Share
Finance and Economics Discussion Series: Corporate Payout Policy and Managerial Stock Incentives (in English)
United States Federal Reserve Board
(Author)
·
George W. Fenn
(Author)
·
Nellie Liang
(Author)
·
Bibliogov
· Paperback
Finance and Economics Discussion Series: Corporate Payout Policy and Managerial Stock Incentives (in English) - United States Federal Reserve Board ; Fenn, George W. ; Liang, Nellie
$ 12.60
$ 15.75
You save: $ 3.15
Choose the list to add your product or create one New List
✓ Product added successfully to the Wishlist.
Go to My WishlistsIt will be shipped from our warehouse between
Tuesday, July 16 and
Wednesday, July 17.
You will receive it anywhere in United States between 1 and 3 business days after shipment.
Synopsis "Finance and Economics Discussion Series: Corporate Payout Policy and Managerial Stock Incentives (in English)"
We examine how corporate payout policy is affected by managerial stock incentives using data on more than 1100 nonfinancial firms during 1993-97. We find that management share ownership encourages higher payouts by firms with potentially the greatest agency problems--those with low market-to-book ratios and low management stock ownership. We also find that management stock options change the composition of payouts. We find a strong negative relationship between dividends and management stock options, as predicted by Lambert, Lannen, and Larcker (1989), and a positive relatinship between repurchases and management stock options. Our results suggest that the growth in stock options may help to explain the rise in repurchases at the expense of dividends.
- 0% (0)
- 0% (0)
- 0% (0)
- 0% (0)
- 0% (0)
All books in our catalog are Original.
The book is written in English.
The binding of this edition is Paperback.
✓ Producto agregado correctamente al carro, Ir a Pagar.
