메뉴 건너뛰기




Volumn 16, Issue 4, 2003, Pages 1315-1357

Raids, Rewards, and Reputations in the Market for Managerial Talent

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0242710644     PISSN: 08939454     EISSN: None     Source Type: Journal    
DOI: 10.1093/rfs/hhg031     Document Type: Article
Times cited : (250)

References (72)
  • 1
    • 0033018677 scopus 로고    scopus 로고
    • The Other Side of the Trade-Off: The Impact of Risk on Executive Compensation
    • Aggarwal, R. K., and A. Samwick, 1999a, "The Other Side of the Trade-Off: The Impact of Risk on Executive Compensation," Journal of Political Economy, 107, 65-105.
    • (1999) Journal of Political Economy , vol.107 , pp. 65-105
    • Aggarwal, R.K.1    Samwick, A.2
  • 2
    • 0344970596 scopus 로고    scopus 로고
    • Performance Incentives within Firms: The Effect of Managerial Responsibility
    • National Bureau of Economic Research
    • Aggarwal, R. K., and A. Samwick, 1999b, "Performance Incentives within Firms: The Effect of Managerial Responsibility," Working Paper 7334, National Bureau of Economic Research.
    • (1999) Working Paper , vol.7334
    • Aggarwal, R.K.1    Samwick, A.2
  • 3
    • 0006211044 scopus 로고    scopus 로고
    • CEO Succession: Insiders versus Outsiders
    • University of Alabama
    • Agrawal, A., C. R. Knoeber, and T. Tsoulouhas, 2000, "CEO Succession: Insiders versus Outsiders," working paper, University of Alabama.
    • (2000) Working Paper
    • Agrawal, A.1    Knoeber, C.R.2    Tsoulouhas, T.3
  • 4
    • 84960613149 scopus 로고
    • The Internal Economics of the Firm: Evidence from Panel Data
    • Baker, G., M. Gibbs, and B. Holmström, 1994, "The Internal Economics of the Firm: Evidence from Panel Data," Quarterly Journal of Economics, 109, 881-919.
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 881-919
    • Baker, G.1    Gibbs, M.2    Holmström, B.3
  • 5
    • 0042831935 scopus 로고    scopus 로고
    • CEO Incentives and Firm Size
    • National Bureau of Economic Research
    • Baker, G., and B. Hall, 1998, "CEO Incentives and Firm Size," Working Paper 6868, National Bureau of Economic Research.
    • (1998) Working Paper , vol.6868
    • Baker, G.1    Hall, B.2
  • 6
    • 0031097135 scopus 로고    scopus 로고
    • Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics
    • Barber, B. M., and J. D. Lyon, 1997, "Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics," Journal of Financial Economics, 43, 341-372.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.M.1    Lyon, J.D.2
  • 7
    • 77951215447 scopus 로고    scopus 로고
    • Promotion Incentives and Executive Compensation in Family Firms
    • University of Western Ontario
    • Bates, T., T. Jandik, and K. Lehn, 2000, "Promotion Incentives and Executive Compensation in Family Firms," working paper, University of Western Ontario.
    • (2000) Working Paper
    • Bates, T.1    Jandik, T.2    Lehn, K.3
  • 8
    • 84993918471 scopus 로고
    • Do Short-Term Objectives Lead to under- or Overinvestment in Long-Term Projects?
    • Bebchuk, L., and L. Stole, 1993, "Do Short-Term Objectives Lead to Under- or Overinvestment in Long-Term Projects?," Journal of Finance, 48, 719-729.
    • (1993) Journal of Finance , vol.48 , pp. 719-729
    • Bebchuk, L.1    Stole, L.2
  • 11
    • 0036003210 scopus 로고    scopus 로고
    • The Relationships among Organizational Context, Pay Dispersion, and Managerial Turnover
    • Bloom, M., and J. G. Michel, 2002, "The Relationships Among Organizational Context, Pay Dispersion, and Managerial Turnover," Academy of Management Journal, 43, 33-42.
    • (2002) Academy of Management Journal , vol.43 , pp. 33-42
    • Bloom, M.1    Michel, J.G.2
  • 12
    • 84977730652 scopus 로고
    • Why Hang on to Losers? Divestitures and Takeovers
    • Boot, A., 1992, "Why Hang on to Losers? Divestitures and Takeovers," Journal of Finance, 47, 1401-1424.
    • (1992) Journal of Finance , vol.47 , pp. 1401-1424
    • Boot, A.1
  • 13
    • 0029716604 scopus 로고    scopus 로고
    • Factors Affecting the Number of Outside Directorships Held by CEOs
    • Booth, J. R., and D. N. Deli, 1996, "Factors Affecting the Number of Outside Directorships Held by CEOs," Journal of Financial Economics, 40, 81-104.
