Securitization of corporate assets and executive compensation

Journal of Corporate Finance - Tập 21 - Trang 235-251 - 2013
Ilham Riachi1, Armin Schwienbacher2
1Louvain School of Management, Belgium
2Université Lille Nord de France — SKEMA, France

Tài liệu tham khảo

Ayotte, K., Gaon, S., forthcoming. Asset-backed securities: costs and benefits of bankruptcy remoteness. Rev. Financ. Stud. Backer, 1988, Compensation and incentives: practice vs. theory, J. Finance, 43, 593, 10.1111/j.1540-6261.1988.tb04593.x Bebchuk, 2004 Bebchuk, 2005, The growth of executive pay, Oxford Rev. Econ. Policy, 21, 283, 10.1093/oxrep/gri017 Bushman, 2004, Financial accounting information, organizational complexity and corporate governance systems, J. Account. Econ., 37, 167, 10.1016/j.jacceco.2003.09.005 Cadman, 2009, Determinants of CEO pay: a comparison of ExecuComp and non-ExecuComp firms, Account. Rev., 85, 1511, 10.2308/accr.2010.85.5.1511 Carey, 1998, Credit risk in private debt portfolios, J. Finance, 58, 1363, 10.1111/0022-1082.00056 Chalmers, 2006, The determinants of CEO compensation: rent extraction or labour demand?, Br. Account. Rev., 38, 259, 10.1016/j.bar.2006.01.003 Cleary, 1999, The relationship between firm investment and financial status, J. Finance, LIV, 673, 10.1111/0022-1082.00121 Clementi, 2009, Executive compensation: facts Coles, 2006, Managerial incentives and risk-taking, J. Financ. Econ., 79, 431, 10.1016/j.jfineco.2004.09.004 Core, 1999, Corporate governance, chief executive officer compensation and firm performance, J. Financ. Econ., 51, 371, 10.1016/S0304-405X(98)00058-0 Cyert, 1997, Corporate governance and the level of CEO compensation Dow, 2005, CEO compensation, change, and corporate strategy, J. Finance, 60, 2701, 10.1111/j.1540-6261.2005.00814.x Fabozzi, 2007, Securitization: the tool of financial transformation Fan, 2006, Moral hazard, effort sensitivity and compensation in asset-backed securitization, J. Real Estate Finan. Econ., 32, 229, 10.1007/s11146-006-6799-2 Franke, 2008, The future of securitization Gabaix, 2008, Why has CEO pay increased so much?, Q. J. Econ., 123, 49, 10.1162/qjec.2008.123.1.49 Gerardi, 2010, The impact of deregulation and financial innovation on consumers: the case of the mortgage market, J. Finance, 65, 333, 10.1111/j.1540-6261.2009.01531.x Gibbons, 1992, Optimal incentive contracts in the presence of career concerns: theory and evidence, J. Polit. Econ., 100, 468, 10.1086/261826 Gorton, 1995, Banks and loan sales: marketing nonmarketable assets, J. Monet. Econ., 35, 389, 10.1016/0304-3932(95)01199-X Gorton, 2005, Special purpose vehicles and securitization Gray, 1997, The role of risk in executive compensation, J. Manag., 23, 517 Greenbaum, 1987, Bank funding modes: securitization versus deposits, J. Bank. Financ., 11, 379, 10.1016/0378-4266(87)90040-9 Hahn, 2009, Financial constraints, debt capacity and the cross section of stock returns, J. Finance, 64, 891, 10.1111/j.1540-6261.2009.01452.x Hallock, 2010, CEO pay for performance heterogeneity: examples using quantile regression, Financ. Rev., 45, 1, 10.1111/j.1540-6288.2009.00235.x Hartzell, 2003, Institutional investors and executive compensation, J. Finance, 58, 2351, 10.1046/j.1540-6261.2003.00608.x Himmelberg, 1999, Understanding the determinants of managerial ownership and the link between ownership and performance, J. Financ. Econ., 53, 353, 10.1016/S0304-405X(99)00025-2 Holmström, 1979, Moral hazard and observability, Bell J. Econ., 10, 74, 10.2307/3003320 Holmström, 1991, Multitask principal-agent analysis: incentive contracts, asset ownership, and job creation, J. Law Econ. Organ., 7, 24, 10.1093/jleo/7.special_issue.24 Iacobucci, 2005, Asset securitization and asymmetric information, J. Leg. Stud., 34, 161, 10.1086/427765 Inderst, 2010, Securitization and compensation in financial institutions Jiangli, 2008, The impacts of securitization on US bank holding companies John, 1993, Top-management compensation and capital structure, J. Finance, 48, 949, 10.1111/j.1540-6261.1993.tb04026.x Kaplan, 1997, Do financing constraints explain why investment is correlated with cash flow?, Q. J. Econ., 112, 168, 10.1162/003355397555163 Kashyap, 1994, Credit conditions and the cyclical behavior of inventories, Q. J. Econ., 109, 565, 10.2307/2118414 Katz, 2008, Funding through the use of trade receivable securitizations Kothari, 2006 Lamont, 2001, Financial constraints and stock returns, Rev. Financ. Stud., 14, 529, 10.1093/rfs/14.2.529 Lemmon, 2010, Asset-backed securitization in industrial firms — an empirical investigation Lipson, 2012, Re: defining securitization, South. Calif. Law Rev., 85, 1229 Murphy, 1986, Incentives, learning, and compensation: a theoretical and empirical investigation of managerial labor contracts, RAND J. Econ., 17, 59, 10.2307/2555628 Murphy, 1999, Executive compensation, vol. III, 2485, 10.1016/S1573-4463(99)30024-9 Ofek, 2000, Taking stock: equity-based compensation and the evolution of managerial ownership, J. Finance, 55, 1367, 10.1111/0022-1082.00250 Ortiz-Molina, 2007, Executive compensation and capital structure: the effects of convertible debt and straight debt on CEO pay, J. Account. Econ., 43, 69, 10.1016/j.jacceco.2006.09.003 Ozkan, 2011, CEO compensation and firm performance: an empirical investigation of UK panel data, Eur. Financ. Manag., 17, 260, 10.1111/j.1468-036X.2009.00511.x Pagano, 2008, Securitization, transparency and liquidity Pennacchi, 1988, Loan sales and the cost of bank capital, J. Finance, 43, 375, 10.1111/j.1540-6261.1988.tb03945.x Richardson, 2006, Over-investment of free cash flow, Rev. Account. Stud., 11, 159, 10.1007/s11142-006-9012-1 Skarabot, 2001, Asset securitization and optimal asset structure of the firm Vermilyea, 2008, Implicit recourse and credit card securitizations: what do fraud losses reveal?, J. Bank. Financ., 32, 1198, 10.1016/j.jbankfin.2007.10.004 Webb, 2008, Regulatory scrutiny and bank CEO incentives, J. Financ. Serv. Res., 33, 5, 10.1007/s10693-007-0023-2 Whited, 1992, Debt, liquidity constraints, and corporate investment: evidence from panel data, J. Finance, 47, 1425, 10.1111/j.1540-6261.1992.tb04664.x Yermack, 1995, Do corporations award stock options effectively?, J. Finance, 39, 237