Comments: CEO hedging opportunities and the weighting of performance measures in compensation.

Slides:

Advertisements

Similar presentations

Active Reading: “Scientific Processes”

Advertisements

CEO hedging opportunities and the weighting of performance measures in compensation Shengmin Hung Hunghua Pan* Taychang Wang 12/06/

Copyright EM LYON Par accord du CFC Cession et reproduction interdites Research in Entrepreneurship- The problem of unobserved heterogeneity Frédéric Delmar.

Theory Deduction Hypothesis Researchdesign Findings Datagathering Operationalization Measurement Analysis Induction.

The Economic Impact of Merger Control: What is Special About Banking? Carletti, Hartmann and Ongena Discussant: Thorsten Beck.

Research Methods in Communication Ringo Ma’s Home Page Ringo Ma’s Lecture Notes

Writing the Research Report The purpose of the written report is to present the results of your research, but more importantly to provide a persuasive.

CFS021002HK-ZWE391-ql Discussion of Ownership structure and diversification strategies (by Shao, Jun from Nankai University) Qiao Liu, HKU Corporate Governance.

How to Conduct High-quality Empirical Accounting Research By Bin Ke Associate Professor, Pennsylvania State University Visiting Professor, Cheung Kong.

Chapter 1 Conducting & Reading Research Baumgartner et al Chapter 1 Nature and Purpose of Research.

Problem Identification

1 Discussion Class 3 Inverse Document Frequency. 2 Discussion Classes Format: Questions. Ask a member of the class to answer. Provide opportunity for.

1 Instructor: Vincent Duffy, Ph.D. Associate Professor of IE Lab 1 – Part 1 Review - Lifelong Learning Fri. Feb. 2, 2007 IE 486 Work Analysis & Design.

Topics - Reading a Research Article Brief Overview: Purpose and Process of Empirical Research Standard Format of Research Articles Evaluating/Critiquing.

Petter Øgland, Department of Informatics, University of Oslo

© Cranfield University 2009 Towards a Framework of Sales Performance Measurement Effectiveness Peter Kerr, Javier Marcos-Cuevas Cranfield School of Management.

Ashish Agarwal Shannon Chen The University of Texas at Austin

4 th BIENNIAL IMTERNATIONAL CONFERENCE ON BUSINESS, BANKING & FINANCE.

Technological Resources and the Direction of Corporate Diversification: Toward an Integration of the Resource- based View and Transaction Cost Economics.

Governance with Multiple Firm Objectives: Evidence from Top Executive Turnover in China Comment by Xueping Wu City University of Hong Kong.

Guilty until Proven Innocent: The Economic Consequences of the Initiation and the Outcome of Internal Investigations of Option Backdating Discussion CAPANA.

INVESTOR SENTIMENT,EXECUTIVE COMPENSATION, AND CORPORATE INVESTMENT Dr Hui (Michael) Li Department of Economics and Finance La Trobe University.

Wasanthi Madurapperuma Social Network of Entrepreneurs & Small Business Growth Related Literature & Research Gap Unit of Analysis - Small Retail Businesses.

Research Proposal Development. What is research proposal Research proposal is part of the research process Research proposal is just a document describing.

Product Characteristics, Competition and Dividends by Hoberg, Phillips, and Prabhala University of Maryland Discussion by Gustavo Grullon Rice University.

Do incentive payments encourage innovation? A meta-analysis study Presented by: Zahra Lotfi Friedrich Schiller University MAER-NET

Department of Business Administration Authors Paper Title Journal, Volume, Year Presenters and Group number.

Finding your academic research question. Identifying a research topic Which area do I want to study? – Make your topic as focused as possible Which questions.

1 Financial Crisis and Corporate Cash Holdings: Evidence from East Asian Firms Discussant I-Ju Chen, Yuan Ze University, Taiwan The NTU International Conference.

University Patenting: Estimating the Diminishing Breadth of Knowledge Diffusion and Consumption by Carlos Rosell and Ajay Agrawal Comments by Mark Schankerman.

The Research Process Professor Merrill Warkentin Mississippi State University BIS 9213: Doctoral Seminar.

SME’s main bank choice and organizational structure: Evidence from France Discussed by Jun YAO The Hong Kong Polytechnic University.

[title of your research project] [author] INST 381 Fall 2015.

