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This problem is inspired by a study of the "gender gap" in earnings in top corporate jobs [Bertrand and Hallock (2001)]. The study compares total compensation among top executives in a large set of U.S. public corporations in the 1990s. (Each year these publicly traded corporations must report total compensation levels for their top five executives.) a. Let Female be an indicator variable that is equal to 1 for females and 0 for males. A regression of the logarithm of earnings onto Female yields ln(Earnings)=6.480.44Female i. The estimated coefficient on Female is -0.44. Explain what this value means. ii. Does this regression suggest that female top executives earn less than top male executives? Explain. iii. Does this regression suggest that there is gender discrimination? Explain. b. Two new variables, the market value of the firm (a measure of firm size, in millions of dollars) and stock return (a measure of firm performance, in percentage points), are added to the regression: ln(Earnings)=3.860.28Female+0.37ln(MarketValue)+0.004Return i. The coefficient on ln (MarketValue) is 0.37 . Explain what this value means. ii. The coefficient on Female is now - 0.28. Explain why it has changed from the regression in (a). c. Are large firms more likely than small firms to have female top executives? Explain..
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![This problem is inspired by a study of the "gender gap" in earnings in top corporate jobs [Bertrand
and Hallock (2001)]. The study compares total compensation among top executives in a large set
of U.S. public corporations in the 1990s. (Each year these publicly traded corporations must report
total compensation levels for their top five executives.) a. Let Female be an indicator variable that
is equal to 1 for females and 0 for males. A regression of the logarithm of earnings onto Female
yields ln(Earnings)=6.480.44Female i. The estimated coefficient on Female is -0.44. Explain what
this value means. ii. Does this regression suggest that female top executives earn less than top
male executives? Explain. iii. Does this regression suggest that there is gender discrimination?
Explain. b. Two new variables, the market value of the firm (a measure of firm size, in millions of
dollars) and stock return (a measure of firm performance, in percentage points), are added to the
regression: ln(Earnings)=3.860.28Female+0.37ln(MarketValue)+0.004Return i. The coefficient on
ln (MarketValue) is 0.37 . Explain what this value means. ii. The coefficient on Female is now -
0.28. Explain why it has changed from the regression in (a). c. Are large firms more likely than
small firms to have female top executives? Explain.](https://image.slidesharecdn.com/thisproblemisinspiredbyastudyofthegendergapine-230318123418-5536ef5a/85/This-problem-is-inspired-by-a-study-of-the-gender-gap-in-e-pdf-1-320.jpg)
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PRESENTATION
Research question and literature review
Effects of corporate income tax avoidance in the economy
What the question adds to the existing literature.
Several scholars have done research on how avoidance if corporate income tax has increased their pay as well as the corporations' profits.
They have not explained on how the avoidance of corporate tax has affected the economy.
The Corporate income tax is among the major sources of the federal revenue, through research in 2014 it raises about $320.7 billion in the fiscal year, 10.6 percent of all the countries’ revenue and 1.9 percent out of all the gross domestic product.
Economic framework.
When these corporate income taxes are avoided, the amount of money available to provide public goods and services reduces and consequently, the economy increased very much making it be out of balance.
Again, corporate income tax has contributed to budget shortfall. Corporations are complaining that there has been increased tax rate in the Federal income tax but what has led to this is the failure for many corporations to pay taxes on the amount of profits they make (Lebergott 2015).
Potential Data Sources
The target population will be ;
several CEOs in selected corporation
unions which deal with different corporations
the Fed which controls all the accounting and finances of the country
lastly is workers within those selected corporations
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The importance of this research proposal will be to educate the relevant people on how this act of corporate income tax avoidance has towards the economy.
After which the expected measures will be taken to ensure that the economy is will control and people are not taxed very high (Onji and Tang 2015).
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Research shows that the size of the gap is determined the by the size of the firm of the industry (Carpenter and Sanders (2002).
But vertical pay disparity has negative effects on the firm, for example, the Korea firms
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References
Carpenter, M. A., & Sanders, W. M. (2002). Top management team compensation: The missing link between CEO pay and firm performance? Strategic Management Journal, 23(4), 367-375.
Conyon, M. J., & Murphy, K. J. (2000). The prince and the pauper? CEO pay in the United States and the United Kingdom. The Economic Journal, 110(467), 640-671.
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This study examines the link between corporate governance and employment policies in Russian firms between 1997-2004. The researchers estimate a proxy for private benefits of control using a voting premium model. They then relate this proxy to labor market outcomes like wages and wage arrears. They find wages are higher and arrears lower in firms with more severe governance problems, suggesting expropriation of shareholders implies more generous worker policies. However, this only holds when ownership is dispersed, not when a majority owner controls the firm.
