All required readings, and information on assessments can be found on the subject web page (See Moodle below). Students are strongly advised to log into the subject web page at least once a week. Additional readings: Additional academic reference papers will be listed on Moodle. They are available in full-text format (pdf files) from the library. The easiest way to find them is to (1) SSRN.com or (2) the faculty member’s personal or university webpage.
Course Outline – required and recommended readings
* Denotes required readings
** Denotes required literature surveys
Background Reading Prior to First Class
*Shleifer, A. and W. Vishny, 1997, A Survey of Corporate Governance, Journal of Finance 52, 737-783.
Becht, M., P. Bolton and A. Roell, 2003, Corporate Governance and Control in The Handbook of the Economics of Finance, Volume 1A, Corporate Finance (eds.) G. Constantinides, M. Harris and R. Stultz, North-Holland.
*Cochrane, J., 2014, Writing Tips for PhD Students, University of Chicago note.
McCloskey, D., 1985, Economical Writing, Economic Inquiry 24, 187-222.
Research Strategies & Corporate Finance Paradigms
*Jensen, M. and W. Meckling, 1976, Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, Journal of Financial Economics 3(4): 305-60.
Hellwig, M., 2009, A Reconsideration of the Jensen-Meckling Model of Outside Finance, Journal of Financial Intermediation 18, 495-525.
Fama, E. 1980. Agency Problems and the Theory of the Firm, Journal of Political Economy 88(2): 288-307.
*Fama, E., and M. Jensen, 1983, Separation of Ownership and Control, Journal of Law and Economics 26, 301-325.
*Jensen, M., 1986, Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review 323-329.
Klein, B. and K. Leffler, 1981, The Role of Market Forces in Assuring Contractual Performance, Journal of Political Economy 89:4, 615- .
Methodological Approaches in Corp. Governance I – Endogeneity & Natural Experiments
*Athey, S. and G. Imbens, 2017, The State of Applied Econometrics: Causality and Policy Evaluation, Journal of Economic Perspectives 31(2), 3-32.
*Atanasov, V. and B. Black, 2016, Shock-Based Causal Inference in Corporate Finance and Accounting Research, Critical Finance Review, 5: 207–304
Atanasov, V. and B. Black, 2017, The Trouble with Instruments: Re-examining Shock-based IV Design, SSRN working paper.
*Karpoff, J. and M. Wittry, 2017, Institutional & Legal Context in Natural Experiments: The Case of State Anti-Takeover Laws, Journal of Finance, forthcoming.
*Roberts, M. and T. Whited, 2013, Endogeneity in Empirical Corporate Finance, Handbook of the Economics of Finance (PA), 493-572.
Li, K. and N. Prabhala, 2006, Self-Selection Models in Corporate Finance, Chapter 2 in Handbook of Corporate Finance: Empirical Corporate Finance (Elsevier/North Holland) B. Espen Eckbo, editor.
*Handout on Corporate Governance Data Sources
Methodological Approaches in Corp. Governance II – Matching Methods & DID
*Roberts, M. and T. Whited, 2013, Endogeneity in Empirical Corporate Finance, Handbook of the Economics of Finance (PA), 493-572.
*Bertrand, M. and S. Mullainathan, 2003, Enjoying the Quiet Life? Corporate Governance and Managerial Preferences, Journal of Political Economy 111, 1043-1075.
Bertrand, M. and E. Duflo and S. Mullainathan, 2004, How Much Should We Trust Differences–in-Differences Estimates? Quarterly Journal of Economics 119, 249-275.
*Gormley, T. and D. Matsa, 2014, Common Errors: How to (and Not to) Control for Unobservable Heterogeneity, Review of Financial Studies 27(2).
*Petersen, M., 2009, Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches, Review of Financial Studies 22(1), 434-480.
*Chaney, T., D. Sraer and D. Thesmar, 2012, The Collateral Channel: How Real Estate Shocks Affect Corporate Investment, American Economic Review 102, 2381-2409.
