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Dual Ownership and Risk-taking Incentives in Managerial Compensation

主讲人: Tao Chen
主讲人简介:
主持人: Xiaoran Huang
简介:

This paper studies how managerial compensation is shaped by the risk preference of shareholders. Firms with a large ownership held by dual holders, institutional investors that simultaneously hold equity and bonds of the company, choose a less risk-inducing compensation structure. Exploiting financial institution mergers that create dual holders for portfolio companies, we identify a causal link between dual ownership and CEO compensation policies. Mutual fund proxy voting data suggest that shareholder voting is an important channel for dual holders to implement less convex contracts.

时间: 2021-11-16(Tuesday)16:40-18:00
地点: The seminar will be held online
讲座语言: English
期数:
主办单位: 厦门大学经济学院、王亚南经济研究院
承办单位: 厦门大学经济学院、王亚南经济研究院
类型:
系列讲座
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