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Three essays on executive compensation.

Indiana University.

Three essays on executive compensation.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
書名/作者:	Three essays on executive compensation.
作者:	Kim, Daniel Sungyeon.
面頁冊數:	159 p.
附註:	Source: Dissertation Abstracts International, Volume: 73-11(E), Section: A, page: .
Contained By:	Dissertation Abstracts International73-11(E)A.
標題:	Business Administration, Management.
標題:	Economics, Finance.
ISBN:	9781267471475
摘要、提要註:	In this dissertation, I study performance shares and annual incentive plans. Performance shares are long-term incentive pay paid out in shares of the firm. Annual incentive plans are short-term incentive pay paid out in cash.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3517096

Three essays on executive compensation.
Kim, Daniel Sungyeon.

Three essays on executive compensation. - 159 p.

Source: Dissertation Abstracts International, Volume: 73-11(E), Section: A, page: .

Thesis (Ph.D.)--Indiana University, 2012.

In this dissertation, I study performance shares and annual incentive plans. Performance shares are long-term incentive pay paid out in shares of the firm. Annual incentive plans are short-term incentive pay paid out in cash.

ISBN: 9781267471475Subjects--Topical Terms:

423062
Business Administration, Management.

Three essays on executive compensation.
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100 1 $a Kim, Daniel Sungyeon. $3 506838
245 1 0 $a Three essays on executive compensation.
300 $a 159 p.
500 $a Source: Dissertation Abstracts International, Volume: 73-11(E), Section: A, page: .
500 $a Advisers: Craig W. Holden; Jun Yang.
502 $a Thesis (Ph.D.)--Indiana University, 2012.
520 $a In this dissertation, I study performance shares and annual incentive plans. Performance shares are long-term incentive pay paid out in shares of the firm. Annual incentive plans are short-term incentive pay paid out in cash.
520 $a In the first essay, I derive closed-form solutions for the value of a performance share. The value of performance shares depends on: the width of the incentive zone; the difficulty of the performance target; and the slope of the payoff structure. I suggest that firms with low cost of effort should have wider incentive zones, flatter slopes, and more challenging performance targets. Also, I suggest that firms with high cost of effort and high noise in stock price can maximize shareholder value by choosing performance shares over stock options, which is supported by empirical tests.
520 $a In the second essay, we study the performance targets used in the annual incentive plans for CEOs. Our analysis shows that EPS and revenue targets are set lower than their benchmarks. We argue that lower performance targets are costly to the shareholders by showing negative market reaction to performance targets that are lower than benchmark. Furthermore, we find evidence that corporate governance plays important role in setting performance targets: firms with strong corporate governance set performance targets closer to the benchmark, and are more symmetric in adjusting performance targets to past performance. We also find that the difficulty of performance target does not affect future performance and risk-taking, but easier target offers more payout to CEOs.
520 $a In the third essay, I document evidence of "performance management" around performance targets of annual bonus plans. The performance management is induced in part by convex payoff structure at the performance target, but not by the difficulty of performance target. I also find that, by discretion, firms adjust performance (1) upward to beat the performance target if the performance was below performance target, and (2) downward to smooth performance if performance was substantially above performance target. Firms that already managed earnings to beat performance targets didn't need to adjust performance by discretion. Firms should incorporate possibility of performance management when designing annual incentive plans.
590 $a School code: 0093.
650 4 $a Business Administration, Management. $3 423062
650 4 $a Economics, Finance. $3 423545
690 $a 0454
690 $a 0508
710 2 $a Indiana University. $b Business. $3 423365
773 0 $t Dissertation Abstracts International $g 73-11(E)A.
790 1 0 $a Holden, Craig W., $e advisor
790 1 0 $a Yang, Jun, $e advisor
790 1 0 $a Jennings, Robert $e committee member
790 1 0 $a Tian, Xuan $e committee member
790 1 0 $a Yohn, Teri L. $e committee member
790 $a 0093
791 $a Ph.D.
792 $a 2012
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3517096

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