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- W2022779807 abstract "We hypothesize and find strong empirical support for the notion that in exchange for higher risk bearing CEOs realize greater returns than shareholders across all market cycles. That is, CEOs hedge the risk of equity-based contingent pay by structuring the awards of this pay, thus insulating CEO equity-based pay from negative stock price fluctuations. In addition, we find that CEOs are more able to hedge against the risk of contingent pay when the potential for opportunism is strongest. We conceptualize the potential for agent opportunism as when CEO structural power is high, directors have weak stakes in the firm, and there is weak diligence by the board. However, in contrast to viewing CEO excess returns as an outright agency cost to shareholders, we find that those returns might serve as a motivational tool and encourage risk-averse CEOs to better serve the interests of shareholders. Our results highlight the need to recognize the multi-level nature of board oversight through the full board as well as through board committees, and the distinction between board composition and board diligence." @default.
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- W2022779807 date "2013-01-01" @default.
- W2022779807 modified "2023-09-28" @default.
- W2022779807 title "Do CEOs Ever Lose? The Undermining of Risk Sharing between the CEO and Shareholders" @default.
- W2022779807 doi "https://doi.org/10.5465/ambpp.2013.11663abstract" @default.
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