Equity Vesting and Investment

被引：166
|
作者：
Edmans, Alex [1 ,2 ,3 ]
Fang, Vivian W. [4 ]
Lewellen, Katharina A. [5 ]
机构：
[1] London Business Sch, Regents Pk, London NW1 4SA, England
[2] CEPR, Washington, DC USA
[3] ECGI, Mississauga, ON, Canada
[4] Univ Minnesota, Carlson Sch Management, Minneapolis, MN 55455 USA
[5] Tuck Sch Business Dartmouth, Hanover, NH USA
来源：
REVIEW OF FINANCIAL STUDIES | 2017年 / 30卷 / 07期
基金：
欧洲研究理事会;
关键词：
MANAGERIAL INCENTIVES; EARNINGS MANAGEMENT; CAPITAL-MARKETS; COMPENSATION; CONTRACTS; MODEL; FRAUD; FIRMS; REAL; LINK;
D O I：
10.1093/rfs/hhx018
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper links the CEO's concerns for the current stock price to reductions in real investment. We identify short-term concerns using the amount of stock and options scheduled to vest in a given quarter. Vesting equity is associated with a decline in the growth of research and development and capital expenditure, positive analyst forecast revisions, and positive earnings guidance, within the same quarter. More broadly, by introducing a measure of incentives that is determined by equity grants made several years prior, and thus unlikely driven by current investment opportunities, we provide evidence that CEO contracts affect real decisions.
引用
收藏
页码：2229 / 2271
页数：43
相关论文
共 50 条
  • [1] Strategic News Releases in Equity Vesting Months
    Edmans, Alex
    Goncalves-Pinto, Luis
    Groen-Xu, Moqi
    Wang, Yanbo
    REVIEW OF FINANCIAL STUDIES, 2018, 31 (11): : 4099 - 4141
  • [2] Strategic repurchases and equity sales: Evidence from equity vesting schedules
    Moore, David
    JOURNAL OF BANKING & FINANCE, 2023, 146
  • [3] Cost-efficient Performance-Vesting Equity
    Skovoroda, Rodion
    Bruce, Alistair
    Buck, Trevor
    Gregory-Smith, Ian
    ECONOMICS LETTERS, 2019, 182 : 37 - 39
  • [4] UNDISCLOSED EQUITY INVESTMENT OF EMPLOYEES AND EQUITY INVESTMENT COMPANIES
    DOBROSCHKE, E
    BETRIEB, 1976, 29 (22): : 1045 - 1049
  • [5] Stock option vesting conditions, CEO turnover, and myopic investment
    Laux, Volker
    JOURNAL OF FINANCIAL ECONOMICS, 2012, 106 (03) : 513 - 526
  • [6] The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting
    Jochem, Torsten
    Ladika, Tomislav
    Sautner, Zacharias
    REVIEW OF FINANCIAL STUDIES, 2018, 31 (11): : 4142 - 4186
  • [7] Performance-based equity incentives, vesting restrictions, and corporate innovation
    Liu, Baohua
    Huang, Wan
    Wang, Lei
    NANKAI BUSINESS REVIEW INTERNATIONAL, 2019, 10 (01) : 138 - 164
  • [8] IMPACT OF THE DANIEL LITIGATION - GROWING INTEREST IN PENSION VESTING AND INVESTMENT CONTROL
    NORDING, SJ
    WISCONSIN LAW REVIEW, 1979, (04) : 1228 - 1250
  • [9] Vesting
    Shugerman, Jed Handelsman
    STANFORD LAW REVIEW, 2022, 74 (06) : 1479 - 1570
  • [10] Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting
    Ladika, Tomislav
    Sautner, Zacharias
    REVIEW OF FINANCE, 2020, 24 (02) : 305 - 344
12345