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- W3200433369 abstract "We study how knowledge of a board about a firm’s peers (‘peer-specific knowledge’) relates to the use of information on peer performance in CEO compensation contracts. We predict that peer-specific knowledge enables the board to evaluate common risk exposure shared by both focal and peer firms, and in turn effectively use relative performance evaluation (RPE) to improve the efficiency of CEO compensation design. We focus on compensation committee (CC) directors and measure their peer-specific knowledge using CC directors’ social connections to peer firms. We find that the connections between CC director and peer firms are associated with increased efficiency in CEO compensation contracts, suggesting that peer-specific knowledge relates to the directors’ ability to utilize peer performance to reduce risks in CEO compensation (i.e., the effectiveness of RPE). Our findings hold both when composition of peers stays relatively unchanged and when new peers are selected, or previous peers are removed, but the effects of peer-specific knowledge are significantly stronger in the former than the latter case. In sum, our study suggests that CC directors’ peer-specific knowledge improves the efficient use of RPE either through better selection of peer firms or through utilizing their knowledge on existing peer firms." @default.
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- W3200433369 date "2018-08-17" @default.
- W3200433369 modified "2023-09-24" @default.
- W3200433369 title "Does Peer-Specific Knowledge Improve Relative Performance Evaluation?" @default.
- W3200433369 hasPublicationYear "2018" @default.
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