演講主題:Review of Empirical Executive Compensation Research
講題摘要:
Executive compensation, as a mechanism that aligns the incentives of managers with those of shareholders, has long been of interest to corporate finance researchers. The major research topics of executive compensation may be divided into three categories: The determinants of the level of pay, the incentive effect of equity-based compensation, and the incentive effect of non-equity compensation. In this workshop, I will review the major empirical studies in each of these categories and introduce some frontier research areas.