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• W2549201971 abstract "Standard principal-agent models suggest that boards design incentive contracts that filter out common shocks in performance to motivate costly effort from the CEO ― a process entailing the judicious selection of benchmarks for relative performance evaluation (RPE). We evaluate the efficacy of firms' chosen RPE benchmarks and document that, relative to a normative benchmark, index-based benchmarks perform 14% worse in their time-series return-regression R2 and 16% worse in measurement error variance; firms choosing specific peers only modestly under-perform. Structural estimates suggest that, absent frictions, the underperformance of index-based benchmarks imply a performance penalty of 106-277 basis points in annual returns. Consistent with these estimates, firms choosing index-based benchmarks exhibit lower annual returns and ROA. Finally, reduced-form analyses suggest that the inefficient benchmarking is associated with governance-related frictions. Collectively, these findings provide new evidence on the explicit practice of RPE and its implications for corporate governance and firm performance." @default.
• W2549201971 created "2016-11-30" @default.
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• W2549201971 date "2016-01-01" @default.
• W2549201971 modified "2023-09-27" @default.
• W2549201971 title "Relative Performance Benchmarks: Do Boards Get it Right?" @default.
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• W2549201971 doi "https://doi.org/10.2139/ssrn.2807655" @default.
• W2549201971 hasPublicationYear "2016" @default.
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