Karpoff, J., A. Koester, D.S. Lee and G. Martin, 2017, Proxies and Databases in Financial Misconduct Research, The Accounting Review, forthcoming.
Methodological Approaches in Corporate Governance III – DDR
*Roberts, M. and T. Whited, 2013, Endogeneity in Empirical Corporate Finance, Handbook of the Economics of Finance (PA), 493-572 (sections on Matching and DDR).
Bakke, T. and T. Whited, 2012, Threshold Events and Identification: A Study of Cash Shortfalls, Journal of Finance 67(3), 1083–1111.
*Colak, G. and T. Whited, 2007, Spin-offs, Divestitures and Conglomerate Investment, Review of Financial Studies 20, 557-595.
Bena, J. and T. Xu, 2013, Competition and Ownership Structures of Closely-Held Firms, Review of Financial Studies 30(5), 1583-1626.
*Cunat, V., M. Guadalupe and M. Gine, 2012, The Vote Is Cast: The Effect of Corporate Governance on Shareholder Value, Journal of Finance 67(5), 1943-1977.
Chang, Y., H. Hong, E. Liskovich, 2015, Regression Discontinuity and the Price Effects of Stock Market Indexing, Review of Financial Studies 28(1), 213-246.
Chemmanur, T. and X. Tian, 2017, Do Antitakeover Provisions Spur Corporate Innovation? A Regression Discontinuity Analysis, Journal of Financial and Quantitative Analysis, forthcoming.
*Crane, A., S. Michenaud and J. Weston, 2016, The Effect of Institutional Ownership on Payout Policy: A Regression Discontinuity Design Approach, Review of Financial Studies 29 (6), 1377-1408.
Kwan, A., R. Masulis and T. McInish, 2015, Trading Rules, Competition for Order Flow and Market Fragmentation, Journal of Financial Economics 115, 330-48.
Corporate Decisions & Boards of Directors
**Hermalin, Benjamin E., and Michael S. Weisbach, 2003. Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature, Federal Reserve Bank of New York Economic Policy Review 9(1): 7–26.
Adams, R., B. Hermalen and M. Weisbach, 2010, The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey, Journal of Economic Literature 48:1, 58-107.
Adams, Renee, 2017, Boards and the Directors Who Sit on Them, in The Handbook of the Economics of Corporate Governance, coedited with B. Hermalin and M. Weisbach, 2017, Elsevier Publishers.
Masulis, R., C. Wang, and F. Xie and S. Zhang, January 2017, Older and Wiser or Too Old to Govern? UNSW working paper.
Knyazeva, A., D. Knyazeva and R. Masulis, 2013, The Supply of Corporate Directors and Board Independence, Review of Financial Studies 26: 1561-1605.
Guo, L. and R. Masulis, 2015, Board Structure and Monitoring: New Evidence from CEO Turnovers, Review of Financial Studies 28 (10), 2770-2811.
Liu, C.Y., A. Low, R. Masulis and L. Zhang, July 2019, Monitoring the Monitor: Distracted Institutional Investors and Board Governance, SSRN working paper.
Masulis, R. and E. J. Zhang, July 2017, How Valuable Are Independent Directors? Evidence from External Distractions, UNSW working paper.
Masulis, R. and S. Mobbs, February 2018, Independent Director Reputation Incentives: CEO Compensation Contracting and Financial Reporting, UNSW working paper.
Masulis, R. and S. Reza, 2015, Agency Problems of Corporate Philanthropy, Review of Financial Studies, 28:2, 592-636.
Masulis, R. and S. Reza, January 2018, Private Benefits and Corporate Investments: The Case of Corporate Philanthropy, SSRN working paper.
Masulis, R. and S. Mobbs, 2014, Independent Director Incentives: Where Do Talented Directors Spend their Time and Energy? Journal of Financial Economics 111, 406-429.
Masulis, R., C. Wang and F. Xie, 2012, Globalizing the Boardroom - The Effects of Foreign Directors on Corporate Governance and Firm Performance, Journal of Accounting and Economics 53:3, 527-554.
