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Articles 1 - 21 of 21
Full-Text Articles in Business
[Review Of Pay Without Performance: The Unfulfilled Promise Of Executive Compensation], Kevin F. Hallock
[Review Of Pay Without Performance: The Unfulfilled Promise Of Executive Compensation], Kevin F. Hallock
Kevin F Hallock
[Excerpt] Every once in a while someone comes out with an important book concerning corporate governance or executive compensation. Like Aldolf A. Berle and Gardiner C. Means's The Modern Corporation and Private Property (New York: Harcourt, Brace, and World, 1932) and Graef S. Crystal's In Search of Excess: The Overcompensation of American Executives (New York: W.W. Norton, 1991), Bebchuk and Fried's new book is thought-provoking and interesting. It is a very important book and should be read not just by those interested in executive pay or corporate governance but by anyone interested in how corporations work.
[Review Of Personnel Economics In Imperfect Labour Markets], Kevin F. Hallock
[Review Of Personnel Economics In Imperfect Labour Markets], Kevin F. Hallock
Kevin F Hallock
Excerpt] This book is an attempt to consolidate what we know about Personnel Economics by focusing on Personnel Economics in Imperfect Labor Markets. Even on the first page of the book, the author is clear about this mission. In particular he notes that "The view of personnel economics analyzed in this book is based on two key properties of... labour markets: labour markets are imperfect and jobs are associated to [sic] rents; labour market institutions interact with personnel policies. Notably, wages are partly set outside the firm-worker pair (minimum wages and collective agreements are widespread)" and "job termination policies are …
Reciprocally Interlocking Boards Of Directors And Executive Compensation, Kevin F. Hallock
Reciprocally Interlocking Boards Of Directors And Executive Compensation, Kevin F. Hallock
Kevin F Hallock
Is executive compensation influenced by the composition of the board of directors? About 8% of chief executive officers (CEOs) are reciprocally interlocked with another CEO—the current CEO of firm A serves as a director of firm B and the current CEO of firm B serves as a director of firm A. Roughly 20% of firms have at least one current or retired employee sitting on the board of another firm and vice versa. I investigate how these and other features of board composition affect CEO pay by using a sample of 9,804 director positions in America's largest companies. CEOs who …
Dual Agency: Corporate Boards With Reciprocally Interlocking Relationships, Kevin F. Hallock
Dual Agency: Corporate Boards With Reciprocally Interlocking Relationships, Kevin F. Hallock
Kevin F Hallock
[Excerpt] This paper studies reciprocal interlocks of boards of directors of large firms where an employee of firm A sits on firm B's board and at the same time an employee of firm B sits on firm A's board. The study of Boards of Directors by those in economics and finance is not new. In fact, Dooley (1969) writes of interlocking directorates, but his definition is different in that he presents evidence of interlock where "at least one director ... sat on the board of at least one other of the largest companies". Books by Mizruchi (1982) and Pennings (1980) …
A Descriptive Analysis Of Layoffs In Large U.S. Firms Using Archival Data Over Three Decades And Interviews With Senior Managers, Kevin F. Hallock
A Descriptive Analysis Of Layoffs In Large U.S. Firms Using Archival Data Over Three Decades And Interviews With Senior Managers, Kevin F. Hallock
Kevin F Hallock
This paper uses data on over 4,600 layoff announcements in the U.S., covering each firm that ever existed in the Fortune 500 between 1970 and 2000, along with 40 interviews of senior managers in 2001 and 2002 to describe layoffs in large U.S. firms over this period. In order to motivate further work in the area, I investigate six main issues related to layoffs: timing of layoffs, reasons for layoffs, the actual execution of layoffs, international workers, labor unions, and the types of workers by occupation and compensation categories. The paper draws on literature from many fields to help further …
Job Loss: Causes, Consequences, And Policy Responses, Kristin F. Butcher, Kevin F. Hallock
Job Loss: Causes, Consequences, And Policy Responses, Kristin F. Butcher, Kevin F. Hallock
Kevin F Hallock
From 2001 to 2003, 5.3 million workers were displaced. Beyond quantifying the numbers of jobs lost lie important questions about gains and losses from these changes and what policies may affect them. These questions will be addressed at an upcoming Chicago Fed conference.
Assessing The Impact Of Job Loss On Workers And Firms, Kristin F. Butcher, Kevin F. Hallock
Assessing The Impact Of Job Loss On Workers And Firms, Kristin F. Butcher, Kevin F. Hallock
Kevin F Hallock
Many economists agree that the United States’ openness to competition and technological change raises our living standards, but sometimes results in job losses. This article summarizes “Job Loss: Causes Consequences, and Policy Responses,” a conference which was cosponsored by the Federal Reserve Bank Chicago and the Joyce Foundation.