119E ECUTIVE BAR AININ CEOS NE OTIATIN THEIR PAWITH EM
119
E ECUTIVE BAR AININ : CEOS NE OTIATIN THEIR PA
WITH EMPLO EES OR CORPORATE E ICIENC
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I INTRODUCTION
Rising executive pay is a significant problem that points to a structural
flaw in American corporations. This article presents a solution to that flaw
through which Chief Executive Officers (CEOs) negotiate their pay in
company resources with lower-paid employees. Exploring this solution also
unearths an explanation for capitalism s apparent drive toward inequality and
examines the historical development of corporations and trade unions in the
United States.
The problem is that managers and corporate directors will raise pay at the
top so long as that pay-setting process does not consider the pay of average-
and low-wage workers. The solution is that CEOs and other top executives
negotiate their pay in company resources with employees in a process that
determines the pay and bonuses of both sides. Microeconomic theory indicates
that confronting the tradeoffs of raising executive compensation with other
potential corporate expenditures—by negotiating this compensation with
workers from different parts of the company—will make executive
compensation more efficient.1 Also, historical analysis indicates a pattern in
which executive compensation became aligned with public interest only during
the period in which workers had significant power to negotiate their wages and
Master of Public Policy Candidate at eorgetown University s McCourt School of Public
Policy J.D., The Ohio State Moritz College of Law. The Author is an independent researcher,
originator of a variety of social innovations (co-resolution, interest group mediation, consensus
arbitration, dependent advocacy, the popular tax audit, the hostile correction, a partnership
between citizen review boards and community policing, and a two-state/one-land solution to the
Israeli-Palestinian conflict), and author of several ambitious theories (the shift in sovereignty
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change, and resistance to the accelerating expansion of the universe as the cause of gravitation).
He is also a former solo-practitioner in criminal and family law.
1 N. RE OR MAN IW, PRINCIPLES O MICROECONOMICS ( th ed. 2012) (describing the first
principle of microeconomics as centered on trade-offs). Many basic microeconomic models
involve trade-offs between potential allocations of resources to achieve efficiency. See DAVID
BESAN O RONALD R. BRAEUTI AM, MICROECONOMICS 20 07 (5th ed. 201 ).
120 KAN. J.L. & P B. POL’Y Vol. I :1
benefits. This is not to say that the solution to executive compensation is a
return to unions, which developed as a separate organizational structure with
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productivity, producing profits for shareholders and growth for the overall
econ ...
119E ECUTIVE BAR AININ CEOS NE OTIATIN THEIR PAWITH EM
119
E ECUTIVE BAR AININ : CEOS NE OTIATIN THEIR PA
WITH EMPLO EES OR CORPORATE E ICIENC
By Nathan Witkin
I INTRODUCTION
Rising executive pay is a significant problem that points to a structural
flaw in American corporations. This article presents a solution to that flaw
through which Chief Executive Officers (CEOs) negotiate their pay in
company resources with lower-paid employees. Exploring this solution also
unearths an explanation for capitalism s apparent drive toward inequality and
examines the historical development of corporations and trade unions in the
United States.
The problem is that managers and corporate directors will raise pay at the
top so long as that pay-setting process does not consider the pay of average-
and low-wage workers. The solution is that CEOs and other top executives
negotiate their pay in company resources with employees in a process that
determines the pay and bonuses of both sides. Microeconomic theory indicates
that confronting the tradeoffs of raising executive compensation with other
potential corporate expenditures—by negotiating this compensation with
workers from different parts of the company—will make executive
compensation more efficient.1 Also, historical analysis indicates a pattern in
which executive compensation became aligned with public interest only during
the period in which workers had significant power to negotiate their wages and
Master of Public Policy Candidate at eorgetown University s McCourt School of Public
Policy J.D., The Ohio State Moritz College of Law. The Author is an independent researcher,
originator of a variety of social innovations (co-resolution, interest group mediation, consensus
arbitration, dependent advocacy, the popular tax audit, the hostile correction, a partnership
between citizen review boards and community policing, and a two-state/one-land solution to the
Israeli-Palestinian conflict), and author of several ambitious theories (the shift in sovereignty
from land to people under international treaties, the use of impact bonds as a solution to climate
change, and resistance to the accelerating expansion of the universe as the cause of gravitation).
He is also a former solo-practitioner in criminal and family law.
1 N. RE OR MAN IW, PRINCIPLES O MICROECONOMICS ( th ed. 2012) (describing the first
principle of microeconomics as centered on trade-offs). Many basic microeconomic models
involve trade-offs between potential allocations of resources to achieve efficiency. See DAVID
BESAN O RONALD R. BRAEUTI AM, MICROECONOMICS 20 07 (5th ed. 201 ).