    • (1996) Journal of Financial Economics , vol.40 , pp. 81-104
    • Booth, J.R.1    Deli, D.N.2
  • 14
    • 0031161696 scopus 로고    scopus 로고
    • Leadership Structure: Separating the CEO and the Chairman of the Board
    • Brickley, J. A., J. L. Coles, and G. Jarrell, 1997, "Leadership Structure: Separating the CEO and the Chairman of the Board," Journal of Corporate Finance, 3, 189-220.
    • (1997) Journal of Corporate Finance , vol.3 , pp. 189-220
    • Brickley, J.A.1    Coles, J.L.2    Jarrell, G.3
  • 15
    • 0000947671 scopus 로고    scopus 로고
    • What Happens to CEOs after They Retire? New Evidence on Career Concerns
    • Brickley, J. A., J. S. Linck, and J. L. Coles, 1999, "What Happens to CEOs After They Retire? New Evidence on Career Concerns," Journal of Financial Economics, 52, 341-377.
    • (1999) Journal of Financial Economics , vol.52 , pp. 341-377
    • Brickley, J.A.1    Linck, J.S.2    Coles, J.L.3
  • 16
    • 0001105865 scopus 로고
    • Firm Failure and Managerial Labor Markets: Evidence from Texas Banking
    • Canella, A., D. Fraser, and D. S. Lee, 1995, "Firm Failure and Managerial Labor Markets: Evidence from Texas Banking," Journal of Financial Economics, 38, 185-210.
    • (1995) Journal of Financial Economics , vol.38 , pp. 185-210
    • Canella, A.1    Fraser, D.2    Lee, D.S.3
  • 17
    • 0035633723 scopus 로고    scopus 로고
    • So Close and Yet So Far: Promotion Incentives versus Exit for CEO Heirs Apparent
    • Canella, A. A., and W. Shen, 2001, "So Close and Yet So Far: Promotion Incentives versus Exit for CEO Heirs Apparent," Academy of Management Journal, 44, 252-270.
    • (2001) Academy of Management Journal , vol.44 , pp. 252-270
    • Canella, A.A.1    Shen, W.2
  • 19
    • 0142157026 scopus 로고    scopus 로고
    • New Evidence on the Market for Directors: Board Membership and Pennsylvania Senate Bill 1310
    • Coles, J. L., and C. Hoi, 2003, "New Evidence on the Market for Directors: Board Membership and Pennsylvania Senate Bill 1310," Journal of Finance, 58, 197-230.
    • (2003) Journal of Finance , vol.58 , pp. 197-230
    • Coles, J.L.1    Hoi, C.2
  • 20
    • 0003986580 scopus 로고    scopus 로고
    • Estimating the Incentive Effects of Executive Stock Option Portfolios
    • University of Pennsylvania
    • Core, J., and W. Guay, 1998, "Estimating the Incentive Effects of Executive Stock Option Portfolios," working paper, University of Pennsylvania.
    • (1998) Working Paper
    • Core, J.1    Guay, W.2
  • 22
    • 0000806744 scopus 로고
    • Agency Problems and the Theory of the Firm
    • Fama, E. F., 1980, "Agency Problems and the Theory of the Firm," Journal of Political Economy, 88, 288-307.
    • (1980) Journal of Political Economy , vol.88 , pp. 288-307
    • Fama, E.F.1
  • 23
    • 84977737676 scopus 로고
    • The Cross-Section of Expected Stock Returns
    • Fama, E. F., and K. R. French, 1992, "The Cross-Section of Expected Stock Returns," Journal of Finance, 47, 427-465.
    • (1992) Journal of Finance , vol.47 , pp. 427-465
    • Fama, E.F.1    French, K.R.2
  • 24
    • 85015505211 scopus 로고    scopus 로고
    • Management Turnover Across the Corporate Hierarchy
    • Michigan State University
    • Fee, C. E., and C. J. Hadlock, 2002, "Management Turnover Across the Corporate Hierarchy," working paper, Michigan State University.
    • (2002) Working Paper
    • Fee, C.E.1    Hadlock, C.J.2
  • 25
    • 84935633761 scopus 로고
    • Relative Performance Evaluation for Chief Executive Officers
    • Gibbons, R., and K. J. Murphy, 1990, "Relative Performance Evaluation for Chief Executive Officers," Industrial and Labor Relations Review, 43, 30-52.
