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Three essays on executive compensati...

Cai, Jie.

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Three essays on executive compensation, mergers and acquisitions, and index changes.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Three essays on executive compensation, mergers and acquisitions, and index changes./
作者:	Cai, Jie.
面頁冊數:	137 p.
附註:	Source: Dissertation Abstracts International, Volume: 66-04, Section: A, page: 1445.
Contained By:	Dissertation Abstracts International66-04A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3172368
ISBN:	0542093367

Three essays on executive compensation, mergers and acquisitions, and index changes.
Cai, Jie.

Three essays on executive compensation, mergers and acquisitions, and index changes. - 137 p.

Source: Dissertation Abstracts International, Volume: 66-04, Section: A, page: 1445.

Thesis (Ph.D.)--The University of Iowa, 2005.

Chapter One provides a two state-variable executive option valuation model that allows optimal investment of executive's outside wealth in riskfree asset and market portfolio. This leads to several improvements over the one state-variable models that allow outside investment only in riskfree asset. First, the model is consistent with portfolio theories and the CAPM. Second, it produces executive option values that are always lower than risk-neutral values. Third, it gives significantly lower sensitivities of option values to several unobservable parameters. Fourth, the divergence between executive value and company cost is bigger than previously documented. Fifth, it can easily value indexed strike price executive options.

ISBN: 0542093367Subjects--Topical Terms:

626650
Economics, Finance.

Three essays on executive compensation, mergers and acquisitions, and index changes.
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520 $a Chapter One provides a two state-variable executive option valuation model that allows optimal investment of executive's outside wealth in riskfree asset and market portfolio. This leads to several improvements over the one state-variable models that allow outside investment only in riskfree asset. First, the model is consistent with portfolio theories and the CAPM. Second, it produces executive option values that are always lower than risk-neutral values. Third, it gives significantly lower sensitivities of option values to several unobservable parameters. Fourth, the divergence between executive value and company cost is bigger than previously documented. Fifth, it can easily value indexed strike price executive options.
520 $a Chapter Two studies the liquidity incentives of target and acquirer CEOs in acquisitions. Due to many liquidity constraints, CEOs of U.S. corporations hold highly undiversified portfolios of stock and options of their own firms. Acquisitions offer an effective mechanism for target CEOs to remove many liquidity constraints. For overvalued acquirer CEOs acquisitions enable them to improve the long-term value of their illiquid wealth. Using a sample of 250 acquisitions during 1993--2001, we document several liquidity incentive effects. Target CEOs with higher liquidity incentives accept lower acquisition premium, put up lower resistance, speed up the acquisition, and are more likely to leave after the acquisition completes. Similarly, acquirer CEOs facing higher liquidity incentives pay higher acquisition premium, speed up the acquisition, pursue relatively undervalued targets, and make multiple and diversifying acquisitions using stock payment.
520 $a Chapter Three studies the information content of S&P 500 index additions, which are often assumed free of information. We investigate this by examining the price and volume effects of the industry and size matching firms of the added firms. Using a sample of index additions during 1976--2001, we document a significantly positive price reaction, but no positive volume reaction, for the matching firms. The matching firm price reaction is negatively related to the added firm's weight in its industry, not transitory, and does not depend on their later addition to the Index. The evidences suggest that the S&P 500 additions convey favorable information about the added firms and their industries.
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