We investigate the role of Relative Performance Evaluation (RPE) theory in CEO pay and
turnover using a product similarity-based definition of peers. RPE predicts that firms filter out …

Beginning in 2018, US public firms were required to report the ratio of the chief executive
officer's (CEO) compensation to their median employee's compensation in the annual proxy …

ABSTRACT I investigate the incentives provided by performance-vested stock awards
(PVSAs) and the accuracy of ex ante PVSA valuations. In PVSAs, the number of shares …

We test whether industry tournament incentives (ITI) for CEOs influence debt contracting.
Measuring ITI as the pay gap between a CEO and the highest-paid industry peer, we find …

This paper documents a new stylized fact; the cross-sectional variation in CEO pay levels
has declined precipitously in recent years. We offer one explanation for this secular …

Using a sample of Chinese listed firms from 2007 to 2017, this study investigates the impact
of trust on corporate innovation. We find that firms located in provinces with higher trust …

ABSTRACT A large body of empirical work provides mixed support for the central prediction
from agency theory that noisier performance measures receive less weight in incentive …

We examine the predictive information content of the management forecasts of stock return
volatility (ie, expected volatility) that are disclosed in annual reports. We find that expected …

Many firms claim CEO compensation reflects share price performance in their proxy
statements. The pay-for-performance literature has largely evaluated these claims using …

As market risks and market competition continue to intensify, how to improve the risk-taking
level of enterprises has attracted extensive attention from the academic community. To …