    • (1990) Industrial and Labor Relations Review , vol.43 , pp. 30-52
    • Gibbons, R.1    Murphy, K.J.2
  • 26
    • 84897711429 scopus 로고
    • Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence
    • Gibbons, R., and K. J. Murphy, 1992, "Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence," Journal of Political Economy, 100, 468-505.
    • (1992) Journal of Political Economy , vol.100 , pp. 468-505
    • Gibbons, R.1    Murphy, K.J.2
  • 27
    • 0039723342 scopus 로고    scopus 로고
    • A Theory of Wage and Promotion Dynamics Inside Firms
    • Gibbons, R., and M. Waldman, 1999, "A Theory of Wage and Promotion Dynamics Inside Firms," Quarterly Journal of Economics, 104, 1321-1358.
    • (1999) Quarterly Journal of Economics , vol.104 , pp. 1321-1358
    • Gibbons, R.1    Waldman, M.2
  • 28
    • 0001567477 scopus 로고
    • Incentive Compensation in a Corporate Hierarchy
    • Gibbs, M., 1995, "Incentive Compensation in a Corporate Hierarchy," Journal of Accounting and Economics, 19, 247-277.
    • (1995) Journal of Accounting and Economics , vol.19 , pp. 247-277
    • Gibbs, M.1
  • 29
    • 45249128199 scopus 로고
    • Management Turnover and Financial Distress
    • Gilson, S., 1989, "Management Turnover and Financial Distress, " Journal of Financial Economics, 25, 241-262.
    • (1989) Journal of Financial Economics , vol.25 , pp. 241-262
    • Gilson, S.1
  • 30
    • 0039927635 scopus 로고    scopus 로고
    • An Analysis of Compensation in the U.S. Venture Capital Partnership
    • Gompers, P., and J. Lerner, 1999, "An Analysis of Compensation in the U.S. Venture Capital Partnership," Journal of Financial Economics, 51, 3-44.
    • (1999) Journal of Financial Economics , vol.51 , pp. 3-44
    • Gompers, P.1    Lerner, J.2
  • 31
    • 0040531752 scopus 로고    scopus 로고
    • Herding among Investment Newsletters
    • Graham, J., 1999, "Herding Among Investment Newsletters," Journal of Finance, 54, 237-268.
    • (1999) Journal of Finance , vol.54 , pp. 237-268
    • Graham, J.1
  • 33
    • 0009200691 scopus 로고    scopus 로고
    • Are CEOs Really Paid like Bureaucrats?
    • Hall, B., and J. Liebman, 1998, "Are CEOs Really Paid like Bureaucrats?," Quarterly Journal of Economics, 113, 653-691.
    • (1998) Quarterly Journal of Economics , vol.113 , pp. 653-691
    • Hall, B.1    Liebman, J.2
  • 34
    • 85039576046 scopus 로고    scopus 로고
    • Exit or Loyalty: The Effects of Compensation on CEO Turnover
    • University of Texas at Dallas
    • Hasenhuttl, M., and J. R. Harrison, 2000, "Exit or Loyalty: The Effects of Compensation on CEO Turnover," working paper, Uniersity of Texas at Dallas.
    • (2000) Working Paper
    • Hasenhuttl, M.1    Harrison, J.R.2
  • 35
    • 0041721021 scopus 로고    scopus 로고
    • How Much are Differences in Managerial Ability Worth?
    • Hayes, R. M., and S. Schaefer, 1999, "How Much are Differences in Managerial Ability Worth?," Journal of Accounting and Economics, 27, 125-148.
    • (1999) Journal of Accounting and Economics , vol.27 , pp. 125-148
    • Hayes, R.M.1    Schaefer, S.2
  • 36
    • 0142251588 scopus 로고    scopus 로고
    • Incentive Pay and the Market for CEOs: An Analysis of Pay-for-Performance Sensitivity
    • Columbia University
    • Himmelberg, C. P., and R. G. Hubbard, 2000, "Incentive Pay and the Market for CEOs: An Analysis of Pay-for-Performance Sensitivity," working paper, Columbia University.
    • (2000) Working Paper
    • Himmelberg, C.P.1    Hubbard, R.G.2
  • 37
    • 0000373072 scopus 로고
    • Managerial Conservatism, Project Choice, and Debt
    • Hirshleifer, D., and A. Thakor, 1992, "Managerial Conservatism, Project Choice, and Debt," Review of Financial Studies, 5, 437-470.
