资本市场跨院虚拟研究平台讲座通知

演讲题目：A Comparison of CEO Pay in Public and Private US Firms

演讲人：李凯教授

演讲时间：2010年10月19日（周二）16:00-17:30

演讲地点：博学楼1227

演讲人简介：李凯，W. Maurice Young Chair Professor in Finance，University of British Columbia，已经在Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Econometrics，Management Science等国际顶级期刊发表论文十多篇。

Abstract：We provide a comprehensive comparison of CEO pay in public and private US firms over the period 1999 through 2008. The main difference between public and private firms is the existence for public firms of an active market for the firm’s shares. Consistent with the predictions of the optimal contracting models in which both managers and shareholders can trade in public equity markets we show that the structure of annual pay in public firms contains significant equity-based incentives, while private firms rely more on salary and bonus. Despite the larger amounts of equity-based pay, however, public firm CEOs have lower overall portfolio incentives. Additionally, pay in public firms is positively related to both accounting and stock price performance, while private firm pay is basically unrelated to firm performance. We also show that, all else equal, public firm CEOs earn an 18% pay premium over private firm CEOs—a result that appear to be driven by labor market segmentation between public and private firms. Finally, when firms transition from private to public status, we find that both the structure and level of pay change significantly in ways that corroborate our findings from the cross-section.

主办： 对外经济贸易大学国际经贸学院

               对外经济贸易大学资本市场跨院虚拟研究平台

协办： 对外经济贸易大学金融学院

 

      对外经济贸易大学国际商学院

联系人：江萍（国际经贸学院）、孔宁宁（国际商学院）、吴卫星（金融学院）

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