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Conglomerate investment skewness and the ceo long-shot bias pdf

Further documentation is available here. We suggest that CEOs are willing to trade off status and career benefits from working for a publicly admired company against additional monetary compensation. Our identification strategy is based on matched sample analyses, conglomerate investment skewness and the ceo long-shot bias pdf-in-differences regressions, and a regression discontinuity design. We perform several robustness checks and exclude many alternative explanations, including that firm prestige just proxies for better corporate governance or for increased exposure of the pay-setting process to media attention.

Check if you have access through your login credentials or your institution. Ron Masulis, Daniel Metzger, Kevin Murphy, Clemens Otto, Jerry T. Oxford University, University of Illinois at Urbana-Champaign, University of New South Wales, and the University of St. We thank Evgenia Zhivotova for valuable research assistance on this project.

100 Best Companies to Work For ranking. All errors are our own. Further documentation is available here. We suggest that CEOs are willing to trade off status and career benefits from working for a publicly admired company against additional monetary compensation. Our identification strategy is based on matched sample analyses, difference-in-differences regressions, and a regression discontinuity design.