    • (1992) Review of Financial Studies , vol.5 , pp. 437-470
    • Hirshleifer, D.1    Thakor, A.2
  • 40
    • 0034372684 scopus 로고    scopus 로고
    • Security Analysts' Career Concerns and Herding of Earnings Forecasts
    • Hong, H., J. Kubik, and A. Solomon, 2000, "Security Analysts' Career Concerns and Herding of Earnings Forecasts," RAND Journal of Economics, 31, 121-144.
    • (2000) RAND Journal of Economics , vol.31 , pp. 121-144
    • Hong, H.1    Kubik, J.2    Solomon, A.3
  • 41
    • 0040331678 scopus 로고    scopus 로고
    • Internal Monitoring Mechanisms and CEO Turnover: A Long Term Perspective
    • Huson, M. R., R. Parrino, and L. T. Starks, 2001, "Internal Monitoring Mechanisms and CEO Turnover: A Long Term Perspective," Journal of Finance, 56, 2265-2297.
    • (2001) Journal of Finance , vol.56 , pp. 2265-2297
    • Huson, M.R.1    Parrino, R.2    Starks, L.T.3
  • 43
    • 0000861982 scopus 로고
    • Job Matching and the Theory of Turnover
    • Jovanovic, B., 1979, "Job Matching and the Theory of Turnover, " Journal of Political Economy, 87, 972-990.
    • (1979) Journal of Political Economy , vol.87 , pp. 972-990
    • Jovanovic, B.1
  • 44
    • 0000785968 scopus 로고
    • Outside Directorships and Corporate Performance
    • Kaplan, S. N., and D. Reishus, 1990, "Outside Directorships and Corporate Performance," Journal of Financial Economics, 27, 389-410.
    • (1990) Journal of Financial Economics , vol.27 , pp. 389-410
    • Kaplan, S.N.1    Reishus, D.2
  • 45
    • 0030637314 scopus 로고    scopus 로고
    • The Complexity of Compensation Contracts
    • Kole, S. R., 1997, "The Complexity of Compensation Contracts," Journal of Financial Economics, 43, 79-104.
    • (1997) Journal of Financial Economics , vol.43 , pp. 79-104
    • Kole, S.R.1
  • 46
    • 0002539550 scopus 로고
    • Firm Size and Executive Compensation
    • Kostiuk, P. F., 1989, "Firm Size and Executive Compensation," Journal of Human Resources, 25, 90-105.
    • (1989) Journal of Human Resources , vol.25 , pp. 90-105
    • Kostiuk, P.F.1
  • 50
    • 0009885154 scopus 로고    scopus 로고
    • Improved Methods for Tests of Long-Run Abnormal Stock Returns
    • Lyon, J. D., B. M. Barber, and C. Tsai, 1999, "Improved Methods for Tests of Long-Run Abnormal Stock Returns," Journal of Finance, 54, 165-201.
    • (1999) Journal of Finance , vol.54 , pp. 165-201
    • Lyon, J.D.1    Barber, B.M.2    Tsai, C.3
  • 52
    • 0002297105 scopus 로고
    • Conditional Logit Analysis of Qualitative Choice Behavior
    • P. Zarembka (ed.), Academic Press, New York
    • McFadden, D., 1973, "Conditional Logit Analysis of Qualitative Choice Behavior," in P. Zarembka (ed.), Frontiers in Econometrics, Academic Press, New York.
    • (1973) Frontiers in Econometrics
    • McFadden, D.1
  • 53
    • 21844500614 scopus 로고
    • Rent Sharing in an Equilibrium Model of Matching and Turnover
    • McLaughlin, K. J., 1994, "Rent Sharing in an Equilibrium Model of Matching and Turnover," Journal of Labor Economics, 12, 499-523.
    • (1994) Journal of Labor Economics , vol.12 , pp. 499-523
    • McLaughlin, K.J.1
  • 54
    • 55349089885 scopus 로고    scopus 로고
    • Compensation and Top Management Turnover
    • New York University
    • Mehran, H., and D. Yermack, 1999, "Compensation and Top Management Turnover," working paper, New York University.
    • (1999) Working Paper
    • Mehran, H.1    Yermack, D.2
  • 55
    • 0041412312 scopus 로고
    • Corporate Performance and Managerial Remuneration: An Empirical Analysis
    • Murphy, K. J., 1985, "Corporate Performance and Managerial Remuneration: An Empirical Analysis," Journal of Accounting and Economics, 7, 11-42.
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 11-42
    • Murphy, K.J.1
  • 56
    • 0001833861 scopus 로고
    • Incentives, Learning, and Compensation: A Theoretical and Empirical Investigation of Managerial Labor Contracts
    • Murphy, K. J., 1986, "Incentives, Learning, and Compensation: A Theoretical and Empirical Investigation of Managerial Labor Contracts," RAND Journal of Economics, 17, 59-76.
