Sustainable Investing in Practice: Objectives, Constraints, and Limits to Impact
We survey 509 equity portfolio managers from both traditional and sustainable funds on whether, why, and how they incorporate firms’ environmental and...
Research highlight
CEO compensation: Evidence from the field
Journal of Financial Economics, 150 (3), 103718
Does Board Size Matter?
This paper uses legal board size requirements to test whether board size affects firm performance and value. Since 1976, the minimum size of German...
CEO Compensation: Evidence From the Field
We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would sacrifice shareholder value to...
Shareholder Liability and Bank Failure
Does enhanced shareholder liability reduce bank failure? We compare the performance of around 4,200 state-regulated banks of similar size in...
The Market for CEOs
We study the market for CEOs of large publicly-traded US firms, analyze new CEOs’ prior connections to the hiring firm, and explore how hiring choices...
Performance-induced CEO turnover
This paper revisits the relationship between firm performance and CEO turnover. We drop the distinction between forced and voluntary turnovers and...
Executive Compensation: A Survey of Theory and Evidence
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top...
