Efficient labor and capital markets: Evidence from CEO appointments

Financial Management

Volumn 32, Issue 2, 2003, Pages 27-52

  Ang, James ^a   Lauterbach, Beni ^b   Vu, Joseph ^c  

^a FLORIDA STATE UNIVERSITY   (United States)

^b BAR ILAN UNIVERSITY   (Israel)

^c NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 28644450619     PISSN: 00463892     EISSN: None     Source Type: Journal    
DOI: 10.2307/3666335     Document Type: Article

References (30)

1. Ang, J., B. Lauterbach, and B. Schreiber, 2002, "Pay at the Executive Suite: How do US Banks Compensate Their Top Management Teams?" Journal of Banking and Finance 26, 1143-1163.
2. Berger, P., E. Ofek, and D. Yermack, 1997, "Managerial Entrenchment and Capital Structure Decisions," Journal of Finance 52, 1411-1438.
3. Carpenter, M., 2000, "The Price of Change: The Role of CEO Compensation in Strategic Variation and Deviation from Industry Strategy Norms," Journal of Management 26, 1179-1198.
4. Core, J., W. Guay, and R. Verrecchia, 2000, "Are Performance Measures Other Than Price Important to CEO Incentives?" University of Pennsylvania, Wharton School Working Paper.
5. Demsetz, H. and K. Lehn, 1985, "The Structure of Corporate Ownership: Cases and Consequences," Journal of Political Economy 93, 1155-1177.
6. Denis, D. and D. Denis, 1995, "Performance Changes Following Top Management Dismissals." Journal of Finance 50, 1029-1057.
7. Fee, E. and C. Hadlock, 2003, "Raids, Rewards, and Reputation in the Market for CEO Talent," Review of Financial Studies (Forthcoming).
8. Fluck, Z., 2002, "Contingent Control Rights and Managerial Incentives: The Design of Long-Term Debt," Michigan State University Working Paper.
9. Gamson, W. and N. Scotch, 1964, "Scapegoating in Baseball," American Journal of Sociology 70, 69-72.
10. Grossman, S. and J. Stiglitz, 1980, "On the Impossibility of Informationally Efficient Markets," American Economic Review 70, 393-408.
11. Grusky, O., 1963, "Managerial Succession and Organizational Effectiveness "American Journal of Sociology 69, 21-30.
12. Hall, B. and J. Liebman, 1998, "Are CEOs Really Paid Like Bureaucrats?" Quarterly Journal of Economics 113, 653-691.
13. Hayes, R. and S. Schaefer, 2000, "Implicit Contracts and the Explanatory Power of Top Executive Compensation for Future Performance," Rand Journal of Economics 31, 273-293.
14. Himmelberg, C. and G. Hubbard, 2001, "Incentive Pay and the Market for CEOs: An Analysis of Pay-for-Performance Sensitivity," Columbia University Working Paper.
15. Himmelberg, C., C. Hubbard, and D. Palia, 1999, "Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance," Journal of Financial Economics 53, 353-384.
16. Hubbard, G. and D. Palia, 1995, "Executive Pay and Performance: Evidence from the US Banking Industry," Journal of Financial Economics 39, 105-130.
17. Jensen, M. and K. Murphy, 1990, "Performance Pay and Top Management Incentives," Journal of Political Economy 98, 225-264.
18. Kesner, I. and T. Sebora, 1994, "Executive Succession: Present & Future," Journal of Management 20, 327-372.
19. Khurana, R., 2002, "Market Triads: A Theoretical and Empirical Analysis of Market Intermediation," Journal for the Theory of Social Behavior 32, 239-262.
20. Liberson, S. and J. O'Connor, 1972, "Leadership and Organizational Performance: A Review of Large Corporations," American Sociological Review 37, 117-130.
21. Long, M., 1992, "The Incentives Behind the Adoption of Executive Stock Option Plans in US Corporations," Financial Management 21, 12-21.
22. McConaughy, O. and C. Mishra, 1996, "Debt, Performance-Based Incentives, and Firm Performance," Financial Management 25, 37-51.
23. Meulbroek, L., 2001, "The Efficiency of Equity-Linked Compensation: Understanding the Full Cost of Awarding Executive Stock Options," Financial Management (Summer), 5-44.
24. Murphy, K., 1999, "Executive Compensation," in O. Ashenfelter and D. Card, eds., Handbook of Labor Economics, Vol. 3B., Amsterdam, North-Holland, 2485-2563.
25. Palia, D., 2000, "The Impact of Regulation on CEO Labor Markets," Rand Journal of Economics 31, 165-179.
26. Palia, D., 2001, "The Endogeneity of Management Compensation in Firm Valuation: A Solution," Review of Financial Studies 14, 735-764.
27. Palia, D. and A. Ravid, 2002, "The Role of Founders in Large Companies: Entrenchment or Valuable Human Capital?" Working paper, Rutgers University.
28. Reinganum, M., 1985, "The Effect of Executive Succession on Stockholder Wealth," Administrative Science Quarterly 30, 46-60.
29. Tosi, H., S. Werner, J. Katz, and L. Gomez-Mejia, 2000, "How Much Does Performance Matter: A Meta-Analysis of CEO Pay Studies," Journal of Management 26, 301-339.
30. Warner, J., R. Watts, and K. Wruck, 1988, "Stock Prices and Top Management Changes," Journal of Financial Economics 20, 461-492.