Comment on “Mutual Fund Tournament Test: Do Shareholders Benefit from Fund Managers’ Risk- Taking Behavior” Pei-Gi Shu Department of Business Administration.

Qualities of an Aligned Lesson Aligning Content and Process.

11 Chapter 6 The Research Process – Data collection & Data analysis – (Stage 5 & 6 in Research Process) © 2009 John Wiley & Sons Ltd.

1 Comments on “When Does Idiosyncratic Risk Really Matter” Yuanchen Chang National Chengchi University.

Tunneling or Propping: Evidence from Connected Transactions in China By Winnie Peng, K.C. John Wei and Zhishu Yang Presenter: Winnie Peng, HKUST NTUICF,

Fund Governance and Collusion with Controlling Shareholders: Evidence from Non-tradable Shares Reform in China Authors: Q. Jin & V. Yu Discussion by John.

Dar-Yeh Hwang Department of Finance, College of Business, National Taiwan University, Taipei Taiwan. Chi-Chun Liu Department of Accounting, College of.

Reasoning- The Thought process It is about argumentation: Explain Interpret Defend Challenge Explore meaning  Two approaches: Deduction (Theory to Data)

Corporate Governance and Financial Reporting Research Discussion of “Fraud type and auditor litigation: An analysis of SEC accounting and auditing enforcement.

Comments on The Power of Richness II: Exploring Qualitative Research Methods J. Peter Murmann AGSM Academy of Management Atlanta.

Discussion of Michelacci and Schivardi Francesco Caselli.

Writing a sound proposal

World Islamic Finance Forum 2016 By: Saqib Sharif IBA-Karachi

Cost of Equity, Control Divergence, and Institutions

Discussion of the paper: The peer performance ratios of hedge funds

Discussion of What Drives Corporate Inversions? International Evidence

Commitment and Entrenchment in Corporate Governance Cremers, et al

Effective corporate governance mechanisms for the banking industry

An Empirical Study for Exploring Reusable Packaging Attributes

Discussant: Yun-Yi Wang, Feng Chia University

Corporate Governance and Financial Reporting Research

Corporate Governance and Financial Reporting Research

Hedge Fund Regulation and Misreported Returns

Davlat Abduvali, Nazarbayev University GSB

Unit 4 Introducing the Study.

Complex Ownership and Capital Structure

Sources of Reporting Bias in Social Sciences

What is Research? A research study is a study conducted to collect and analyse information in order to increase our understanding of a topic or an issue.

Corporate governance, chief executive officer compensation, and firm performance 刘铭锋

External assessment details—SL

Private Placements, Cash Dividends and Interests Transfer: Empirical Evidence from Chinese Listed Firms Source: International review of economics & finance,

FRONT ENDS. FRONT ENDS PURPOSE What is the paper about? Why should I care? What are the specific research questions? How does this improve on what.

Business Administration Programs School of Business and Liberal Arts Fall 2016 Assessment Report

STRUCTURE Introduction of the general research topic Statement of specific research questions Critical review of previous literature Theoretical argument.

Managerial Decision Making and Evaluating Research

In this chapter Be able to outline the purpose and distinct focus of management research; • Be able to place your research project on a basic-applied.

Proposal of Article on Managing for Stakeholders

Presentation transcript:

Comments: CEO hedging opportunities and the weighting of performance measures in compensation

The paper explores the effects of CEO hedging opportunities (or hedging costs) and performance on compensation. When managers can perfectly hedge firm specific risk, the interests of managers and shareholders are not aligned. Two main regression models are proposed for the empirical study.

Comments: – This paper is seeking to answer a reasonably interesting question in quite an interesting setting. – However, I believe there are a number of serious limitations in this paper, including the hypothesis development, the choice of sample, the empirical methodology, and the interpretation of the results. – My specific concerns are contained in my review. – The authors need to better develop their hypotheses. The paper only explores the effects of CEO hedging opportunities and performance on compensation. But some of the arguments are based on theory related to the effect of compensation on performance.

The theoretical underpinning needs to be strengthened. – The hypothesis development Provides a better link between the empirical results and hypotheses. – The assumption of CEO Hedge Bettis et al (2001) report only 30% of executives hedge. Measures of executive hedge vs hedge opportunities. The contribution of the paper needs to be more clearly identified.