讲座:How to Avoid Compensating CEO for Luck: the Case of Macroeconomic Fluctuations

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题目:How to Avoid Compensating CEO for Luck: the Case of Macroeconomic Fluctuations

演讲者:Dr. Zhang, Jian-Hua

时间:2010519日(周三)下午14:00-15:30

地点:法华校区安泰楼104

演讲者简介:

瑞典哥德堡大学经济和商法学院金融研究中心高级讲师。1999年于瑞典哥德堡大学获得经济学博士学位,研究兴趣集中在新兴市场金融问题。目前主要讲授公司金融、组合投资、高级衍生产品等课程。

内容简介:

Incentive effects of performance-based compensation schemes for management may be weakened or biased by macroeconomic influences on remuneration. These influences can be seen as reflecting luck from the CEO’s perspective. In this chapter we present a model for how to avoid compensating CEO for luck by filtering out the macroeconomic, Industry and firm-specific factors on the compensations (salary, bonus, options, and pensions) of CEOs in 127 Swedish corporations during the period 2001-2007. We find macroeconomic influences on Swedish CEOs’ compensation to be substantial. Distinguishing between favorable and unfavorable macroeconomic developments, we find compensation to be more responsive to favorable than to unfavorable developments in macroeconomic variables.

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