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Managerial Ownership, Incentive Contracting, and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders
16 references·16 citing·40 second hopsampled
Managerial Ownership, Incentive Contracting, and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders (2001)Managerial Ownership, Incentive Contracti…The Expiration of IPO Share Lockups (2001)The Expiration of IPO Share L…Taking Stock: Equity‐Based Compensation and the Evolution of Managerial Ownership (2000)Taking Stock: Equity‐Based Co…Ownership and operating performance of companies that go public (1997)Ownership and operating perfo…Good Timing: CEO Stock Option Awards and Company News Announcements (1997)Good Timing: CEO Stock Option…Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry (1996)Who Manages Risk? An Empirica…Executive compensation structure, ownership, and firm performance (1995)Executive compensation struct…The Long‐Run Performance of initial Public Offerings (1991)The Long‐Run Performance of i…Outside directors and CEO turnover (1988)Outside directors and CEO tur…Management ownership and market valuation (1988)Management ownership and mark…Insiders' profits, costs of trading, and market efficiency (1986)Insiders' profits, costs of t…The Determinants of Firms' Hedging Policies (1985)The Determinants of Firms' He…Optimal Hedging Policies (1984)Optimal Hedging PoliciesThe market value of control in publicly-traded corporations (1983)The market value of control i…Risk Reduction as a Managerial Motive for Conglomerate Mergers (1981)Risk Reduction as a Manageria…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…The Pricing of Options and Corporate Liabilities (1973)The Pricing of Options and Co…Insider Share-Pledging and Equity Risk (2020)Insider Share-Pledging and Eq…Executive Compensation: A Survey of Theory and Evidence ✶ ✶We thank Aubrey Clark, Fabrizio Ferri, Carola Frydman, Tom Gosling, Steve Kaplan, Gaizka Ormazabal, Kelly Shue, Alexander Wagner, David Zhang, and especially Pierre Chaigneau for helpful comments and Janet Chater, Irem Erten, Jesus Gorrin, Joseph Kalmenovitz, and Jiaying Wei for research assistance. (2017)Executive Compensation: A Sur…CEO optimism and incentive compensation (2014)CEO optimism and incentive co…Paying for Long-Term Performance (2010)Paying for Long-Term Performa…Optimal exercise of executive stock options and implications for firm cost (2010)Optimal exercise of executive…Optimal compensation contracts when managers can hedge (2010)Optimal compensation contract…Why do insiders trade? Evidence based on unique data on Swedish insiders (2009)Why do insiders trade? Eviden…Managerial hedging, equity ownership, and firm value (2009)Managerial hedging, equity ow…Financial Sector Pro-Cyclicality: Lessons from the Crisis (2009)Financial Sector Pro-Cyclical…Effect of personal taxes on managers’ decisions to sell their stock (2008)Effect of personal taxes on m…Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs (2007)Incentive Effects of Stock an…Do Behavioral Biases Vary across Individuals? Evidence from Individual Level 401(k) Data (2006)Do Behavioral Biases Vary acr…Measuring Investment Distortions when Risk‐Averse Managers Decide Whether to Undertake Risky Projects (2005)Measuring Investment Distorti…Company Stock in Pension Plans: How Costly Is It? (2005)Company Stock in Pension Plan…Paper millionaires: how valuable is stock to a stockholder who is restricted from selling it? (2003)Paper millionaires: how valua…Executive Compensation as an Agency Problem (2003)Executive Compensation as an …Agency Problems and the Theory of the Firm (1980)Agency Theory: An Assessment and Review (1989)Managerial incentives and risk-taking☆ (2005)Who makes acquisitions? CEO overconfidence and the market's reaction☆ (2008)Separation of Ownership and Control (1983)A Survey of Corporate Governance (1997)Law and Finance (1998)Corporate Ownership Around the World (1999)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options (1993)Theory of rational option pricing (2005)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Efficient Capital Markets: II (1991)Are Insider Trades Informative? (2001)Investor sentiment and the near-term stock market (2003)Limited-dependent and qualitative variables in econometrics (1983)Managerial discretion and optimal financing policies (1990)Agency Costs, Risk Management, and Capital Structure (1998)The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants (1999)Founding family ownership and the agency cost of debt (2003)On financial contracting (1979)Optimal capital structure under corporate and personal taxation (1980)The investment opportunity set and corporate financing, dividend, and compensation policies (1992)The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis (2008)RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION (1977)Does the Stock Market Overreact? (1985)INITIAL PUBLIC OFFERINGS (1988)Event Studies in Economics and Finance (1997)Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Sentiment and the Cross‐Section of Stock Returns (2006)The Nature of the Firm (1937)Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate governance, chief executive officer compensation, and firm performance (1999)Endogeneity and the dynamics of internal corporate governance (2012)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1973The Pricing of Options and Corporate Liabilities29,064 cited
  • 1988Management ownership and market valuation6,910 cited
  • 1988Outside directors and CEO turnover4,251 cited
  • 1991The Long‐Run Performance of initial Public Offerings3,500 cited
  • 1985The Determinants of Firms' Hedging Policies3,270 cited
  • 1981Risk Reduction as a Managerial Motive for Conglomerate Mergers2,775 cited
  • 1995Executive compensation structure, ownership, and firm performance2,088 cited
  • 1996Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry1,432 cited
  • 1986Insiders' profits, costs of trading, and market efficiency1,219 cited
  • 1997Good Timing: CEO Stock Option Awards and Company News Announcements974 cited
  • 1984Optimal Hedging Policies939 cited
  • 1997Ownership and operating performance of companies that go public735 cited
  • 2000Taking Stock: Equity‐Based Compensation and the Evolution of Managerial Ownership621 cited
  • 2001The Expiration of IPO Share Lockups498 cited

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1983
The market value of control in publicly-traded corporations
359 cited

Cited by

  • 2003Paper millionaires: how valuable is stock to a stockholder who is restricted from selling it?225 cited
  • 2003Executive Compensation as an Agency Problem164 cited
  • 2005Company Stock in Pension Plans: How Costly Is It?163 cited
  • 2010Paying for Long-Term Performance161 cited
  • 2005Measuring Investment Distortions when Risk‐Averse Managers Decide Whether to Undertake Risky Projects155 cited
  • 2014CEO optimism and incentive compensation146 cited
  • 2007Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs139 cited
  • 2006Do Behavioral Biases Vary across Individuals? Evidence from Individual Level 401(k) Data126 cited
  • 2020Insider Share-Pledging and Equity Risk118 cited
  • 2010Optimal compensation contracts when managers can hedge105 cited
  • 2008Effect of personal taxes on managers’ decisions to sell their stock100 cited
  • 2009Managerial hedging, equity ownership, and firm value94 cited
  • 2010Optimal exercise of executive stock options and implications for firm cost90 cited
  • 2009Financial Sector Pro-Cyclicality: Lessons from the Crisis88 cited
  • 2009Why do insiders trade? Evidence based on unique data on Swedish insiders87 cited
  • 2017Executive Compensation: A Survey of Theory and Evidence ✶ ✶We thank Aubrey Clark, Fabrizio Ferri, Carola Frydman, Tom Gosling, Steve Kaplan, Gaizka Ormazabal, Kelly Shue, Alexander Wagner, David Zhang, and especially Pierre Chaigneau for helpful comments and Janet Chater, Irem Erten, Jesus Gorrin, Joseph Kalmenovitz, and Jiaying Wei for research assistance.79 cited