STOCK-BASED INCENTIVES AND INVESTMENT DECISIONS - A COMMENT

被引：5
|
作者：
WRUCK, KH
机构：
[1] Harvard University, Boston
来源：
JOURNAL OF ACCOUNTING & ECONOMICS | 1993年 / 16卷 / 1-3期
关键词：
D O I：
10.1016/0165-4101(93)90018-B
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Bizjak, Brickley, and Coles (1993) study how asymmetric information affects investment decisions when firms use stock-based compensation. A model is developed where suboptimal investment results from compensation plans overemphasizing current stock return. Empirical results show that companies with higher information asymmetries have CEO compensation emphasizing equity ownership relative to salary and bonus incentives. Surprisingly, they also show that CEO compensation in firms with higher information asymmetries is more weakly associated with stock performance than compensation in lower asymmetry firms. In my comments, I identify concerns about the model, the empirical tests, and the relation between the two.
引用
收藏
页码：373 / 380
页数：8
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