Banerjee, S. and R. Masulis, January 2018, Ownership, Investment and Governance: The Costs and Beneﬁts of Dual Class Shares, UNSW working paper.
Banerjee, S., R. Masulis and A. Upadhyay, February 2018, Mitigating Effects of Gender Diverse Board in Companies with Aggressive Management, UNSW working paper.
*Coles, J., N. Daniel, and L. Naveen, 2008, Boards: Does One Size Fit All? Journal of Financial Economics 87, 329-356.
Masulis, R., S. Shen, and Z. Hong, July 2019, Personal Liability and Board Quality, HKU working paper.
*Hwang, B. and S. Kim, 2009, It Pays to Have Friends, Journal of Financial Economics 93, 138-158.
*Duchin, R., J. Matsusaka and O. Ozbas, 2010, When Are Outside Directors Effective? Journal of Financial Economics 96, 195-214.
*Coles, J., N. Daniel, and L. Naveen, 2014, Co-opted Boards, Review of Financial Studies 27(6), 1751-1796.
Armstrong, C., J. Core and W. Guay, 2014, Do Independent Directors Cause Improvements in Firm Transparency, Journal of Financial Economics 113, 383-403.
Adams, R., A. Akyol and P. Verwijmeren, 2018, Director Skill Sets, Journal of Financial Economics, forthcoming.
*Aggarwal, R., S. Dahiya and N. Prabhala, 2018, The Power of Shareholder Votes: Evidence from Director Elections, Journal of Financial Economics, forthcoming.
*Andonov, A., Y. Hochberg, and J. Rauh, 2017, Political Representation and Governance: Evidence from the Investment Decisions of Public Pension Funds, Rock Center for Corporate Governance at Stanford University Working Paper No. 226.
Appel, I., T. Gormley and D. Keim, 2016, Passive Investors, Not Passive Owners, Journal of Financial Economics, 121(1), 111-141
Armstrong, C., J. Core, and W. Guay, 2014. Do independent directors cause improvements in firm transparency?, Journal of Financial Economics 113, 383-403.
*Balsmeier, B., L. Fleming and G. Manso, 2017, Independent Boards and Innovation, Journal of Financial Economics 123, 536-557.
Bates, T., D. Becher and J. Wilson, May 2017, Performance-Based Turnover on Corporate Boards, ASU Working Paper.
Belot, F., E. Ginglinger, M. Slovin and M. Suishka, 2014, Freedom of Choice between Unitary and Two-Tier Boards; An Empirical Analysis, Journal of Financial Economics 112, 364-385.
Borokhovich, K., T. Boulton, K. Brunarski and Y. Harman, October 2014, The Incentives of Grey Directors: Evidence from Unexpected Executive and Board Chair Turnovers, Journal of Corporate Finance 28, 102-115.
Bouwman, C., 2011, Corporate Governance Propagation through Overlapping Directors, Review of Financial Studies 24:7, 2358-2394.
Brochet, F. and S. Srinivasan, 2014, Accountability of Independent Directors, Evidence from Firms Subject to Securities Litigation, Journal of Financial Economics 111, 430-449.
Burt, A., and C. Hrdlicka, 2017. Return Predictability Through Board Links, SSRN Working Paper.
*Cai, J., T. Nguyen, and R. Walkling, 2017, Director Appointments–It Is Who You Know, Drexel U. Working Paper.
Campello, M., D. Ferres, G. Ormazabal, 2017, Whistleblowers on the Board? The Role of Independent Directors in Cartel Prosecutions, SSRN working paper.
Celikyurt, U., M. Sevilir and A. Shivdasani, 2014, Venture Capitalists on Boards of Mature Public Firms, Review of Financial Studies 27(1), 56-101.
*Chen, K. and W. Guay, 2017, Busy Directors and Shareholder Satisfaction, SSRN Working paper.
Chen, M. and H. Mas, 2017, Lead Directors, Monitoring and Forced CEO Turnover, Georgia State working paper.
