000001792 001__ 1792
000001792 005__ 20181220113740.0
000001792 022__ $$a0003-6846
000001792 0247_ $$2DOI$$a10.1080/00036846.2016.1156234
000001792 037__ $$aARTICLE
000001792 041__ $$aeng
000001792 245__ $$aThe effect of price targets on the composition of CEO pay
000001792 260__ $$c2016
000001792 269__ $$a2016-03
000001792 300__ $$app. 4299-4311
000001792 506__ $$avisible
000001792 520__ $$aThis article analyzes the impact of price targets from the IBES Detail Price History Target database on CEO compensation retained from Execucomp. The two databases are merged at fiscal year frequency and an OLS regression with fixed effect is used to analyze the impact of price target on CEO compensation. The analysis reveals that analysts’ price targets affect top executives’ compensation: when analysts predict a growth in the share price for a company, the compensation package tilts towards stock options, when analysts forecast a drop in the share price, the compensation package tilts towards cash-based compensation and restricted stocks. I argue that the result is more aligned with the managerial power model of compensation (which assumes the board of directors maximizes managers’ compensation) than with the arm’s length bargaining model (that states that managers’ compensation is set to maximize shareholders’ profit).$$9eng
000001792 592__ $$aEHL
000001792 592__ $$cEconomie et Services
000001792 6531_ $$aexecutive compensation$$9eng
000001792 6531_ $$aprice targets$$9eng
000001792 6531_ $$acorporate governance$$9eng
000001792 6531_ $$aownership structure$$9eng
000001792 655__ $$ascientifique
000001792 65017 $$aEconomie/gestion
000001792 700__ $$aBianchi, Giuliano$$uEcole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland
000001792 773__ $$tApplied economics$$g2016, vol. 48, no. 45
000001792 8564_ $$uhttps://hesso.tind.io/record/1792/files/bianchi_theeffect_2015.pdf$$s455573
000001792 906__ $$aGREEN
000001792 909CO $$pGLOBAL_SET$$ooai:hesso.tind.io:1792
000001792 950__ $$aI2
000001792 980__ $$ascientifique