Educational networks, mutual fund voting patterns, and CEO compensation

Review of Financial Studies

Volumn 25, Issue 8, 2012, Pages 2533-2562

  Butler, Alexander W ^a   Gurun, Umit G ^b  

^a RICE UNIVERSITY   (United States)

^b UNIVERSITY OF TEXAS AT DALLAS   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84864426669     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhs067     Document Type: Review

References (27)

1. Aggarwal, R., and A. Samwick. 1999. The Other Side of the Trade-off: The Impact of Risk on Executive Compensation. Journal of Political Economy 107:65-105.
2. Almazan, A., J. C. Hartzell, and L. Starks. 2005. Active Institutional Shareholders and Cost of Monitoring: Evidence from Executive Compensation. Financial Management 34:5-34.
3. Amihud, Y. 2002. Illiquidity and Stock Returns: Cross-section and Time series Effects. Journal of Financial Markets 5:31-56.
4. Baker, G., M. Jensen, and K. Murphy. 1988. Compensation and Incentives: Practice vs. Theory. Journal of Finance 43:593-616.
5. Barnea, A., and I. Guedj. 2006. "But, Mom, All the Other Kids Have One!" CEO Compensation and Director Networks. SSRNWorking Paper, http://papers.ssrn.com/sol3/papers.cfm?abstract-id=908673.
6. Brick, I. E., O. Palmon, and J. K. Wald. 2006. CEO Compensation, Director Compensation, and Firm Performance: Evidence of Cronyism? Journal of Corporate Finance 12:403-23.
7. Cohen, L., A. Frazzini, and C. J. Malloy. 2008. The Small World of Investing: Board Connections and Mutual Fund Returns. Journal of Political Economy 116:951-79.
8. Core, J. E., and W. R. Guay. 2002. Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility. Journal of Accounting Research 40:613-30.
9. David, G. F., and E. H. Kim. 2007. Business Ties and Proxy Voting by Mutual Funds. Journal of Financial Economics 85:552-70.
10. Engelberg, J., P. Gao, and C. A. Parsons. 2010. The Value of a Rolodex: CEO Pay and Personal Networks. Working Paper, University of North Carolina.
11. Ertimur, Y., F. Ferri, and V. Muslu. 2011. Shareholder Activism and CEO Pay. Review of Financial Studies 24:535-92.
12. Fisman, R. 2001. Estimating the Value of Political Connections. American Economic Review 91:1095-1102.
13. Gaspar, J.M., andM.Massa. 2007. Local Ownership as Private Information: Evidence on the Monitoring-liquidity Trade-off. Journal of Financial Economics 83:751-92.
14. Gillan, S., and L. Starks. 2000. Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors. Journal of Financial Economics 57:275-305.
15. Hartzell, J. C., and L. T. Starks. 2003. Institutional Investors and Executive Compensation. Journal of Finance 58:2351-74.
16. Harvey, K. D., and R. E. Shrieves. 2001. Executive Compensation Structure and Corporate Governance Choices. Journal of Financial Research 24:495-512.
17. Hwang, B.-H., and S. Kim. 2009. It Pays to Have Friends. Journal of Financial Economics 93:138-58.
18. Karagiannidis, I. 2008. Manager Characteristics and Mutual Funds.Working Paper, Michigan State University.
19. Matvos, G., and M. Ostrovsky. 2008. Cross-ownership, Returns, and Voting in Mergers. Journal of Financial Economics 89:391-403.
20. Morgan, A., A. B. Poulsen, J. G. Wolf, and T. Yang. 2009. Mutual Funds as Monitors: Evidence from Mutual Fund Voting.Working Paper, University of Georgia.
21. Murphy,K. 1998. Executive Compensation. In O.Ashenfelter and D. Card (eds.), Handbook of Labor Economics, Vol. 3. New York: North Holland.
22. Muslu, V. 2008. Inside Board Membership, Pay Disclosures, and Incentive Compensation in Europe. Working Paper, University of Texas at Dallas.
23. Phelps, E. S. 1972. The Statistical Theory of Racism and Sexism. American Economic Review 62:659-61.
24. Rothberg, B., and S. Lilien. 2006. Mutual Funds and Proxy Voting: New Evidence on Corporate Governance. Journal of Business & Technology Law 1:157-84.
25. Sias, R., L. Starks, and S. Titman. 2006. Changes in Institutional Ownership and Stock Returns: Assessment and Methodology. Journal of Business 79:2869-2910.
26. Smith, C., and R.Watts. 1992. The Investment Opportunity Set and Corporate Financing, Dividend, and Financing Policies. Journal of Financial Economics 32:262-92.
27. Wermers, R. 2000. Mutual Fund Performance: An Empirical Decomposition into Stock picking Talent, Style, Transaction Costs, and Expenses. Journal of Finance 55:1655-95.