返回顶部
   

最新推荐

当前位置:中山大学岭南(大学)学院 >> 学术报告 >> 正文内容

(4-13PM2:30)第474期岭南学术论坛(金融学系列Seminar)

【字体: 】【打印文章

报告题目:Growth Options, Incentives, and Pay-for-Performance: Theory and Evidence

报 告 人:Sebastian Gryglewicz(Erasmus University Rotterdam, Associate Professor)

主 持 人:戴芸(中山大学岭南学院 助理教授)

时     间:2018年4月13日(周五)下午14:30-16:00

地     点:岭南堂汪道涵会议室

语     言:英文

 

Abstract:

Pay-performance sensitivity is a common proxy for the strength of incentives. We show that growth options create a wedge between expected-pay-effort sensitivity, which determines actual incentives, and pay-performance sensitivity, which is the ratio of expected-pay-effort to performance-effort sensitivity. An increase in growth option intensity can increase performance-effort sensitivity more than expected-pay-effort sensitivity, so that as incentives increase, pay-performance sensitivity decreases. We document empirical evidence consistent with this finding. Pay-performance sensitivity, measured by dollar changes in manager wealth over dollar changes in firm value, decreases with proxies for growth option intensity and increases with proxies for growth option exercise.

 

报告人介绍:https://personal.eur.nl/gryglewicz/

 

 

 

        欢迎感兴趣的年轻老师和博士生参加!

        中山大学岭南学术论坛分经济、金融和管理三个系列,是定期邀请国内外优秀学者前来开展学术交流的平台。每系列每个月定期举办2-3次。目前已经成功举办多期,并得到了各界的高度评价。

        论坛主页:http://lingnan.sysu.edu.cn/seminar/

 

打印文章】【关闭
   © 2000-2018 中山大学 版权所有  粤ICP备05008892号 | 中山大学 | 联系我们 | 网站地图 | 人才招聘 | 图书馆