Chen, M., Q. Wu and E. Zhivotova, 2017, Director Reputation and Settling-Up. Evidence from Internal and External Labor Markets, Georgia State working paper.
Cohen, A. and C. Wang, 2013, How Doe Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment, Journal of Financial Economics 110, 627-641.
Coles, J., N. Daniel and L. Naveen, 2014, Board Advising, Arizona State working paper.
Cornelli, F., Z. Kominek, and A. Ljungqvist, 2013, Monitoring Managers: Does it Matter?, Journal of Finance, 68 (2), 431-481.
Cremers, K., L. Litov and S. Sepe, March 2016, Staggered Boards and Firm Value, Revisited, University of Notre Dame working paper.
Dass, N., O. Kini, V. Nanda, B. Onal and J. Wang, 2014, Board Expertise: Do Directors from Related Industries Help Bridge the Information Gap? Review of Financial Studies 27(5), 1533-1592.
Denis, D., D. Denis and M. Walker, 2015, CEO Assessment and the Structure of Newly Formed Boards, Review of Financial Studies 28, 3338-3366.
Eckbo, E., K. Nygaard and K. Thorburn, 2016, Does Gender-Balancing the Board Reduce Firm Value?, Dartmouth Working Paper.
Fahlenbrach, R., A. Low and R. Stulz, 2010, Why Do Firms Appoint CEOs as Outside Directors?, Journal of Financial Economics 97, 12-32.
Fahlenbrach, R., A. Low and R. Stulz, 2017, Do Independent Director Departures Predict Future Bad Events? Review of Financial Studies 30 (7), 2313-2358.
Falato, A., D. Kadyrzhanova and U. Lel, 2014, Distracted Directors: Does Board Busyness Hurt Shareholder Value?, Journal of Financial Economics 113(3), 404-426.
*Fauver, L., M. Hung, X. Li and A. Taboada, 2017, Board Reforms and Firm Value: Worldwide Evidence, Journal of Financial Economics 125, 120-142.
Ferreira, D., M. Ferreira and B. Mariano, 2017, Creditor Control Rights and Board Independence, Journal of Finance forthcoming.
Fisman, R., R. Khurana and M. Rhodes-Kropf, 2014, Governance and CEO Turnover: Do Something or Do the Right Thing? Management Science 60 (2), 319-337.
*Field, L. and A. Mkrtchyan, 2017, The Effect of Director Experience on Acquisition Performance, Journal of Financial Economics 123, 488-511.
*Field, L. and M. Lowry, 2017, Contrasts in Governance: Newly Public Firms Versus Mature Firms, SSRN Working Paper.
Fogel, K., L. Ma and R. Morck, January 2015, Powerful Independent Directors, NBER Working Paper No. 19809.
Fos, V., 2016, The disciplinary effects of proxy contests. Management Science, 63(3), 655-671.
Fos, V., K. Li, K and M. Tsoutsoura, 2017, Do Director Elections Matter? Review of Financial Studies, forthcoming.
Fracassi, C. and G. Tate, 2012, External Networking and Internal Firm Governance, Journal of Finance 67, 153-194.
Francis, B., I. Hasan and Q. Wu, 2015, Professors in the Boardroom and their Impact on Corporate Governance and Firm Value, Financial Management 44(3), 547-581.
Houston, J., J. Lee and H. Shan, 2017, In search of board independence: Former employees, shades of gray and director classification, 2017 FIRS conference working paper.
Huang, Q., F. Jiang, E. Lie, K. Yang, 2014, The role of investment banker directors in M&A, Journal of Financial Economics 112, 269-286.
Giannetti, M., G. Liao and X. Yu, 2015, The Brain Gain of Corporate Boards: Evidence from China, Journal of Finance 70(4), 1629-1682.
Intintoli, V., K. Kahle and W. Zhao, January 2017, Is Good Advice Hard to Find? The Impact of Director Connectedness on Financing and Investment, U of Arizona Working Paper.
