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Irina Stefanescu Yupeng Wang Kangzhen Xie Jun Yang 《Journal of Financial Economics》2018,127(1):152-173
Large US firms modify top executives’ compensation before pension-related events. Top executives receive one-time increases in pensionable earnings through higher annual bonuses one year before a plan freeze and one year before retirement. Firms also boost pension payouts by lowering plan discount rates when top executives are eligible to retire with lump-sum benefit distributions. Increases in executive pensions do not appear to be an attempt to improve managerial effort or retention and are more likely to occur at firms with poor corporate governance. These findings suggest that in some circumstances managers are able to extract rents through their pension plans. 相似文献
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Hong Liu Li Yongjia Xie Kangzhen Yan Claire J. 《Review of Quantitative Finance and Accounting》2020,54(1):297-334
Review of Quantitative Finance and Accounting - Using a hand-collected data, we provide evidence of extensive use of commodity derivative in hedging among U.S. oil and gas producers. We find large... 相似文献
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