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MARC Record from Library of Congress

Record ID marc_loc_updates/v35.i12.records.utf8:13696268:2381
Source Library of Congress
Download Link /show-records/marc_loc_updates/v35.i12.records.utf8:13696268:2381?format=raw

LEADER: 02381nam a22002897a 4500
001 2007615660
003 DLC
005 20070319133545.0
007 cr |||||||||||
008 070319s2005 mau sb 000 0 eng
010 $a 2007615660
040 $aDLC$cDLC
050 00 $aK487.E3
100 1 $aBebchuk, Lucian A.
245 10 $aFirm expansion and ceo pay$h[electronic resource] /$cLucian A. Bebchuk & Yaniv Grinstein.
260 $aCambridge, MA :$bHarvard Law School,$c[2005]
490 1 $aDiscussion paper,$x1045-6333;$vno. 533
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 3/19/2007.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We study the extent to which decisions to expand firm size are associated with increases in subsequent CEO compensation. Controlling for past stock performance, we find a positive correlation between CEO compensation and the CEO's past decisions to increase firm size. This correlation is economically meaningful; for example, other things being equal, CEOs who in the preceding three years were in the top quartile in terms of expanding by increasing the number of shares outstanding receive compensation that is higher by one-third than the compensation of CEOs belonging to the bottom quartile. We also find that stock returns are correlated with subsequent CEO pay only to the extent that they contribute to expanding firm size; only the component of past stock returns not distributed as dividends is correlated with subsequent CEO pay. Finally, we find an asymmetry between increases and decreases in size: while increases in firm size are followed by higher CEO pay, decreases in firm size are not followed by reduction in such pay. The association we find between CEOs' compensation and firm-expanding decisions undertaken earlier during their service couldprovide CEOs with incentives to expand firm size"--John M. Olin Center for Law, Economics, and Business web site.
700 1 $aGrinstein, Yaniv.
710 2 $aJohn M. Olin Center for Law, Economics, and Business.
830 0 $aDiscussion paper (John M. Olin Center for Law, Economics, and Business : Online) ;$vno. 533.
856 40 $uhttp://www.law.harvard.edu/programs/olin_center/papers/533_Bebchuk_et%20al.php