| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5302 |
| DP5302 Short-Run Italian GDP Forecasting and Real-Time Data | |
| Giuseppe Parigi; Roberto Golinelli | |
| 发表日期 | 2005-10-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We study a model in which a CEO can entrench himself by hiding information from the board that would allow the board to conclude that he should be replaced. Assuming that even diligent monitoring by the board cannot fully overcome the information asymmetry vis-à-vis the CEO, we ask if there is a role for CEO compensation to mitigate the inefficiency. Our analysis points to a novel argument for high-powered, non-linear CEO compensation such as bonus pay or stock options. By shifting the CEO?s compensation into states where the firm?s value is highest, a high-powered compensation scheme makes it as unattractive as possible for the CEO to entrench himself when he expects that the firm?s future value under his management and strategy is low. This, in turn, minimizes the severance pay needed to induce the CEO not to entrench himself, thereby minimizing the CEO?s informational rents. Amongst other things, our model suggests how deregulation and technological changes in the 1980s and 1990s might have contributed to the rise in CEO pay and turnover over the same period. |
| 主题 | Financial Economics |
| 关键词 | Ceo compensation Entrenchment Severance pay Stock options |
| URL | https://cepr.org/publications/dp5302 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534174 |
| 推荐引用方式 GB/T 7714 | Giuseppe Parigi,Roberto Golinelli. DP5302 Short-Run Italian GDP Forecasting and Real-Time Data. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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