{"id":"https://openalex.org/W1576090911","doi":null,"title":"Deferred Compensation, Risk, and Company Value: Investor Reactions to CEO Incentives","display_name":"Deferred Compensation, Risk, and Company Value: Investor Reactions to CEO Incentives","publication_year":2010,"publication_date":"2010-01-01","ids":{"openalex":"https://openalex.org/W1576090911","mag":"1576090911"},"language":"en","primary_location":{"id":"pmh:oai:econstor.eu:10419/60756","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10419/60756","pdf_url":"http://hdl.handle.net/10419/60756","source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:workingPaper"},"volume":null,"type":"report","indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://hdl.handle.net/10419/60756","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5046865128","display_name":"Chenyang Wei","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Chenyang Wei","raw_affiliation_strings":["Federal Reserve System ,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Federal Reserve System ,","institution_ids":["https://openalex.org/I1317239608"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5017488930","display_name":"David Yermack","orcid":"https://orcid.org/0000-0003-4997-5418","observed_orcids":["https://orcid.org/0000-0003-4997-5418"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"David Yermack","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0003-4997-5418","affiliations":[]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":18,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9951000213623047,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9951000213623047,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.002300000051036477,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12276","display_name":"Risk Management in Financial Firms","score":0.0006000000284984708,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/deferred-compensation","display_name":"deferred compensation","score":0.9940000176429749},{"id":"https://openalex.org/keywords/inside-debt","display_name":"inside debt","score":0.7839999794960022},{"id":"https://openalex.org/keywords/ceo-incentives","display_name":"CEO incentives","score":0.7649999856948853},{"id":"https://openalex.org/keywords/executive-compensation","display_name":"executive compensation","score":0.75},{"id":"https://openalex.org/keywords/defined-benefit-pension-plans","display_name":"defined benefit pensions","score":0.7070000171661377},{"id":"https://openalex.org/keywords/firm-value","display_name":"firm value","score":0.6129999756813049},{"id":"https://openalex.org/keywords/bond-prices","display_name":"bond prices","score":0.5720000267028809},{"id":"https://openalex.org/keywords/stock-prices","display_name":"stock prices","score":0.847000002861023},{"id":"https://openalex.org/keywords/credit-default-swap-spreads","display_name":"credit default swap spreads","score":0.8859999775886536},{"id":"https://openalex.org/keywords/exchange-traded-options","display_name":"exchange-traded options","score":0.8849999904632568},{"id":"https://openalex.org/keywords/business-risk","display_name":"business risk","score":0.6200000047683716}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6716108322143555},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.652086079120636},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.6328210234642029},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5705788135528564},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.5326293110847473},{"id":"https://openalex.org/C151392489","wikidata":"https://www.wikidata.org/wiki/Q5419946","display_name":"Executive compensation","level":3,"score":0.5244098901748657},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5234843492507935},{"id":"https://openalex.org/C99821215","wikidata":"https://www.wikidata.org/wiki/Q1136583","display_name":"Swap (finance)","level":2,"score":0.5137470960617065},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.5041388273239136},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.4873252809047699},{"id":"https://openalex.org/C175647561","wikidata":"https://www.wikidata.org/wiki/Q1347876","display_name":"Equity value","level":5,"score":0.4760284721851349},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.47390973567962646},{"id":"https://openalex.org/C30589699","wikidata":"https://www.wikidata.org/wiki/Q624028","display_name":"Credit default swap","level":3,"score":0.4330989718437195},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.37597450613975525},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.3612133264541626},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.32961127161979675},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2625512480735779},{"id":"https://openalex.org/C202189257","wikidata":"https://www.wikidata.org/wiki/Q2915683","display_name":"Internal