120 KAN. J.L. & P B. POL’Y Vol. I :1
benefits. This is not to say that the solution to executive compensation is a
return to unions, which developed as a separate organizational structure with
their own flaws and inefficiencies. Rather, a corporation that synthesizes the
inputs of all its employees will be able to maximize efficiency and
productivity, producing profits for shareholders and growth for the overall
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Recommended
What Is CEO Talent Worth?
January 23rd, 2012
What Is CEO Talent Worth?
By Professor, David F. Larcker and Brian Tayan, Researcher, Corporate Governance Research Program, Stanford Graduate School of Business
January 24, 2012
The topic of executive compensation elicits strong emotions among corporate stakeholders and practitioners. On the one hand are those who believe that chief executive officers in the United States are overpaid. On the other hand are those who believe that CEOs are simply paid the going fair-market rate.
Much less effort, however, is put into determining whether total compensation is commensurate with the value of services rendered.
We examine the issue and explain how such a calculation might be performed. We ask:
* How much value creation should be attributable to the efforts of the CEO?
* What percentage of this value should be fairly offered as compensation?
* Can the board actually perform this calculation? If not, how does it make rational decisions about pay levels?
Read the attached Closer Look and let us know what you think!
Six question
This document discusses six questions about executive compensation and summarizes recent research on this topic. It finds that while US CEOs receive higher compensation than in other countries, the structure of US compensation aims to align CEO incentives with shareholder interests through stock ownership. Recent studies have helped address longstanding puzzles by analyzing stock and option holdings, finding compensation is strongly linked to firm performance and CEOs can face penalties for poor performance. There remain open questions around how much compensation is optimal and whether the system could be further improved.
PRESENTATIONResearch question and literature reviewEffects o.docx
PRESENTATION
Research question and literature review
Effects of corporate income tax avoidance in the economy
What the question adds to the existing literature.
Several scholars have done research on how avoidance if corporate income tax has increased their pay as well as the corporations' profits.
They have not explained on how the avoidance of corporate tax has affected the economy.
The Corporate income tax is among the major sources of the federal revenue, through research in 2014 it raises about $320.7 billion in the fiscal year, 10.6 percent of all the countries’ revenue and 1.9 percent out of all the gross domestic product.
Economic framework.
When these corporate income taxes are avoided, the amount of money available to provide public goods and services reduces and consequently, the economy increased very much making it be out of balance.
Again, corporate income tax has contributed to budget shortfall. Corporations are complaining that there has been increased tax rate in the Federal income tax but what has led to this is the failure for many corporations to pay taxes on the amount of profits they make (Lebergott 2015).
Potential Data Sources
The target population will be ;
several CEOs in selected corporation
unions which deal with different corporations
the Fed which controls all the accounting and finances of the country
lastly is workers within those selected corporations
Importance of the Question
The importance of this research proposal will be to educate the relevant people on how this act of corporate income tax avoidance has towards the economy.
After which the expected measures will be taken to ensure that the economy is will control and people are not taxed very high (Onji and Tang 2015).
The gap between employees and the CEO pay affects the performance of the firm
Research shows that the size of the gap is determined the by the size of the firm of the industry (Carpenter and Sanders (2002).
But vertical pay disparity has negative effects on the firm, for example, the Korea firms
How the firm performance affects the CEO pay beyond what average employees make.
Between 1978 and 2014 after the inflation adjustments, CEO pay increased by about 1,000 percent while employees in the same period their pay increased by only 11 percent.
In this research, there are several factors which influence the firms pay apart from the individual CEO so the CEO is not to blame here and should just be paid despite the firms' performance (Pathak et.al 2014).
References
Carpenter, M. A., & Sanders, W. M. (2002). Top management team compensation: The missing link between CEO pay and firm performance? Strategic Management Journal, 23(4), 367-375.
Conyon, M. J., & Murphy, K. J. (2000). The prince and the pauper? CEO pay in the United States and the United Kingdom. The Economic Journal, 110(467), 640-671.
Gabaix, X., & Landier, A. (2006). Why has CEO pay increased so much? (No. w12365).
Nation.
cl53_CEOPay
There is a large disconnect between public perception and corporate directors' views on CEO pay. While most of the public believes CEO pay is too high, directors believe it is appropriate. There is also disagreement on how to measure corporate performance and determine CEO contributions. Directors believe CEOs are responsible for 40% of company performance, but studies show it may be much lower. No standard model exists for determining the appropriate value sharing between CEO pay and shareholder returns. This lack of agreement means controversy over CEO compensation will likely continue.
