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
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