Jiang, W., H. Wan and S. Zhao, 2016, Reputation Concerns of independent Directors: Evidence from Individual Director Voting, Review of Financial Studies, 29 (3) 655-696.
Karpoff, J. and M. Wittry, February 2017, Institutional and Legal Context in Natural Experiments: The Case of State Antitakeover Laws, University of Washington Working Paper.
*Khanna, E. H. Kim and Y. Lu, 2015, CEO Connectedness and Corporate Fraud, Journal of Finance 70(3), 1203-1252.
Kim, E. Han and Yao Lu, October 2015, Are Executive Suite Independence and Board Independence Interrelated? University of Michigan Working Paper.
Kim, S. and S. Oh, 2017, Board Diversity and Director Dissent in Corporate Boards, Working Paper.
Lamoreaux, P., L. Litov and L. Mauler, 2015, Lead Independent Directors: Good Governance or Window Dressing?, SSRN working paper.
Lee, J., K. Lee and J. Nagaragan, 2014, Birds of a Feather: Value Implications of Political Alignment between Top Management and Directors, Journal of Financial Economics 112, 232-250.
Levit, D. and N. Malenko, 2016, The Labor Market for Directors and Externalities in Corporate Governance, Journal of Finance 71(2), 775-808.
Li, F. and S. Srinivasan, 2011, Corporate governance when founders are directors, Journal of Financial Economics 102, 454-469.
Li, H., H. Ryan, L. Wang and B. Yang, 2013, Family Firms and Boards of Directors: Evidence from Board Tenure, Georgia State working paper.
Lie, E. and K.D. Yang, 2016. Board Independence, Corporate Spending, and Cash Holdings, Working Paper.
Lin, C., M. Officer, R. Wang and H. Zou, 2013, Directors' and Officers' Liability Insurance and Loan Spreads, Journal of Financial Economics 110 (1), 37–60.
Lin, C., T. Schmid and Y. Sun, 2017, Conflict or collusion? How employees in the boardroom affect executive compensation, 2017 FIRS conference working paper.
Lu, J. and W. Wang, 2017. Managerial Conservatism, Board Independence, and Corporate Innovation, Working Paper.
Malm, J. and S. Mobbs, 2016, Independent Directors and Corporate Litigation, University of Alabama Working Paper.
Muravyer, A., I. Berezinets and Y. Ilina, July 2014, The Structure of Corporate Boards and Private Benefits of Control: Evidence from the Russian Stock Exchange, International Review of Financial Analysis 34, 247-261.
Nguyen, B.D. and K. Nielsen, 2010, The Value of Independent Directors: Evidence from Sudden Deaths, Journal of Financial Economics 98, 550–567.
Ravina, E. and P. Sapienza, 2010, What Do Independent Directors Know? Evidence from Their Trading, Review of Financial Studies 23(3), 962-1003.
Re-Jin, J.G., Q. Sun and X. Zuo, 2017, Innovation Diffusion in Network of Corporate Boards, Working Paper.
*Schmidt, C. and R. Fahlenbrach, 2017, Do Exogenous Changes in Passive Institutional Ownership Affect Corporate Governance and Firm Value? Journal of Financial Economics 124, 285-306.
*Stern, L., I. Erel, C. Tan and M. Weisbach, 2017, Selecting Directors Using Machine Learning, SSRN working paper
*Wang, S., 2017, Are Independent Directors with Industry Expertise More Informed? SSRN working paper.
Wang, C., F. Xie, and M. Zhu, 2015, Industry Expertise of Independent Directors and Board Monitoring, Journal of Financial and Quantitative Analysis, 50 (5), 929–962.
Yang, D.R., 2016. Waiting Out Storms in the Absence; Outside Directors' Selective Attendance at Board Meetings, CICF Working Paper.
Yang, T. and S. Zhao, 2014, CEO Duality and Firm Performance: Evidence from an Exogenous Shock to the Competitive Environment, Journal of Banking and Finance 49, 534-552.
