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- W4317369310 abstract "We study a stock-based executive (CEO) compensation contract for the case where the insider receives a signal about the demand of liquidity traders in the stock market. The singleperiod model of Kyle (1985) is adopted for deriving the stock market equilibrium. Based on the equilibrium stock price, the optimal linear contract for executive compensation is obtained by applying a standard principal-agent model. Surprisingly, it is found that the firm’s liquidation value is not used in the optimal executive compensation contract in both our model and the benchmark model (where there is no signal about liquidity). We also make comparative statics for the equilibrium stock price and the optimal executive compensation contract with respect to exogenous parameters." @default.
- W4317369310 created "2023-01-19" @default.
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- W4317369310 date "2022-12-31" @default.
- W4317369310 modified "2023-09-30" @default.
- W4317369310 title "Stock-Based Compensation and Insider Trading with Liquidity Signal" @default.
- W4317369310 doi "https://doi.org/10.46665/kwe.2022.12.23.3.167" @default.
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