The Gender Gap In Top Corporate Jobs, Marianne Bertrand , Kevin F. Hallock
The Gender Gap In Top Corporate Jobs, Marianne Bertrand , Kevin F. Hallock
Kevin F Hallock
Using the ExecuComp data set, which contains information on the five highest-paid executives in each of a large number of U.S. firms for the years 1992–97, the authors examine the gender compensation gap among high-level executives. Women, who represented about 2.5% of the sample, earned about 45% less than men. As much as 75% of this gap can be explained by the fact that women managed smaller companies and were less likely to be CEO, Chair, or company President. The unexplained gap falls to less than 5% with an allowance for the younger average age and lower average seniority of …
Ceo Pay-For-Performance Heterogeneity: Examples Using Quantile Regression, Kevin F. Hallock, Regina Madalozzo, Clayton G. Reck
Ceo Pay-For-Performance Heterogeneity: Examples Using Quantile Regression, Kevin F. Hallock, Regina Madalozzo, Clayton G. Reck
Kevin F Hallock
We provide some examples of how quantile regression can be used to investigate heterogeneity in pay–firm size and pay-performance relationships for U.S. CEOs. For example, do conditionally (predicted) high-wage managers have a stronger relationship between pay and performance than conditionally low-wage managers? Our results using data over a decade show, for some standard specifications, there is considerable heterogeneity in the returns to firm performance across the conditional distribution of wages. Quantile regression adds substantially to our understanding of the pay-performance relationship. This heterogeneity is masked when using more standard empirical techniques.
The Changing Relationship Between Job Loss Announcements And Stock Prices: 1970-1999, Henry S. Farber, Kevin Hallock
The Changing Relationship Between Job Loss Announcements And Stock Prices: 1970-1999, Henry S. Farber, Kevin Hallock
Kevin F Hallock
We study the reaction of stock prices to announcements of reductions in force (RIFs) using a sample of 4273 such announcements in 1160 large firms during the 1970-99 period collected from the Wall Street Journal. We note that the total number of actual announcements for the firms in our sample follows the business cycle quite closely. We then examine changes over time in standard summary statistics (means, medians, fraction positive) of the distribution of stock market reactions, measured by the cumulative excess returns (CER) of firms’ stock prices over a 3-day event window centered on the announcement date, as well …
Individual Heterogeneity In The Returns To Schooling: Instrumental Variables Quantile Regression Using Twins Data, Omar Arias, Kevin F. Hallock, Walter Sosa-Escudero
Individual Heterogeneity In The Returns To Schooling: Instrumental Variables Quantile Regression Using Twins Data, Omar Arias, Kevin F. Hallock, Walter Sosa-Escudero
Kevin F Hallock
Considerable effort has been exercised in estimating mean returns to education while carefully considering biases arising from unmeasured ability and measurement error. Recent work has investigated whether there are variations from the “mean” return to education across the population with mixed results. We use an instrumental variables estimator for quantile regression on a sample of twins to estimate an entire family of returns to education at different quantiles of the conditional distribution of wages while addressing simultaneity and measurement error biases. We test whether there is individual heterogeneity in returns to education and find that: more able individuals obtain more …
Managerial Pay And Governance In American Nonprofits, Kevin F. Hallock
Managerial Pay And Governance In American Nonprofits, Kevin F. Hallock
Kevin F Hallock
This article examines the compensation of top managers of nonprofits in the United States using panel data from tax returns of the organizations from 1992 to 1996. Studying managers in nonprofits is particularly interesting given the difficulty in measuring performance. The article examines many areas commonly studied in the executive pay (within for-profit firms) literature. It explores pay differences between for-profit and nonprofit firms, pay variability within and across nonprofit industries, managerial pay and performance (including organization size and fund raising) in nonprofits, the effect of government grants on managerial pay, and the relationship between boards of directors and managerial …
Compensation In Nonprofit Organizations, Kevin F. Hallock
Compensation In Nonprofit Organizations, Kevin F. Hallock
Kevin F Hallock
Although the nonprofit sector is enormous, we know little about how workers there are compensated. This may be due, in part, to the fact that the literature is scattered across many fields including Human Resources Management, Accounting, Economics, Finance, Organizational Behavior, Political Science, and Sociology. The paper aims to synthesize the research on nonprofits from an economics point of view, while carefully considering the work in the many other areas. In addition to using data from the U.S. census to provide a description of employment and wages in the nonprofit sector as well as a comparison with the for-profit sector, …
Quantile Regression, Roger Koenker, Kevin F. Hallock
Quantile Regression, Roger Koenker, Kevin F. Hallock
Kevin F Hallock
Quantile regression as introduced by Koenker and Bassett seeks to extend ideas of quantiles to the estimation of conditional quantile functions--models in which quantiles of the conditional distribution of the response variable are expressed as functions of observed covariates.
