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Full-Text Articles in Social and Behavioral Sciences
Ceo's Pay Differentials And The Location Of Ipos : An Empirical Study For Chinese A-Share And H-Share Companies, Yi Liu
Theses & Dissertations
This thesis provides an empirical investigation on how different public listing locations affect the CEO (chief executive officer)’s pay of Chinese SOEs (State Owned Enterprises) and whether such a pay differential would in turn affect the listing location choice by those firms, which have not received much attention in the current literature. In particular, we focus on two stock markets, the mainland (including Shenzhen and Shanghai) A-share market and Hong Kong H-share market. Unlike what have been found in many other markets, where firms listed in the foreign markets can normally enjoy a price premium, Chinese firms listed in the …
Ceo Compensation And Loan Contracting, Yiu Chung Ma
Ceo Compensation And Loan Contracting, Yiu Chung Ma
Theses & Dissertations
The agency theory literature implies the pay-performance based managerial compensation can relieve the agency problem between shareholders and managers. As the interests of shareholders and managers are aligned, managers have incentive to invest in best projects and hence to improve firms’ performance. While the use of equity compensation to managers may reduce the agency cost between managers and shareholders, its impact on agency cost of debts is ambiguous. On the one hand, a large portion of equity compensation discourages risk-averse managers to invest in risky investment and hence reduce the credit risk. On the other hand, while the equity compensation …