CEO Compensation, Compensation Risk, and Corporate Governance: Evidence from Technology Firms

Literature suggests that CEOs of technology firms earn higher pay than CEOs of non-technology firms. I investigate whether compensation risk explains the difference in compensation between technology firms and non-technology firms. Controlling for firm size and performance, I find that CEOs in technology firms have higher pay, but also have much higher compensation risk compared to non-technology firms. Compensation risk explains the major part of the difference in CEO pay. My study is consistent with the labor market economics view that CEOs earn competitive risk-adjusted total compensation.

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

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.

Firms Performance and CEO Compensation in Canada.

Rapport de recherche

Dynamique cérébrale et réserve cognitive en situation d’attention sélective dans le vieillissement normal et les troubles de la cognition : approche neurofonctionnelle

Réalisée en cotutelle avec l'Unité de Formation à la Recherche Lettres Arts et Sciences Humaines - Université Nice-Sophia Antipolis.

Understanding Economic Cycle Effects on Top Executive Compensation: An Analysis Applied to American NYSE Listed Companies.

Rapport de recherche présenté à la Faculté des arts et des sciences en vue de l'obtention du grade de Maîtrise en sciences économiques.

Compensation to Workmen for Industrial Injuries

This thesis Entitled compensation to workmen for industrial injuries.Evaluation of the different forms of liability for compensating industrial injuries makes it evident that the liability under the social insurance scheme is the most befitting one, as it eliminates the problem of evasion of liability by the employer by providing for sharing of liability. Liability for compensation under the workmen's Compensation Act, 1923 and the Employees' State Insurance Act, 1948 arises only in the case of accidents, arising in the course of and out of employment. Majority of the workers, covered by the workmen's Compensation Act, have supported lumpsum payment of compensation under the Act. It appears that workers are ignorant of the cemerits of lumpsum payment. So, the workers should be properly educated by the Inspectorate, proposed above, about the comparative advantages of periodical payments. It is suggested that the workmens Compensation Act, 1923 may be amended, imposing fee upon the parties for each adjournment. It is also suggested that provision may be made in the workmens Compensation Act, 1923 for the expeditious despatch of amendments of the Workmen's Compensation Act, 1923, the Workmens· Compensation Rules, 1924 and the Schedules, made from time to time, to the comrnissioners for workmens Compensation, This will help them mete out justice to an injured workman, as required by the changes in the law. The Employees' State Insurance Act, 1948 and the Rules may be amended, requiring the employers to provide the employees with necessary information, in the vernacular language, about the employment injury benefits available under the Employees' State Insurance Act, 1948 and the formalities for obtaining the same. This will help the illiterate employees, especially the casual ones, avail of employment injury benefits. Changes in the law, on the lines suggested above, are imperative to make the system of compensation for industrial injuries prove effective and beneficial to injured workmen.

Les diverses formes pour la compensation dans la protection juridique de l’environnement: un défi pour l’épistémologie juridique

La compensation est un outil d’adaptation entre différents intérêts. Par rapport à l’environnement, il existe une diversité de formes qui appliquent de façon différente l’une de l’autre, la technique de la compensation. Autrement dit, des situations juridiques différentes appliquent la compensation comme une façon de régler un enjeu: on peut la trouver dans la forme d’indemnisation, comme dans de cas de la Fonderie du Trail et la Commission de Compensation des Nations Unies; de réglementation d’un dommage futur, étant une compensation ex ante facto, comme dans le cas de la Convention de Ramsar; et par des voies juridiques qui incitent le comportement privé à travers l’usage de certains outils de marché, comme les Mécanismes de Dèveloppement Propre, ou dans le domaine du droit national, la compensation de la biodiversité française, la «mitigation banking» américaine, la «Servidão Ambiental» Brésilienne, et l’écocompensation chinoise, entre autres. Le défi épistémologique se présente dans la diversité de sources, ainsi que d’acteurs et de domaines d’action dans le cadre juridique environnemental, en y exigeant un élargissement de la vision du droit étatique. Il s’agit aussi d’intégrer une interprétation systémique pour le rapport entre les systèmes juridiques, écologiques et économiques concernés. Il est possible d’utiliser quelques outils comme le pluralisme juridique, la théorie des systèmes et l’analyse économique du droit de l’environnement. Les concepts de corégulation et autorégulation peuvent aussi aider dans cet élargissement. D’ailleurs, des limites sont nécessaires pour l’équilibre entre la mise en oeuvre des intérêts écologiques et économiques. Ces limites sont données par le droit, par l’interprétation systémique, par l’État et par un renforcement de la responsabilité des entités privées. L’analyse presente d’abord les caractéristiques de la compensation dans des instruments économiques et juridiques. Ensuite, il est vérifié comment le pluralisme juridique, l’interprétation systémique, l’analyse économique et les concepts de corégulation et autorégulation peuvent-ils être utiles pour le regard épistémologique de la compensation, ainsi que pour son étude juridique.

The slave trade : should Britain pay compensation for the slave trade?

Estudia el comercio de esclavos, a través de barcos británicos, entre África y América en el siglo XVIII y el movimiento abolicionista como uno de los primeros movimientos modernos de protesta.Para ello utiliza los relatos de primera mano de personajes de la serie de televisión Raíces y fuentes históricas. Se adapta a la etapa clave 3 (key stage 3) de secundaria para historia del programa nacional de estudios.

Speech intelligibility in noise-induced hearing loss: effects of high-frequency compensation

This dissertation examines the frequency response that results in the maximum level of speech intelligibility for persons with noise-induced hearing loss.