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Keywords:Corporations - Finance 

Deferred compensation, risk, and company value: investor reactions to CEO incentives

Many commentators have suggested that companies pay top executives with deferred compensation, a type of incentive known as inside debt. Recent SEC disclosure reforms greatly increased the transparency of deferred compensation. We investigate stockholder and bondholder reactions to companies' initial reports of their CEOs' inside debt positions in early 2007, when new disclosure rules took effect. We find that bond prices rise, equity prices fall, and the volatility of both securities drops upon disclosures by firms whose CEOs have sizable defined benefit pensions or deferred compensation. ...
Staff Reports , Paper 445

Journal Article
Business income and investment

Federal Reserve Bulletin , Issue Dec

Journal Article
Voting rights, private benefits, and takeovers

This article analyzes the effects that institutional design of the firm has on the allocation of control over the firm?s assets. The efficient allocation of control is a necessary condition for the optimal allocation of resources. Dynamic efficiency in resource allocation presupposes that control over firms will change hands when a given allocation becomes suboptimal.> Typically, changes in control are brought about through (successful) tender offers or block trades. With regard to takeovers, a firm may have two types of value to consider: First, there is the public value of the firm, which ...
Review , Volume 84 , Issue Jan. , Pages 35-46

Journal Article
Competition between the commercial paper market and commercial banks

Economic Review , Issue Win , Pages 39-53

Conference Paper
The emerging sources of small business finance

Proceedings , Paper 39

Journal Article
Equity financing of the entrepreneurial firm

Equity financing of the entrepreneurial firm has achieved a rapid increase over the past> decade. Venture capital funds, which finance privately held start-ups, raised a record $92.3 billion in 2000. This is a 30-fold increase relative to 1990. At Nasdaq, initial public offerings raised an all-time high of $53.6 billion in 2000, which is 24 times as much as in 1990. This article studies venture equity financing and equity financing through initial public offerings against the background of asymmetric information between the entrepreneur and the (outside) investor. The analysis shows that ...
Review , Volume 83 , Issue Nov. , Pages 15-28

Journal Article
Financing of business expansion

Federal Reserve Bulletin , Issue Jun

Journal Article
Wartime and postwar credit demands of large corporations

Federal Reserve Bulletin , Issue Jul

Journal Article
Corporate financing in 1970

Federal Reserve Bulletin , Issue Jan

Journal Article
Industrial differences in large corporation financing in 1948

Federal Reserve Bulletin , Issue Jun , Pages 626-633



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anonymous 19 items

McCauley, Robert N. 6 items

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Schmid, Frank A. 6 items

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Kopcke, Richard W. 5 items

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