Owners, Managers, and Workers
This study examines the link between corporate governance and employment policies in Russian firms between 1997-2004. The researchers estimate a proxy for private benefits of control using a voting premium model. They then relate this proxy to labor market outcomes like wages and wage arrears. They find wages are higher and arrears lower in firms with more severe governance problems, suggesting expropriation of shareholders implies more generous worker policies. However, this only holds when ownership is dispersed, not when a majority owner controls the firm.
119E ECUTIVE BAR AININ CEOS NE OTIATIN THEIR PAWITH EM
119
E ECUTIVE BAR AININ : CEOS NE OTIATIN THEIR PA
WITH EMPLO EES OR CORPORATE E ICIENC
By Nathan Witkin
I INTRODUCTION
Rising executive pay is a significant problem that points to a structural
flaw in American corporations. This article presents a solution to that flaw
through which Chief Executive Officers (CEOs) negotiate their pay in
company resources with lower-paid employees. Exploring this solution also
unearths an explanation for capitalism s apparent drive toward inequality and
examines the historical development of corporations and trade unions in the
United States.
The problem is that managers and corporate directors will raise pay at the
top so long as that pay-setting process does not consider the pay of average-
and low-wage workers. The solution is that CEOs and other top executives
negotiate their pay in company resources with employees in a process that
determines the pay and bonuses of both sides. Microeconomic theory indicates
that confronting the tradeoffs of raising executive compensation with other
potential corporate expenditures—by negotiating this compensation with
workers from different parts of the company—will make executive
compensation more efficient.1 Also, historical analysis indicates a pattern in
which executive compensation became aligned with public interest only during
the period in which workers had significant power to negotiate their wages and
Master of Public Policy Candidate at eorgetown University s McCourt School of Public
Policy J.D., The Ohio State Moritz College of Law. The Author is an independent researcher,
originator of a variety of social innovations (co-resolution, interest group mediation, consensus
arbitration, dependent advocacy, the popular tax audit, the hostile correction, a partnership
between citizen review boards and community policing, and a two-state/one-land solution to the
Israeli-Palestinian conflict), and author of several ambitious theories (the shift in sovereignty
from land to people under international treaties, the use of impact bonds as a solution to climate
change, and resistance to the accelerating expansion of the universe as the cause of gravitation).
He is also a former solo-practitioner in criminal and family law.
1 N. RE OR MAN IW, PRINCIPLES O MICROECONOMICS ( th ed. 2012) (describing the first
principle of microeconomics as centered on trade-offs). Many basic microeconomic models
involve trade-offs between potential allocations of resources to achieve efficiency. See DAVID
BESAN O RONALD R. BRAEUTI AM, MICROECONOMICS 20 07 (5th ed. 201 ).
120 KAN. J.L. & P B. POL’Y Vol. I :1
benefits. This is not to say that the solution to executive compensation is a
return to unions, which developed as a separate organizational structure with
their own flaws and inefficiencies. Rather, a corporation that synthesizes the
inputs of all its employees will be able to maximize efficiency and
productivity, producing profits for shareholders and growth for the overall
econ ...
119E ECUTIVE BAR AININ CEOS NE OTIATIN THEIR PAWITH EM
119
E ECUTIVE BAR AININ : CEOS NE OTIATIN THEIR PA
WITH EMPLO EES OR CORPORATE E ICIENC
By Nathan Witkin
I INTRODUCTION
Rising executive pay is a significant problem that points to a structural
flaw in American corporations. This article presents a solution to that flaw
through which Chief Executive Officers (CEOs) negotiate their pay in
company resources with lower-paid employees. Exploring this solution also
unearths an explanation for capitalism s apparent drive toward inequality and
examines the historical development of corporations and trade unions in the
United States.
The problem is that managers and corporate directors will raise pay at the
top so long as that pay-setting process does not consider the pay of average-
and low-wage workers. The solution is that CEOs and other top executives
negotiate their pay in company resources with employees in a process that
determines the pay and bonuses of both sides. Microeconomic theory indicates
that confronting the tradeoffs of raising executive compensation with other
potential corporate expenditures—by negotiating this compensation with
workers from different parts of the company—will make executive
compensation more efficient.1 Also, historical analysis indicates a pattern in
which executive compensation became aligned with public interest only during
the period in which workers had significant power to negotiate their wages and
Master of Public Policy Candidate at eorgetown University s McCourt School of Public
Policy J.D., The Ohio State Moritz College of Law. The Author is an independent researcher,
originator of a variety of social innovations (co-resolution, interest group mediation, consensus
arbitration, dependent advocacy, the popular tax audit, the hostile correction, a partnership
between citizen review boards and community policing, and a two-state/one-land solution to the
Israeli-Palestinian conflict), and author of several ambitious theories (the shift in sovereignty
from land to people under international treaties, the use of impact bonds as a solution to climate
change, and resistance to the accelerating expansion of the universe as the cause of gravitation).
