Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay

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Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay

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dc.contributor.author Fried, Jesse M.
dc.date.accessioned 2011-06-01T19:11:41Z
dc.date.issued 2011
dc.identifier.citation Jesse M. Fried, Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay, 89 Texas Law Review 1113 (2011). en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:4905394
dc.description.abstract This Article identifies a cost to public investors of tying executive pay to the future value of a firm’s stock - even its long-term value. In particular, such an arrangement can incentivize executives to engage in share repurchases (when the current stock price is low) and equity issuances (when the current stock price is high) that reduce “aggregate shareholder value,” the amount of value flowing to all the firm’s shareholders over time. The Article also puts forward a mechanism that ties executive pay to aggregate shareholder value and thereby eliminates the identified distortions. en_US
dc.language.iso en_US en_US
dc.relation.hasversion http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1845620 en_US
dc.relation.hasversion http://www.texaslrev.com/issues/vol/89/issue/5/fried en_US
dash.license OAP
dc.subject share repurchases en_US
dc.subject equity issuances en_US
dc.subject executive pay en_US
dc.subject stock en_US
dc.subject stock options en_US
dc.subject restricted stock en_US
dc.subject corporate governance en_US
dc.subject agency costs en_US
dc.subject overvalued equity en_US
dc.subject insider trading en_US
dc.subject payout policy en_US
dc.subject seasoned equity offerings en_US
dc.subject executive compensation en_US
dc.subject manipulation en_US
dc.title Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay en_US
dc.type Journal Article en_US
dc.description.version Proof en_US
dc.relation.journal Texas Law Review en_US
dash.depositing.author Fried, Jesse M.
dc.date.available 2011-06-01T19:11:41Z

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