    • (1986) RAND Journal of Economics , vol.17 , pp. 59-76
    • Murphy, K.J.1
  • 57
    • 0000673016 scopus 로고
    • Managerial Incentives for Short-Term Results
    • Narayanan, M. P., 1985a, "Managerial Incentives for Short-Term Results," Journal of Finance, 40, 1469-1484.
    • (1985) Journal of Finance , vol.40 , pp. 1469-1484
    • Narayanan, M.P.1
  • 58
    • 0040007169 scopus 로고
    • Observability and the Payback Criterion
    • Narayanan, M. P., 1985b, "Observability and the Payback Criterion," Journal of Business, 58, 309-324.
    • (1985) Journal of Business , vol.58 , pp. 309-324
    • Narayanan, M.P.1
  • 59
    • 67349104231 scopus 로고    scopus 로고
    • Management Turnover and Succession Planning in Firms
    • Arizona State University
    • Naveen, L., 2000, "Management Turnover and Succession Planning in Firms," working paper, Arizona State University.
    • (2000) Working Paper
    • Naveen, L.1
  • 60
    • 0008529782 scopus 로고    scopus 로고
    • Why Do Firms Use Incentives that have no Incentive Effects?
    • Stanford University
    • Oyer, P., 2000, "Why do Firms Use Incentives that have no Incentive Effects?," working paper, Stanford University.
    • (2000) Working Paper
    • Oyer, P.1
  • 61
    • 0031280670 scopus 로고    scopus 로고
    • CEO Turnover and Outside Succession a Cross-Sectional Analysis
    • Parrino, R., 1997, "CEO Turnover and Outside Succession a Cross-Sectional Analysis," Journal of Financial Economics, 46, 165-197.
    • (1997) Journal of Financial Economics , vol.46 , pp. 165-197
    • Parrino, R.1
  • 62
    • 0008012492 scopus 로고    scopus 로고
    • The Governance of the New Enterprise
    • University of Chicago
    • Rajan, R., and L. Zingales, 2000, "The Governance of the New Enterprise," working paper, University of Chicago.
    • (2000) Working Paper
    • Rajan, R.1    Zingales, L.2
  • 63
    • 0002745670 scopus 로고
    • Regression Standard Errors in Clustered Samples
    • Rogers, W. H., 1993, "Regression Standard Errors in Clustered Samples," Stata Technical Bulletin, 13, 19-23.
    • (1993) Stata Technical Bulletin , vol.13 , pp. 19-23
    • Rogers, W.H.1
  • 64
    • 0000045786 scopus 로고
    • Authority, Control, and the Distribution of Earnings
    • Rosen, S., 1982, "Authority, Control, and the Distribution of Earnings," Bell Journal of Economics, 13, 311-323.
    • (1982) Bell Journal of Economics , vol.13 , pp. 311-323
    • Rosen, S.1
  • 65
    • 0001816476 scopus 로고
    • Contracts and the Market for Executives
    • L. Werin and H. Wijkander (eds.), Blackwell Publishers, Oxford
    • Rosen, S., 1992, "Contracts and the Market for Executives," in L. Werin and H. Wijkander (eds.), Contract Economics, Blackwell Publishers, Oxford.
    • (1992) Contract Economics
    • Rosen, S.1
  • 66
    • 0032367390 scopus 로고    scopus 로고
    • The Dependence of Pay-Performance Sensitivity on the Size of the Firm
    • Schaefer, S., 1998, "The Dependence of Pay-Performance Sensitivity on the Size of the Firm," Review of Economics and Statistics, 80, 436-443.
    • (1998) Review of Economics and Statistics , vol.80 , pp. 436-443
    • Schaefer, S.1
  • 68
    • 84977718051 scopus 로고
    • Stock and Compensation
    • Scholes, M., 1991, "Stock and Compensation," Journal of Finance, 46, 803-823.
    • (1991) Journal of Finance , vol.46 , pp. 803-823
    • Scholes, M.1
  • 69
    • 84960562707 scopus 로고
    • Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior
    • Stein, J., 1989, "Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior," Quarterly Journal of Economics, 104, 655-669.
    • (1989) Quarterly Journal of Economics , vol.104 , pp. 655-669
    • Stein, J.1
  • 72
    • 0039193026 scopus 로고    scopus 로고
    • In Search of New Foundations
    • Zingales, L., 2000, "In Search of New Foundations," Journal of Finance, 55, 1623-1654.
    • (2000) Journal of Finance , vol.55 , pp. 1623-1654
    • Zingales, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.