He is also a former solo-practitioner in criminal and family law.
1 N. RE OR MAN IW, PRINCIPLES O MICROECONOMICS ( th ed. 2012) (describing the first
principle of microeconomics as centered on trade-offs). Many basic microeconomic models
involve trade-offs between potential allocations of resources to achieve efficiency. See DAVID
BESAN O RONALD R. BRAEUTI AM, MICROECONOMICS 20 07 (5th ed. 201 ).
120 KAN. J.L. & P B. POL’Y Vol. I :1
benefits. This is not to say that the solution to executive compensation is a
return to unions, which developed as a separate organizational structure with
their own flaws and inefficiencies. Rather, a corporation that synthesizes the
inputs of all its employees will be able to maximize efficiency and
productivity, producing profits for shareholders and growth for the overall
econ ...
CEO Regression Analysis
This document summarizes a regression analysis conducted by Jay Gajjar and Matthew Jacques to determine the factors that impact CEO compensation. They collected data from 30 Dow Jones companies from 2008-2011, during and after the recession. They found company performance factors like revenue, return on assets, average stock price, and earnings per share had a significant impact on determining CEO compensation. They conducted the analysis to examine how company performance during the recession affected CEO salaries.
RATIO ANALYSISRatio analysis expresses the relationship amon.docx
RATIO ANALYSIS
Ratio analysis expresses the relationship among selected items of financial statement data. A ratio expresses the mathematical relationship between one quantity and another. For analysis of the primary financial statements, we classify ratios as follows.
Illustration 2-9
Financial ratio classifications
A single ratio by itself is not very meaningful. Accordingly, in this and the following chapters, we will use various comparisons to shed light on company performance:
1.
Intracompany comparisons covering two years for the same company.
2.
Industry-average comparisons based on average ratios for particular industries.
3.
Intercompany comparisons based on comparisons with a competitor in the same industry
Question 1
Using these data from the comparative balance sheet of Rosalez Company, perform horizontal analysis. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 0 decimal places, e.g. 12%.)
Increase or (Decrease)
Dec. 31, 2012
Dec. 31, 2011
Amount
Percentage
Accounts receivable
$ 545,500
$ 393,400
$
%
Inventory
$ 820,400
$ 604,600
$
%
Total assets
$3,146,500
$2,742,100
$
%
Question 2
Using these data from the comparative balance sheet of Rosalez Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.)
Dec. 31, 2012
Dec. 31, 2011
Amount
Percentage
Amount
Percentage
Accounts receivable
$ 543,900
%
$ 417,700
%
Inventory
$ 821,700
%
$ 617,000
%
Total assets
$3,175,700
%
$2,787,300
%
Question 3
Vertical analysis (common-size) percentages for Vallejo Company’s sales, cost of goods sold, and expenses are listed here.
Vertical Analysis
2012
2011
2010
Sales
100
%
100
%
100
%
Cost of goods sold
60.8
63.8
66.4
Expenses
24.7
27.8
28.8
Did Vallejo’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Provide numerical support for your answer.
Question 4
Horizontal analysis (trend analysis) percentages for Spartan Company’s sales, cost of goods sold, and expenses are listed here.
Horizontal Analysis
2012
2011
2010
Sales
96.2
%
104.8
%
100.0
%
Cost of goods sold
101.0
98.0
100.0
Expenses
105.6
95.4
100.0
Explain whether Spartan’s net income increased, decreased, or remained unchanged over the 3-year period.
Question 5
These selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands).
2009
2008
Cash
$ 13,606
$ 7,669
Accounts receivable
23,045
19,951
Inventories
31,087
31,345
Other current assets
12,522
11,909
Total current assets
$ 80,260
$ 70,874
Total current liabilities
$245,805
$326,203
(a)
Compute the current ratio for each year. (Round answers to 2 decimal places, e.g. .12 : 1.)
2009
2008
Current ratio:
:1
:1
Question 6
Staples, Inc. is one of the largest suppliers ...
Megalith Casestudy
Hay Associates developed a job evaluation system called the Hay System to help Megalith determine equitable compensation. The Hay System evaluates jobs based on three factors: know-how, problem solving, and accountability. It provides a systematic approach to measure relative job content and compare compensation based on job content rather than titles. While it helps establish clear career paths and pay structures, it is also complicated, emphasizes management know-how, and may be biased or not address team-based roles. Megalith used the Hay System to analyze its finance group and address issues around compensation not matching performance.
