Equity Vesting and Managerial Myopia

This paper links the impending vesting of CEO equity to reductions in real investment. Existing studies measure the manager's short-term concerns using the sensitivity of his equity to the stock price. However, in myopia theories, the driver of short-termism is not the magnitude of incentives b...

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Veröffentlicht in:	NBER Working Paper Series 2013-09, p.19407
Hauptverfasser:	Fang, Vivian W, Edmans, Alex, Lewellen, Katharina
Format:	Artikel
Sprache:	eng
Schlagworte:	Advertising Capital expenditures Chief executive officers Compensation Corporate Finance Economic theory Equity Grants Incentives Investments Law and Economics Liquidity Myopia Productivity, Innovation, and Entrepreneurship R&D Research & development Sales Statistical analysis Stock prices Theory Wages & salaries
Online-Zugang:	Volltext
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