The Timeliness Of Performance Information In Determining Executive Compensation, Kevin F. Hallock, Paul Oyer
The Timeliness Of Performance Information In Determining Executive Compensation, Kevin F. Hallock, Paul Oyer
Kevin F Hallock
We study whether boards of directors concentrate on performance near compensation decision times rather than providing consistent incentives for chief executive officers (CEO). throughout the fiscal year. We show empirically that managers can profit by moving sales revenue among fiscal quarters. Though this may suggest that boards use short-term trends when determining rewards, we find evidence consistent with boards tying pay to recent sales growth so as to use the best information about future performance. We also find that the timing of profits throughout the year does not affect CEO pay, which may suggest that smoothing firm income is important …
Does Managed Care Change The Management Of Nonprofit Hospitals?, Marianne Bertrand, Kevin Hallock, Richard Arnould
Does Managed Care Change The Management Of Nonprofit Hospitals?, Marianne Bertrand, Kevin Hallock, Richard Arnould
Kevin F Hallock
This paper examines how the managerial labor market in nonprofit hospitals has adjusted to the financial pressures induced by HMO penetration. Using a panel of about 1,500 nonprofit hospitals over the period 1992–96, the authors find that top executive turnover increased following an increase in HMO penetration. Moreover, the increase in turnover was concentrated among the hospitals that had lower levels of economic profitability. While the link between top executive pay and for-profit performance measures was on average very weak, HMO penetration tightened that link: as HMO penetration increased, top executives were compensated more for improving the profitability of their …
‘When Unions Mattered': Assessing The Impact Of Strikes On Financial Markets: 1925-1937, John Dinardo, Kevin F. Hallock
‘When Unions Mattered': Assessing The Impact Of Strikes On Financial Markets: 1925-1937, John Dinardo, Kevin F. Hallock
Kevin F Hallock
This examination of the Stock Market’s responsiveness to strikes looks specifically at strike actions that labor historians generally view as the major ones occurring in the United States in the years 1925–37. The authors find that strikes had large, negative effects on industry stock value. Longer strikes, violent strikes, strikes in which unions “won,” industry-wide strikes, strikes that led to union recognition, and strikes that led to large wage increases were associated with larger negative share price reactions than were other strikes. Much of the “news” generated by the typical strike seems to have been registered by the Stock Market …
New Data For Answering Old Questions Regarding Employee Stock Options, Kevin Hallock, Craig A. Olson
New Data For Answering Old Questions Regarding Employee Stock Options, Kevin Hallock, Craig A. Olson
Kevin F Hallock
This paper is a description and summary of existing questions and sources of data on stock options with an emphasis on two issues; what are the issues surrounding stock options in the national accounts and what value do employees place on stock options? We survey many existing data sources and outline some of the ways these data can be used to answer questions about the use and impact of employee stock options. The data sources include administrative records from individual firms, survey data of employee perceptions, disclosure filings with the SEC and other government, nonprofit, and international sources. We explore …
Layoffs, Top Executive Pay, And Firm Performance, Kevin F. Hallock
Layoffs, Top Executive Pay, And Firm Performance, Kevin F. Hallock
Kevin F Hallock
This paper examines the connection between layoffs, executive pay, and stock prices. Firms that announce layoffs in the previous year pay their CEOs more, and give their CEOs larger percentage raises than firms which do not have at least one layoff announcement in the previous year. However, the likelihood of announcing a layoff varies dramatically along with other dimensions, for example firm size, which are also correlated with CEO pay. Once firm-specific fixed effects are controlled for, the CEO pay premium for laying off workers disappears. In addition, there is a small negative share price reaction to layoff announcements.
Ceo Pay-For-Performance Heterogeneity Using Quantile Regression, Kevin F. Hallock, Regina Madalozzo, Clayton G. Reck
Ceo Pay-For-Performance Heterogeneity Using Quantile Regression, Kevin F. Hallock, Regina Madalozzo, Clayton G. Reck
Kevin F Hallock
We provide some examples of how quantile regression can be used to investigate heterogeneity in pay–firm size and pay-performance relationships for U.S. CEOs. For example, do conditionally (predicted) high-wage managers have a stronger relationship between pay and performance than conditionally low-wage managers? Our results using data over a decade show, for some standard specifications, there is considerable heterogeneity in the returns to firm performance across the conditional distribution of wages. Quantile regression adds substantially to our understanding of the pay-performance relationship. This heterogeneity is masked when using more standard empirical techniques.
The Geography Of Giving: The Effect Of Corporate Headquarters On Local Charities, David Card, Kevin F. Hallock, Enrico Moretti
The Geography Of Giving: The Effect Of Corporate Headquarters On Local Charities, David Card, Kevin F. Hallock, Enrico Moretti
Kevin F Hallock
We use data on the locations of the head offices of publicly traded U.S. firms to study the impact of corporate headquarters on the receipts of local charitable organizations. Cities like Houston, San Jose, and San Francisco gained significant numbers of corporate headquarters over the past two decades, while cities like Chicago and Los Angeles lost. Our analysis suggests that attracting or retaining the headquarters of an average firm yields approximately $10 million per year in contributions to local non-profits, while the headquarters of a larger firm (one ranked among the top 1000 in total market value) yields about $25 …