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We study the relation between initial IPO underpricing and two-tier board structure in the Vienna Stock Exchange of Austria, where a two-tier board is mandatory for listed companies. The board ratio, defined as the size of the supervisory board to the management board, is used to capture the effect of two-tiered board on underpricing. The results show that the board ratio is negatively related with underpricing, consistent with the agency theory which predicts that more effective monitoring implied in a relatively larger supervisory board will lead to lower agency costs, and thus lower underpricing. The results are robust to the inclusion of control variables and suggest that firms seeking to raise external capital will be helped by adopting strong corporate governance standards.
Ssrn id1582232
This document summarizes recent literature on CEO compensation. It finds that CEO pay has risen rapidly over the past 30 years, with median pay among S&P 500 CEOs increasing from $2.3 million in 1992 to a peak of $7.2 million in 2001. This growth is driven by both rising pay levels across firms of all sizes, as well as a shift toward stock options and equity-based compensation. While some argue high pay is optimal, others argue it reflects rent extraction by powerful CEOs. The literature finds evidence for both views but neither fully explains patterns in the data. Future research on exogenous changes may help distinguish between the two perspectives.
Can CEO compensation be justified, at least statistically?
The document discusses a statistical analysis of factors that influence CEO compensation in large UK businesses. Univariate analyses found CEO salaries were highly skewed and not normally distributed. Bivariate tests showed CEOs who also serve as board chairperson earn significantly higher salaries on average (£481,286.51) than CEOs who do not chair the board (£281,149.70). Independent t-tests found this difference in mean logged salaries between the two groups was statistically significant.
Can CEO compensation be justified, at least statistically?
This document summarizes the results of a statistical analysis conducted to determine the factors that influence CEO compensation. The analysis found that CEOs who also serve as the chairperson of the board earn significantly higher salaries than CEOs who do not serve as chair. Regression analysis showed that excess returns and sales growth were the strongest predictors of CEO compensation, explaining over 80% of the variance. The number of directors on the board was also a significant predictor, with larger boards correlated with slightly lower CEO pay. Performance-based variables like excess returns and sales growth had the strongest correlation with CEO compensation.
Aloke Ghosh Speaks at Fox Business School, Temple University, Philadelphia
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- Using a sample of S&P 1500 firms from 1997-2007, it finds losses significantly increase the likelihood of CEO turnover within two years, with the probability increasing further based on the magnitude of the loss.
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This document summarizes a research paper about economic value added (EVA). It discusses EVA as a measure of corporate financial performance that accounts for the opportunity cost of capital. The paper reviews the theoretical basis and conceptual underpinnings of EVA, how it is calculated, accounting adjustments involved in EVA calculations, and prior empirical research comparing EVA to other performance measures. The purpose is to evaluate claims about EVA's ability to measure shareholder wealth creation.
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3. Managing talent
4. Improving employer branding
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This document discusses a study conducted by the Boston Consulting Group and the World Federation of People Management Associations on the relationship between people management capabilities and financial performance. The study found:
1) Companies that excel in people management practices like leadership development, talent management, and performance management consistently achieved better economic performance, with up to 3.5 times higher revenue growth and 2.1 times greater profit margins.
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We find that IPO firms with generously compensated CEOs and large pay disparities between the CEO and other top executives have lower failure rates and longer time to survive in subsequent periods following the offering. Economically, firms with CEO pay (pay gaps) in the 75th percentile have a failure risk that is, on average, 11.56% (13.20%) lower than the failure risk of firms with CEO pay (pay gaps) in the 25th percentile. The relationship between CEO pay and IPO survival is strengthened among firms with lower agency conflicts, whereas the link between pay gap and IPO survival is pronounced among firms with stronger internal promotion incentives. The results are robust to alternative specifications and additional sensitivity tests.
Evaluation of compensation problems & soultions
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A 17yearold high school student has mild cognitive deficit.pdf
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RATIO ANALYSISRatio analysis expresses the relationship amon.docx
RATIO ANALYSIS
Ratio analysis expresses the relationship among selected items of financial statement data. A ratio expresses the mathematical relationship between one quantity and another. For analysis of the primary financial statements, we classify ratios as follows.
Illustration 2-9
Financial ratio classifications
A single ratio by itself is not very meaningful. Accordingly, in this and the following chapters, we will use various comparisons to shed light on company performance:
1.
Intracompany comparisons covering two years for the same company.
