Managerial Risk-Taking and CEO Excess Compensation

This paper examines risk taking and CEO excess compensation problems in U.S firms to determine their impact on shareholders wealth. Literature suggests a positive effect of CEO incentive risk and strong corporate governance on CEO risk taking. Furthermore, the strong governance mitigates excess compensation problem. Controlling for governance quality and incentive risk, I provide empirical evidence of a significant association between risk taking and CEO excess compensation. When I also control for pay-performance sensitivity (delta) and feedback effects of incentive compensation on CEO risk taking, I find that higher use of incentive pay encourages risk taking, and due to a high exposure to risk CEOs draws excess compensation. Furthermore, I find that the excess compensation problem is more serious with CEOs taking high risk than with those taking low risk. Finally, I find that CEO risk taking also has structural impacts on CEO compensation

Fair of Nations (1906)

Official program "Fair of Nations" for the benefit of the Niagara Falls General Hospital.

Effect of executive compensation on firm performance

The paper finds evidence that the equity-based CEO pay is positively related to firm performance and risk-taking. Both stock price and operating performance as well as firm's riskiness increase in the pay-performance sensitivities (PPS) provided by CEO stock options and stock holdings. PPS can explain stock returns better as an additional factor to the Fama-French 3-factor model. When CEOs are compensated with higher PPS, firms experience higher return on asset (ROA). The higher PPS also leads to the higher risk-taking. While CEO incentive compensation has been perceived mixed on its effectiveness, this study provides support to the equity-based CEO compensation in reducing agency conflicts between CEOs and shareholders.

Fair Copyright for Canada: Lessons for Online Social Movements from the First Canadian Facebook Uprising

Despite their growing importance, the political effectiveness of social media remains understudied. Drawing on and updating resource mobilization theory and political process theory, this article considers how social media make “political engagement more probable,” and the determinants of success for online social movements. It does so by examining the mainstreaming of the Canadian “user rights” copyright movement, focusing on the Fair Copyright for Canada Facebook page, created in December 2007. This decentralized, grassroots, social media-focused action – the first successful campaign of its kind in Canada and one of the first in the world – changed the terms of the Canadian copyright debate and legitimized Canadian user rights. As this case demonstrates, social media have changed the type and amount of resources needed to create and sustain social movements, creating openings for new groups and interests. Their success, however, remains dependent on the political context within which they operate.

Firms Performance and CEO Compensation in Canada.

Rapport de recherche

Fair Production and Allocation of an Excludable Nonrival Good

We study fairness in economies with one private good and one partially excludable nonrival good. A social ordering function determines for each profile of preferences an ordering of all conceivable allocations. We propose the following Free Lunch Aversion condition: if the private good contributions of two agents consuming the same quantity of the nonrival good have opposite signs, reducing that gap improves social welfare. This condition, combined with the more standard requirements of Unanimous Indifference and Responsiveness, delivers a form of welfare egalitarianism in which an agent's welfare at an allocation is measured by the quantity of the nonrival good that, consumed at no cost, would leave her indifferent to the bundle she is assigned.

Fair Allocation of Production Externalities: Recent Results

We survey recent axiomatic results in the theory of cost-sharing. In this litterature, a method computes the individual cost shares assigned to the users of a facility for any profile of demands and any monotonic cost function. We discuss two theories taking radically different views of the asymmetries of the cost function. In the full responsibility theory, each agent is accountable for the part of the costs that can be unambiguously separated and attributed to her own demand. In the partial responsibility theory, the asymmetries of the cost function have no bearing on individual cost shares, only the differences in demand levels matter. We describe several invariance and monotonicity properties that reflect both normative and strategic concerns. We uncover a number of logical trade-offs between our axioms, and derive axiomatic characterizations of a handful of intuitive methods: in the full responsibility approach, the Shapley-Shubik, Aumann-Shapley, and subsidyfree serial methods, and in the partial responsibility approach, the cross-subsidizing serial method and the family of quasi-proportional methods.

El día de San Valentín, o La linda doncella de Perth : Saint Valentine's Day or the fair maid of Perth

UANL

The fair god or, the last of the tzins a tale of the conquest of México

UANL

Paying for Higher Education: Are Top-Up Fees Fair?

This paper considers four institutional models for funding higher education in the light of principles of fairness and meritocracy, with particular reference to the debate in the UK over ‘top-up fees’. It concludes that, under certain plausible but unproven assumptions, the model the UK government has adopted is fairer and more meritocratic than alternatives, including, surprisingly, the Graduate Tax.

Les pratiques d'attraction et de rétention de la génération Y dans les PME

Les dirigeants-propriétaires des petites et moyennes entreprises (PME) sont de plus en plus intéressés par la gestion des ressources humaines (GRH); certains y voient un avantage concurrentiel face à la pénurie de main-d’œuvre actuelle. Considérant que la compatibilité entre les caractéristiques des travailleurs et celles de l’organisation peut générer des résultats positifs (Kristof-Brown et Guay, 2011), notre étude s’intéresse aux pratiques de GRH associées aux valeurs au travail de la génération Y ainsi que leur effet sur la capacité des PME à attirer et retenir cette cohorte. Cette étude qualitative s’est réalisée grâce à des données primaires colligées à la suite d’entrevues avec des dirigeants de quatre PME du secteur de la construction et seize employés appartenant à la génération Y œuvrant au sein de ces entreprises. Par nos résultats, nous avons relevé que la qualité des relations, autant avec les collègues que les superviseurs, demeure généralement la principale source d’attraction et de rétention des Y dans les PME. Nos résultats soutiennent aussi que leur attraction et rétention peut être très fortement favorisée grâce à des pratiques de communication bidirectionnelle et illimitée, une communication stratégique et une liberté dans la gestion du temps et des méthodes de travail. La conciliation travail et vie personnelle, les défis variés, les possibilités d’avancement, la gestion des ressources humaines socialement responsable, la reconnaissance des compétences ainsi que la gestion participative sont aussi des pratiques pouvant être fortement liées à l’attraction et la rétention de cette génération. Nos résultats montrent aussi que l’attraction et la rétention des Y dans les PME sont modérément favorisées par le travail d’équipe, les conditions de travail équitables et objectives et la rémunération globale concurrentielle. À l’inverse, la présence de technologies de l’information et des communications et la formation continue sont des sources plus faibles d’attraction et de rétention en comparaison aux autres pratiques abordées dans cette étude. En somme, cette étude contribue à la littérature sur la GRH dans les PME, puisque les spécificités relatives à ces entreprises ont été peu considérées jusqu’à aujourd’hui. Elle permet aussi la recommandation de pratiques utiles aux dirigeants-propriétaires et professionnels en ressources humaines œuvrant avec le défi d’attraction et de rétention de la génération Y au sein de leur entreprise.