کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5086696 1478189 2013 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Discussion of “CEO compensation and corporate risk-taking: Evidence from a natural experiment”
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Discussion of “CEO compensation and corporate risk-taking: Evidence from a natural experiment”
چکیده انگلیسی


- Gormley, Matsa, and Milbourn examine the design and causal effects of CEOs' equity portfolio incentives on firm risk.
- The distinction between various treatment effects is important for causal inference.
- Partial identification and sensitivity analysis are well-suited for providing causal inferences.

Gormley, Matsa, and Milbourn (in this issue) examine the design and causal effects of CEOs' equity portfolio incentives on firm risk in a novel research setting in which certain firms experience a large exogenous shock that increases their left-tail risk and reduces their investment opportunities. Gormley et al. find that boards and CEOs both make adjustments to CEOs' equity portfolios following the shock. They also find that CEOs with more convex equity portfolios (i.e., Vega) prior to the shock reduce risk less following the shock. Despite certain measurement and identification concerns, Gormley et al. is an innovative attempt to address an important and challenging research question. Partial identification and sensitivity analysis an important class of techniques that are well-suited for providing causal inferences about Gormley et al.'s and other important research questions that are impeded by endogeneity concerns.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting and Economics - Volume 56, Issues 2–3, Supplement 1, 15 December 2013, Pages 102-111
نویسندگان
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