2.
Industry-average comparisons based on average ratios for particular industries.
3.
Intercompany comparisons based on comparisons with a competitor in the same industry
Question 1
Using these data from the comparative balance sheet of Rosalez Company, perform horizontal analysis. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 0 decimal places, e.g. 12%.)
Increase or (Decrease)
Dec. 31, 2012
Dec. 31, 2011
Amount
Percentage
Accounts receivable
$ 545,500
$ 393,400
$
%
Inventory
$ 820,400
$ 604,600
$
%
Total assets
$3,146,500
$2,742,100
$
%
Question 2
Using these data from the comparative balance sheet of Rosalez Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.)
Dec. 31, 2012
Dec. 31, 2011
Amount
Percentage
Amount
Percentage
Accounts receivable
$ 543,900
%
$ 417,700
%
Inventory
$ 821,700
%
$ 617,000
%
Total assets
$3,175,700
%
$2,787,300
%
Question 3
Vertical analysis (common-size) percentages for Vallejo Company’s sales, cost of goods sold, and expenses are listed here.
Vertical Analysis
2012
2011
2010
Sales
100
%
100
%
100
%
Cost of goods sold
60.8
63.8
66.4
Expenses
24.7
27.8
28.8
Did Vallejo’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Provide numerical support for your answer.
Question 4
Horizontal analysis (trend analysis) percentages for Spartan Company’s sales, cost of goods sold, and expenses are listed here.
Horizontal Analysis
2012
2011
2010
Sales
96.2
%
104.8
%
100.0
%
Cost of goods sold
101.0
98.0
100.0
Expenses
105.6
95.4
100.0
Explain whether Spartan’s net income increased, decreased, or remained unchanged over the 3-year period.
Question 5
These selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands).
2009
2008
Cash
$ 13,606
$ 7,669
Accounts receivable
23,045
19,951
Inventories
31,087
31,345
Other current assets
12,522
11,909
Total current assets
$ 80,260
$ 70,874
Total current liabilities
$245,805
$326,203
(a)
Compute the current ratio for each year. (Round answers to 2 decimal places, e.g. .12 : 1.)
2009
2008
Current ratio:
:1
:1
Question 6
Staples, Inc. is one of the largest suppliers ...
Megalith Casestudy
Hay Associates developed a job evaluation system called the Hay System to help Megalith determine equitable compensation. The Hay System evaluates jobs based on three factors: know-how, problem solving, and accountability. It provides a systematic approach to measure relative job content and compare compensation based on job content rather than titles. While it helps establish clear career paths and pay structures, it is also complicated, emphasizes management know-how, and may be biased or not address team-based roles. Megalith used the Hay System to analyze its finance group and address issues around compensation not matching performance.
The Two-Tier Board System and Underpricing of Initial Public Offerings: Evid...
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Ssrn id1582232
This document summarizes recent literature on CEO compensation. It finds that CEO pay has risen rapidly over the past 30 years, with median pay among S&P 500 CEOs increasing from $2.3 million in 1992 to a peak of $7.2 million in 2001. This growth is driven by both rising pay levels across firms of all sizes, as well as a shift toward stock options and equity-based compensation. While some argue high pay is optimal, others argue it reflects rent extraction by powerful CEOs. The literature finds evidence for both views but neither fully explains patterns in the data. Future research on exogenous changes may help distinguish between the two perspectives.
Can CEO compensation be justified, at least statistically?
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Can CEO compensation be justified, at least statistically?
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Aloke Ghosh Speaks at Fox Business School, Temple University, Philadelphia
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We find that IPO firms with generously compensated CEOs and large pay disparities between the CEO and other top executives have lower failure rates and longer time to survive in subsequent periods following the offering. Economically, firms with CEO pay (pay gaps) in the 75th percentile have a failure risk that is, on average, 11.56% (13.20%) lower than the failure risk of firms with CEO pay (pay gaps) in the 25th percentile. The relationship between CEO pay and IPO survival is strengthened among firms with lower agency conflicts, whereas the link between pay gap and IPO survival is pronounced among firms with stronger internal promotion incentives. The results are robust to alternative specifications and additional sensitivity tests.
Evaluation of compensation problems & soultions
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Corporate Governance and Agency Theory
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Can CEO compensation be justified, at least statistically?
Can CEO compensation be justified, at least statistically?
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Aloke Ghosh Speaks at Fox Business School, Temple University, Philadelphia
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Topic7.1a compensation basic_factors_in_determining_pay_rates new
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The impact of managerial incentives on ipo mortality
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The Impact of Managerial Incentives on IPO Mortality
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Declining Entrepreneurship and Business Dynamism in the United States
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amounts. List all debit entries before credit entries.)(b) (To record sales returns) (To record cost of
goods returned).
