CFOs versus CEOs: Equity incentives and crashes

CFOs versus CEOs: Equity incentives and crashes

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 we...

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Bibliographic Details
Main Authors: KIM, Jeong-Bon, LI, Yinghua, ZHANG, Liandong
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2011
Subjects:
Equity incentives
Crash risk
Compensation
Corporate governance
CFO
CEO
Accounting
Corporate Finance
Online Access:https://ink.library.smu.edu.sg/soa_research/1706
https://ink.library.smu.edu.sg/context/soa_research/article/2733/viewcontent/CFOsversusCEOs_2011.pdf
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Institution: Singapore Management University
Language: English

Internet

https://ink.library.smu.edu.sg/soa_research/1706
https://ink.library.smu.edu.sg/context/soa_research/article/2733/viewcontent/CFOsversusCEOs_2011.pdf

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