Managers Incentives - Overview
**Murphy, K., 2013, Executive Compensation: Where We Are and How We Got There, Handbook of the Economics of Finance (PA), 211-356.
Edmans, A. and X. Gabaix, 2016, Executive Compensation: A Modern Primer, Journal of Economic Literature 54 (4), 1232-1287.
*Edmans, A., X. Gabaix and D. Jenter, 2017, Executive Compensation: A Survey of Theory and Evidence, ECGI working paper.
*Hermalin, H. and M. Weisbach, Assessing Managerial Ability: Implications for Corporate Governance, Chapter 3 of The Handbook of the Economics of Corporate Governance, coedited with B. Hermalin and M. Weisbach, 2017, Elsevier Publishers.
Tervio, M., 2008, The Difference that CEOs Make: An Assignment Model Approach,” American Economic Review 98(3), 642-668.
Gabaix, X. and A. Landier, 2008, Why Has CEO Pay Increased So Much? Quarterly Journal of Economics 123, 49-100.
Benabou, R. and J. Tirole, 2016, Bonus Culture: Competitive Pay, Screening and Multitasking, Journal of Political Economy, 124(2), 305-370.
Graham, J., C. Harvey, M. Puri, 2013, Managerial attitudes and corporate actions, Journal of Financial Economics 109, 103-121.
Managers Incentives - Corporate Decisions & Risk-taking
*Dou, Y., R. Masulis and J. Zein, June 2017, Shareholder Wealth Consequence of Insider Pledging of Company Stock as Collateral for Personal Loans, UNSW working paper.
Masulis, R. and S. Zhang, February 2017, What Drives Senior Executive Compensation Gaps, Tournament Incentives or Managerial Power?, UNSW working paper.
Masulis, R. and S. Mobbs, February 2018, Independent Director Reputation Incentives: CEO Compensation Contracts and Financial Accounting Quality, UNSW working paper.
Liu, C.Y., R. Masulis and J. Stanfield, July 2019, CEO Option Compensation Can Be a Bad Option: Evidence from Product Market Relationships, UNSW working paper.
Morck, R., A. Shleifer and R. Vishny, 1988, Managerial Ownership and Market Valuation: An Empirical Analysis, Journal of Financial Economics 20, 293-315.
Core, John E., Robert W. Holthausen, and David F. Larcker, 1999, Corporate governance, chief executive officer compensation, and firm performance, Journal of Financial Economics 51:3, 371-406
Bertrand, Marianne, and Sendhil Mullainathan, 2001, Are CEOs Rewarded for Luck? The Ones without Principals Are, Quarterly Journal of Economics 116, 901-932.
Adams, R., H. Almeida and D. Ferreira, 2005, Powerful CEOs and Their Impact on Corporate Performance, Review of Financial Studies 18:4, 1403-1432.
Low, A., 2009, Managerial risk-taking behavior and equity-based compensation, Journal of Financial Economics 92, 470-490.
Benmelech, E., E. Kandel and P. Veronesi, 2010, Stock based compensation and CEO (Dis) Incentives, Quarterly Journal of Economics 125, 1769-1820.
Tchistyi, A., D. Yermack and H. Yun, 2011, Negative Hedging: Performance Sensitive Debt and CEOs’ Equity Incentives, Journal of Financial and Quantitative Analysis 46(3) 657-686.
*Wei, C. and D. Yermack, 2011, Investor Reactions to CEOs’ Inside Debt Incentives, Review of Financial Studies 24, 3813-3840.
Edmans, A. and X. Gabaix, 2011, Tractability in Incentive Contracting, Review of Financial Studies 24(9), 2865-2894.
Anton, M., F. Ederer, M. Gine, and M. Schmalz, 2017, Common Ownership, Competition, and Top Management Incentives, SSRN working paper.
*Armstrong, C., D. Larcker, G. Ormazabal, and D. Taylor, 2013, The relation between equity incentives and misreporting: The role of risk-taking incentives. Journal of Financial Economics, 109(2), 327-350.