debt","level":3,"score":0.25473523139953613},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.24764114618301392},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.19986864924430847},{"id":"https://openalex.org/C22270272","wikidata":"https://www.wikidata.org/wiki/Q5248601","display_name":"Debt levels and flows","level":4,"score":0.1571977436542511},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.12347480654716492},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"pmh:oai:econstor.eu:10419/60756","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10419/60756","pdf_url":"http://hdl.handle.net/10419/60756","source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:workingPaper"},{"id":"mag:1576090911","doi":null,"is_oa":false,"landing_page_url":"https://www.econstor.eu/bitstream/10419/60756/1/635888815.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"mag:3122939554","doi":null,"is_oa":false,"landing_page_url":"https://ideas.repec.org/p/fip/fednsr/445.html","pdf_url":null,"source":{"id":"https://openalex.org/S2764819169","display_name":"Staff Reports","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Staff Reports","raw_type":null},{"id":"pmh:oai:RePEc:fip:fednsr:445","doi":null,"is_oa":false,"landing_page_url":"https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr445.html","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"pmh:oai:econstor.eu:10419/60756","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10419/60756","pdf_url":"http://hdl.handle.net/10419/60756","source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:workingPaper"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1576090911.pdf","grobid_xml":"https://content.openalex.org/works/W1576090911.grobid-xml"},"referenced_works_count":17,"referenced_works":["https://openalex.org/W1999522759","https://openalex.org/W2037832385","https://openalex.org/W2052902288","https://openalex.org/W2111575777","https://openalex.org/W2124762038","https://openalex.org/W2146612430","https://openalex.org/W2148338846","https://openalex.org/W2148416404","https://openalex.org/W2167635631","https://openalex.org/W2313770960","https://openalex.org/W2743161785","https://openalex.org/W2752617332","https://openalex.org/W3122105346","https://openalex.org/W3122241619","https://openalex.org/W3122479576","https://openalex.org/W3122991787","https://openalex.org/W3123361373"],"related_works":["https://openalex.org/W7100608372","https://openalex.org/W2150023063","https://openalex.org/W1602102900","https://openalex.org/W1787106252","https://openalex.org/W7096780480","https://openalex.org/W7097566827","https://openalex.org/W1035075912","https://openalex.org/W1916457062","https://openalex.org/W2254912566","https://openalex.org/W4406068798"],"abstract_inverted_index":{"Many":[0],"commentators":[1],"have":[2,78],"suggested":[3],"that":[4,58],"companies":[5],"pay":[6],"top":[7],"executives":[8],"with":[9],"deferred":[10,29,84,125],"compensation,":[11],"a":[12,102,107,123],"type":[13],"of":[14,28,41,68,109,119],"incentive":[15],"known":[16],"as":[17],"inside":[18,44],"debt.":[19],"Recent":[20],"SEC":[21],"disclosure":[22,52],"reforms":[23],"greatly":[24],"increased":[25],"the":[26,66],"transparency":[27],"compensation.":[30,85],"We":[31,56],"investigate":[32],"stockholder":[33],"and":[34,65,96,115],"bondholder":[35],"reactions":[36],"to":[37],"companies'":[38],"initial":[39],"reports":[40],"their":[42],"CEOs'":[43],"debt":[45],"positions":[46],"in":[47,88,104],"early":[48],"2007,":[49],"when":[50,122],"new":[51],"rules":[53],"took":[54],"effect.":[55],"find":[57],"bond":[59],"prices":[60,63],"rise,":[61],"equity":[62,112],"fall,":[64],"volatility":[67],"both":[69],"securities":[70],"drops":[71],"upon":[72],"disclosures":[73],"by":[74],"firms":[75],"whose":[76],"CEOs":[77],"sizable":[79],"defined":[80],"benefit":[81],"pensions":[82],"or":[83],"Similar":[86],"changes":[87],"value":[89,110,121],"occur":[90],"for":[91],"credit":[92],"default":[93],"swap":[94],"spreads":[95],"exchange-traded":[97],"options.":[98],"The":[99],"results":[100],"indicate":[101],"reduction":[103],"firm":[105],"risk,":[106],"transfer":[108],"from":[111],"toward":[113],"debt,":[114],"an":[116],"overall":[117],"destruction":[118],"enterprise":[120],"CEO's":[124],"compensation":[126],"holdings":[127],"are":[128],"large.":[129]},"counts_by_year":[{"year":2021,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":6}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
