CFOs versus CEOs: Equity incentives and crashes

被引：772

作者：

Kim, Jeong-Bon ^{[1
]}

Li, Yinghua ^{[2
]}

Zhang, Liandong ^{[1
]}

机构：

[1] City Univ Hong Kong, Dept Accountancy, Kowloon, Hong Kong, Peoples R China

[2] CUNY Bernard M Baruch Coll, New York, NY 10010 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2011年 / 101卷 / 03期

关键词：

Equity incentives; Crash risk; Compensation; Corporate governance; CFO; PRODUCT-MARKET COMPETITION; EXECUTIVE-COMPENSATION; MANAGERIAL INCENTIVES; OPTION COMPENSATION; EMPIRICAL-EVIDENCE; OWNERSHIP; FIRM; RISK; DETERMINANTS; PERFORMANCE;

D O I：

10.1016/j.jfineco.2011.03.013

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a large sample of U.S. firms for the period 1993-2009, we provide evidence that the sensitivity of a chief financial officer's (CFO) option portfolio value to stock price is significantly and positively related to the firm's future stock price crash risk. In contrast, we find only weak evidence of the positive impact of chief executive officer option sensitivity on crash risk. Finally, we find that the link between CFO option sensitivity and crash risk is more pronounced for firms in non-competitive industries and those with a high level of financial leverage. (C) 2011 Elsevier B.V. All rights reserved.

引用

页码：713 / 730

页数：18

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