Debe el gobierno de Estados Unidos regular el tipo de cambi.pdf
Debe el gobierno de Estados Unidos regular el tipo de cambio que las instituciones financieras
cobran a los trabajadores migrantes mexicanos por enviar dinero a Mxico? Por qu o por qu no?
Dado el xito en El Salvador, cree que los dems pases del CAFTA-DR deberan adoptar el dlar
estadounidense como moneda? Por qu o por qu no?.
mtiyazl Hisse Senedi ile ilgili olarak aadakilerden hangisi .pdf
mtiyazl Hisse Senedi ile ilgili olarak aadakilerden hangisi doru deildir ?
oktan semeli
Genellikle asla deimeyen bir temett der.
mtiyazl hisse senedi sahipleri, bir tasfiyenin ardndan varlklar almak iin tahvil sahiplerinin nndedir.
Bir irketin adi hisse senedi sahiplerine temett demesi yapabilmesi iin karlan temettlerin tamam
denmelidir.
Deerlemesi, kalclklara deer vermek iin forml kullanlarak belirlenebilir.
Her irket imtiyazl hisse senedi karmaz.
Tahvillerle ilgili olarak aadakilerden hangisi doru DELDR?
oktan semeli
Faiz demeleri, ihra eden kuruma en azndan ksmen vergiden dlebilir.
Tahvil sahipleri, irketin iflas etmesi durumunda irketin varlklar zerindeki hak talepleri asndan
hissedarlarn nndedir.
Tahvil sahiplerinin Ynetim Kurulu'na ye seiminde oy hakk vardr.
Tahvil sahipleri, tahvili vade tarihinde tutmalar halinde tahvilin itibari (par) deerini almaya hak
kazanrlar.
Bir bonoya sahip olmak, sahibine irkette bir mlkiyet hissesi vermez..
Meet the superfans trying to save Tab In October 2020 the m.pdf
Meet the superfans trying to save Tab In October 2020,
the moment Trish Priest had been dreading arrived: Tab, the decades-old diet drink, was being
killed off by parent company Coca-Cola. What to some was a mere news blip was a crisis for
Priest. "I lived in fear of it being discontinued for years," she said. "When the notification came out
that Coca-Cola was going to stop making it, I had people I hadn't spoken to in 10 years call me to
give me their condolences." Priest drinks about three cans of Tabs a day, and has for as long as
she can remember. "It is a central part of my life," she said, and something she's known for. "I've
had [colleagues] decorate my office for a milestone birthday" with Tab-themed decorations, and "I
drink Tab, water and wine." Priest started stockpiling cases of Tab in 2020 when she realized the
drink would soon be gone. She has 23 12-packs left, and she's rationing her supply. She'll hang
onto the final case "for posterity." But Priest isn't giving up without a fight. She's hoping that with
the help of fellow diehard fans, they'll convince Coca-Cola to bring Tab back. It will be a tough
battle, as Coca-Cola which has its reasons for killing Tab. The product was cut as part of a
sweeping reduction of Coca-Cola's beverage portfolio, announced in 2020. The reasoning was
clear: The 200 brands on the chopping block half of Coke's portfolio together made up just 2% of
Coca-Cola's total revenue, CEO James Quincey said. It just wasn't worth it for to keep pouring
resources into these flagging products. "It was a hard decision to discontinue TaB," a company
spokesperson told CNN Business. "In order to continue to innovate and give consumers the
choices they want, we have to make tough choices about our portfolio." The spokesperson said
that "there are no plans to bring [Tab] back." Tab fans think Coke made the wrong call. From
where they sit, Tab sales were stilted because Coca-Cola neglected the brand, letting it linger
without advertising for decades. They point out that even without ads, Tab fans have still sought
out the product imagine, they say, what some marketing could do. Plus, nostalgia is hot right now.
It may be hard to imagine a massive company like Coke giving in to a comparatively small fanbase
of a forgotten brand. But it's happened before. The SaveTabSoda committee Adam Burbach
noticed a flurry of activity online after Coke announced Tab's demise. Across social channels, fans
were mourning the product and wondering whether they could change Coca-Cola's decision. "A lot
of people [were] saying, we should do something," he said. "The initial ... thought behind the
committee was coordinating efforts so that we had a single voice." Burbach took action. He
launched a full-blown campaign to bring back the soda along with a core group of fans, including
Priest, that calls themselves the SaveTabSoda Committee. The group has coordinated call days,
encouraging fans to bombard Coca-Cola's customer service line with .
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