CFOs versus CEOs: Equity incentives and crashes

• Main Authors: KIM, Jeong-Bon, LI, Yinghua, ZHANG, Liandong
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2011
• 主題: Equity incentives; Crash risk; Compensation; Corporate governance; CFO; CEO; Accounting; Corporate Finance
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/1706; https://ink.library.smu.edu.sg/context/soa_research/article/2733/viewcontent/CFOsversusCEOs_2011.pdf

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...