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CEO and Outside Director Equity Compensation: Substitutes or Complements for Management Earnings Forecasts?
16 references·0 citing·34 second hop
CEO and Outside Director Equity Compensation: Substitutes or Complements for Management Earnings Forecasts? (2018)CEO and Outside Director Equity Compensat…The economic implications of corporate financial reporting (2005)The economic implications of …Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Information asymmetry, corpor…Essays on disclosure (2001)Essays on disclosureDisclosure level and the cost of equity capital. (1997)Disclosure level and the cost…Higher market valuation of companies with a small board of directors (1996)Higher market valuation of co…Why Firms Voluntarily Disclose Bad News (1994)Why Firms Voluntarily Disclos…Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Cross-Sectional Determinants …Disclosure, Liquidity, and the Cost of Capital (1991)Disclosure, Liquidity, and th…Outside directors and CEO turnover (1988)Outside directors and CEO tur…Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Bid, ask and transaction pric…Separation of Ownership and Control (1983)Separation of Ownership and C…The Informational Role of Warranties and Private Disclosure about Product Quality (1981)The Informational Role of War…Good News and Bad News: Representation Theorems and Applications (1981)Good News and Bad News: Repre…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The Market for "Lemons": Qual…Efficient Capital Markets: A Review of Theory and Empirical Work (1970)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Investor Psychology and Security Market Under‐ and Overreactions (1998)Illiquidity and stock returns: cross-section and time-series effects (2002)Market Liquidity and Funding Liquidity (2008)Determinants of corporate borrowing (1977)Management ownership and market valuation (1988)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Audit committee, board of director characteristics, and earnings management (2002)Corporate Governance and Equity Prices (2003)Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 (2003)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Agency Problems and the Theory of the Firm (1980)A Survey of Corporate Governance (1997)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Law and Finance (1998)Earnings Management During Import Relief Investigations (1991)The theory and practice of corporate finance: evidence from the field (2001)Earnings Management through Real Activities Manipulation (2003)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Markets and Hierarchies: Analysis and Antitrust Implications. (1976)Agency Theory: An Assessment and Review (1989)Strategic assets and organizational rent (1993)Corporate financing and investment decisions when firms have information that investors do not have (1984)Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis (2007)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)The Evolution of Cooperation (1981)The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation (1991)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism22,977 cited
  • 1983Separation of Ownership and Control19,446 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature7,391 cited
  • 1996Higher market valuation of companies with a small board of directors6,614 cited
  • 2005The economic implications of corporate financial reporting6,337 cited
  • 1985Bid, ask and transaction prices in a specialist market with heterogeneously informed traders6,132 cited
  • 1988Outside directors and CEO turnover4,251 cited
  • 1991Disclosure, Liquidity, and the Cost of Capital3,828 cited
  • 1997Disclosure level and the cost of equity capital.3,577 cited
  • 1981Good News and Bad News: Representation Theorems and Applications3,198 cited
  • 1993Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures2,643 cited
  • 1981The Informational Role of Warranties and Private Disclosure about Product Quality2,491 cited
  • 2001Essays on disclosure

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2,478 cited
  • 1994Why Firms Voluntarily Disclose Bad News2,435 cited
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