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  • 12 Oct 1999
  • Research & Ideas

Paid for Success: Options for Compensating CEOs

the proxy statements of 478 large U.S. companies, analyzing executive compensation between 1980 and 1994. "We built a database that enabled us to measure with great precision, using the Black-Scholes... View Details
Keywords: by Judith A. Ross
  • 2000
  • Other Unpublished Work

Do Executive Stock Options Encourage Risk-Taking?

By: Randolph B. Cohen, Brian J. Hall and Luis M. Viceira
Executive stock options create incentives for executives to manage firms in ways that maximize firm market value. Since options increase in value with the volatility of the underlying stock, executive stock options provide managers with incentives to take actions that... View Details
Keywords: Risk and Uncertainty; Motivation and Incentives; Stock Options; Executive Compensation
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  • 18 Jun 2007
  • Op-Ed

Leveling the Executive Options Playing Field

examining the role of stock options in executive compensation; the incidence of stock option abuses; how stock option compensation is reported to stockholders under generally accepted accounting principles... View Details
Keywords: by Mihir Desai
  • January 2020
  • Article

Compensation Consultants and the Level, Composition, and Complexity of CEO Pay

By: Kevin J. Murphy and Tatiana Sandino
We provide fresh evidence regarding the relation between compensation consultants and CEO pay. First, firms that employ consultants have higher-paid CEOs—this result is robust to firm fixed effects and matching on economic and governance variables. Second, while this... View Details
Keywords: Consultants; Benchmarking; Incentive Pay; Executive Compensation; Complexity; Motivation and Incentives; Governance
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  • 2019
  • Working Paper

Compensation Consultants and the Level, Composition, and Complexity of CEO Pay

By: Kevin J. Murphy and Tatiana Sandino
We provide fresh evidence regarding the relation between compensation consultants and CEO pay. First, firms that employ consultants have higher-paid CEOs—this result is robust to firm fixed effects and matching on economic and governance variables. Second, while this... View Details
Keywords: Consultants; Benchmarking; Incentive Pay; Executive Compensation; Complexity; Motivation and Incentives; Governance
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  • 21 Sep 2009
  • Research & Ideas

Excessive Executive Pay: What’s the Solution?

boards have improved in recent years, the speed at which they were improving lagged behind the speed at which solutions should have been implemented." -Rakesh Khurana That culture, critics maintain, spawned executive View Details
Keywords: by Roger Thompson
  • 2016
  • Article

Scandal and Stigma: Does Corporate Misconduct Affect the Future Compensation of Bystander Managers?

By: Boris Groysberg, Eric Lin and George Serafeim
This paper explores whether a firm’s misconduct can affect the compensation of former managers who were neither at the firm at the time of misdeeds nor involved in the scandal. Results suggest that stigma may influence compensation of former managers, even in cases... View Details
Keywords: Corporate Misconduct; Stigma; Executive Compensation
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  • 06 Dec 2017
  • Working Paper Summaries

Does Financial Misconduct Affect the Future Compensation of Alumni Managers?

Keywords: by Boris Groysberg, Eric Lin, and George Serafeim
  • 1999
  • Chapter

CEO Compensation in Financially Distressed Firms: An Empirical Analysis

By: S. C. Gilson and M. R. Vetsuypens
Keywords: Executive Compensation; Insolvency and Bankruptcy
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  • 01 Sep 2009
  • News

Executive Pay: Onward & Upward

1994 Under intense pressure from industry, regulators decide stock options should not be reported as a compensation expense but as footnotes in financial statements. 2002 Following the collapse of Enron and WorldCom, Congress enacts... View Details
Keywords: Corporate Services; Management, Scientific, and Technical Consulting Services; Professional Services
  • January 2013
  • Supplement

Aubrey McClendon's Special Incentive Compensation at Chesapeake Energy (B)

By: Paul Healy, Clayton S. Rose and Penelope Rossano
Keywords: Stockholders; Activist Investors; Corruption; Conflict of Interests; Crime and Corruption; Executive Compensation; Energy Industry
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  • September 1999 (Revised December 2000)
  • Case

Boeing Company's Accounting for Executive Stock Compensation, The

By: Paul M. Healy and Jacob Cohen
Executive stock options are experiencing increased use and the Financial Accounting Standards Board is proposing changes in accounting in the United States. View Details
Keywords: Executive Compensation; Stock Options; Financial Reporting; United States
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  • 2011
  • Article

Incentive Compensation and the Likelihood of Termination: Theory and Evidence from Real Estate Organizations

By: Christopher Parsons, G. Hallman and J. Hartzell
We analyze two managerial compensation incentive devices: the threat of termination and pay for performance. We first develop a simple model predicting that these devices are substitutes: when termination incentives are low, optimal contracts provide stronger... View Details
Keywords: Motivation and Incentives; Resignation and Termination; Compensation and Benefits; Real Estate Industry
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  • 1995
  • Book

Report of the NACD Blue Ribbon Commission on Director Compensation

By: Robert B. Stobaugh
Keywords: Executive Compensation
Related
  • 21 Jun 2010
  • Research & Ideas

Strategy and Execution for Emerging Markets

financial crises, and weak intellectual property rights. HBS professors Tarun Khanna and Krishna G. Palepu, authors of the new book Winning in Emerging Markets: A Road Map for Strategy and Execution (Harvard Business Press), offer an... View Details
Keywords: by Martha Lagace
  • Winter 2013
  • Article

Corporate Governance Reform and Executive Incentives: Implications for Investments and Risk-Taking

By: Daniel Cohen, Aiyesha Dey and Thomas Lys
We investigate the mechanism through which the Sarbanes Oxley Act (SOX) was associated with changes in corporate investment strategies. We document that the passage of the governance regulations in SOX was followed by a significant decline in pay‐performance... View Details
Related
  • Blog

Eight Steps to Board Success for Female Executives

A few years ago, HBS Executive Education unveiled the program Women on Boards: Succeeding as a Corporate Director, designed to introduce executives to the process of joining a corporate board. Since that... View Details
  • November 2018 (Revised January 2019)
  • Supplement

The Weir Group: Reforming Executive Pay (B)

By: Lynn S. Paine and Federica Gabrieli
Supplement to the (A) case. The case describes the events that took place in the run-up to the 2018 Annual General Meeting, the voting outcome, key perspectives on success factors, and the challenges that The Weir Group faced in the near future. View Details
Keywords: Corporate Governance; Human Resources; Management; Executive Compensation; Europe; United Kingdom; Scotland
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  • 2016
  • Working Paper

Equal Opportunity? Gender Gaps in CEO Appointments and Executive Pay

By: Matti Keloharju, Samuli Knüpfer and Joacim Tåg
This paper uses exceptionally rich data on Swedish corporate executives and their personal characteristics to study gender gaps in CEO appointments and pay. Both gaps are sizeable: 18% for CEO appointments and 27% for pay. At most one-eighth of the gaps can be... View Details
Keywords: Equality and Inequality; Executive Compensation; Gender; Sweden
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  • June 2000
  • Case

Egon Zehnder International: Managing Professionals in an Executive Search Firm

Compares the management of professionals at Egon Zehnder International, a leading executive search firm, and its competitors. Highlights recruitment, rewards, and retention as key dimensions of strategy in professional service firms. View Details
Keywords: Management; Retention; Recruitment; Compensation and Benefits; Service Industry
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