Armstrong, C. J. Core and W. Guay, 2016, Why Do CEOs Hold So Much Unconstrained Equity? MIT Working Paper.
Babenko, I, B. Bennett, J. Bizjak and J. Coles, 2017, Clawback Provisions, Arizona State working paper.
Babenko, I. and R. Sen, 2016, Do Non-Executive Employees Have Information? Evidence from Employee Stock Purchase Plans, Management Science, 62 (7), 1878-1898.
*Bates, T., D. Becher and J. Wilson, 2017, Performance-Based Turnover on Corporate Boards, SSRN working paper
Benmelech, E. and C. Frydman, 2015, Military CEOs. Journal of Financial Economics, 117(1), 43-59.
Bereskin, F. And D. Cicero, 2013, CEO Compensation Contagion: Evidence from an Exogenous Shock, Journal of Financial Economics 107(2), 477-493.
*Bernile, G., V. Bhagwat and R. Rau, 2017, What doesn't kill you will only make you more risk-loving: early-life disasters and CEO behaviour, Journal of Finance 72(1), 167–206
Bettis, C., J. Bizjak, J. Coles and S. Kalpathy, 2016, Performance-Vesting Provisions in Executive Compensation, Arizona State working paper.
Bettis, C., J. Bizjak and S. Kalpathy, 2015, Why Do Insiders Hedge their Ownership? An Empirical Examination, Financial Management, 44(3), 655-683.
*Bizjak, J., S. Kalpathy, and V. Mihov, January 2018, Performance Contingencies in CEO Equity Awards and Debt Contracting, working paper, Texas Christian University.
Butler, A. and U. Gurun, 2012, Educational Networks, Mutual Fund Voting Patterns, and CEO Compensation, Review of Financial Studies, 25(8), 2533-2562.
*Chu, J., J. Faasse and R. Rau, 2018, Do compensation consultants enable higher CEO pay? A disclosure rule change as a separating device, Management Science forthcoming
Coles, J., Z. Li and Y. Wang, 2017, Industry Tournament Incentives, Review of Financial Studies, forthcoming.
Coles, J., and Z. Li, 2013, Managerial Attributes, Incentives, and Performance, Arizona State working paper.
Cornaggia, J., K. Cornaggia and H. Xia, 2016, Revolving Doors on Wall Street, Journal of Financial Economics 120(2), 400-419.
Cronqvist, H., A. Makhija, S. Yonker, 2012, Behavioral consistency in corporate finance: CEO personal and corporate leverage. Journal of Financial Economics 103, 20-40.
Cunat, V., M. Gine and M. Guadalupe, 2015, Say Pays! Shareholder Voice and Firm Performance, Review of Finance 1-36.
Custódio, C., M. Ferreira, P. Matos, 2013, Generalists versus specialists: Lifetime work experience and chief executive officer pay, Journal of Financial Economics 108, 471-492.
*Dasgupta, S., A. Wang and X. Li, 2017, Product Market Competition Shocks, Firm Performance, and Forced CEO Turnover, Review of Financial Studies forthcoming.
**Davidson, R., A. Dey, A., Smith, 2015, Executives’ “off-the-job” behavior, corporate culture, and financial reporting risk, Journal of Financial Economics 117(1), 5-28.
Deng, X. and H. Gao, 2013, Nonmonetary Benefits, Quality of Life and Executive Compensation, Journal of Financial and Quantitative Analysis 48(1), 197-218.
Edmans, A., V. Fong and K. Lewellen, 2017, Equity Vesting and Investment, Review of Financial Studies 30(7), 2229-2271.
*Edmans, A., V. Fang and A. Hung, 2017, The long-term consequences of short-term incentives, ECGI Working Paper.
*Edmans, A., P. Chaigneau and D. Gottlieb, 2018, Does Improved Information Improve Incentives? Journal of Financial Economics, forthcoming.
*Edmans, A., L. Goncalves-Pinto, M. Groen-Xu, and Y. Wang, 2018, Strategic News Releases in Equity Vesting Months, Review of Financial Studies forthcoming.
