Executive Compensation and Shareholder Value: Theory and Evidence / Edition 1

by Jennifer Carpenter, D. Yermack

Overview

Executive compensation has gained widespread public attention in recent years, with the pay of top U.S. executives reaching unprecedented levels compared either with past levels, with the remuneration of top executives in other countries, or with the wages and salaries of typical employees. The extraordinary levels of executive compensation have been achieved at a time when U.S. public companies have realized substantial gains in sk market value. Many have cited this as evidence that U.S. executive compensation works well, rewarding managers who make difficult decisions that lead to higher shareholder values, while others have argued that the overly generous salaries and benefits bear little relation to company performance. Recent conceptual and empirical research permits for the first time a truly rigorous debate on these and related issues, which is the subject of this volume.

Product Details

ISBN-13:	9781441950413
Publisher:	Springer US
Publication date:	12/07/2010
Series:	The New York University Salomon Center Series on Financial Markets and Institutions , #4
Edition description:	1998
Pages:	160
Product dimensions:	6.10(w) x 9.25(h) x 0.01(d)

Table of Contents

1. Top executive incentives in Germany, Japan and the USA: a comparison.- 2. Corporate governance, executive pay and performance in Europe.- 3. A better way to pay CEOs?.- 4. Discussion.- 5. Dual agency: corporate boards with reciprocally interlocking relationships.- 6. Discussion.- 7. The rise and fall of executive share options in Britain.- 8. Patterns of sk option exercises in the United States.- 9. Discussion.- 10. Discussion.- List of contributors.

Editorial Reviews

Presents research papers from a conference sponsored by the Salomon Center of New York University's Stern School of Business. Papers in Part I investigate the association between executive compensation and gains in shareholder wealth, with perspectives on both American and international companies. Many critics of executive pay contend that the link between compensation and performance is minute. Part II explores the process by which executive pay is established in American companies, and Part III discusses executive stock options, a fast- growing element of executive compensation. Annotation c. Book News, Inc., Portland, OR (booknew.com)

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