the potential competitive effects of the proposed, bifurcated regulatory capital system on competition in the residential
mortgage market from the perspective of the theory of regulatory capital arbitrage. We then apply the theory and available
evidence to perform some benchmark calculations that suggest a significant, potential shift of market share and income to
the largest banking institutions in the mortgage market.
相似文献
James R. Follain (Corresponding author)Email: |
20.
Dirk Brounen Piet Eichholtz David C. Ling 《The Journal of Real Estate Finance and Economics》2007,35(4):449-474
This paper investigates whether it is possible to create value through the active management of direct property portfolios.
Using data from the USA, the UK and Australia, we examine whether trading intensity and portfolio growth explain the risk
and return characteristics of listed property companies. The results suggest that beating the market by pursuing tactical
asset selection and investment timing strategies is difficult even when acquiring and disposing of properties in illiquid
private property markets. When the property type in which the firm specializes is included as a control variable in the regressions,
none of the portfolio management intensity indicators developed in this paper is significantly associated with abnormal performance
or systematic risk.
相似文献
Dirk BrounenEmail: |