Ellul, A., C. Wang and K. Zhang, 2016, Labor unemployment risk and CEO incentive compensation, University of Indiana working paper.
Engelberg, J., P. Gao and C. Parsons, 2013, The Price of a CEO Rolodex, Review of Financial Studies 26(1), 79-114.
**Falato, A., D. Li and T. Milbourn, 2015, Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials, Management Science 61(12), 2845-2869.
Fee, C., C. Hadlock, J. Pierce, 2013, Managers with and without style: Evidence using exogenous variation, Review of Financial Studies 26, 567-601
*Focke, F., E. Maug, and A. Niessen-Ruenzi, 2017, The Impact of Firm Prestige on Executive Compensation, Journal of Financial Economics, 123(2): 313-336.
Gabaix, X., A. Landier and J. Sauvagnet, 2014, CEO Pay and Firm Size: An Update after the Crisis, The Economic Journal 124, 574 F40-F59.
Gillan, S. L., J.C. Hartzell, A. Koch, A., & L. T. Starks, 2017, Getting the Incentives Right: Backfilling and Biases in Executive Compensation Data. Review of Financial Studies, Forthcoming.
Smith G. and P. Swan, 2014, Concentrated Institutional Investor Really Reduce Executive Compensation While Raising Incentives? Critical Finance Review 3, 49-83.
Gopalan, R., T. Milbourn, F. Song, and A. Thakor, 2014, Duration of Executive Compensation, Journal of Finance 69 (6), 2777–2817.
Graham, J., C. Harvey and M. Puri, 2016, A Corporate Beauty Contest, Management Science, forthcoming.
Gormley, T. and D. Matsa, 2016, Playing It Safe? Managerial Preferences, Risk, and Agency Conflicts, Journal of Financial Economics 122 (3), 431-455.
Gormley, T., D. Matsa and T. Milbourn, 2013, CEO Compensation and Corporate Risk-Taking: Evidence from a Natural Experiment", Journal of Accounting and Economics 56, 79-101.
Hayes, R., M. Lemmon and M. Qiu, 2012, Stock Options and Managerial Incentives for Risk Taking: Evidence from FAS 123R, Journal of Financial Economics 105, 174-190.
Harford, J. and R. Schonlau, 2013, Does the Director Labor Market Offer Ex Post Settling-Up for CEOs? The Case of Acquisitions, Journal of Financial Economics 110(1), 18-36.
Jayaraman S. and T. Milbourn, 2012, The Role of Stock Liquidity in Executive Compensation, The Accounting Review 87(2), 537-564.
Jayaraman S. and T. Milbourn, 2015, CEO Equity Incentives and Financial Misreporting: The Role of Auditor Expertise, The Accounting Review 90(1), 321-350.
Jenter, D., and F. Kanaan, 2015, CEO turnover and relative performance evaluation, Journal of Finance 70 (5), 2155–2184.
Kaplan, S., M. Klebanov, M. Sorensen, 2012, Which CEO characteristics and abilities matter?, Journal of Finance 67, 973-1007.
Kolasinski, A. and X. Li, 2013, Can Strong Boards and Trading Their Own Firm’s Stock Help CEOs Make Better Decisions? Evidence from Acquisitions by Overconfident CEOs, Journal of Financial and Quantitative Analysis 48(4), 1173-1206.
*Korczak, P., T. Nguyen, and M. Scapin, December 2017, Banker-Directors and CEO Inside Debt, University of Bristol working paper.
Lee, L., M. Lowry and S. Shu, 2015, Investing in Connections: Corporate Jets and Firm Value, Boston College working paper.
*Lie, E. and K. Yang, January 2018, Import Penetration and Executive Compensation, working paper, University of Iowa.
Lui, P. and Y. Xuan, 2016, The Contract Year Phenomenon in the Corner Office: An Analysis of Firm Behavior during CEO Contract Renewals, SSRN working paper.
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