Executive Compensation Conference
One-day conference


This one-day conference brings together presenters in the field of Executive Compensation. It starts around 8:30am on Friday 8 June, 2018 and ends with a dinner.


Participation is free of charge, but registration is required.

08:30 - 09:15Keynote speechDavid Yermack, New York University Tokyo M1-17
09:30 - 11:00Emperical studies 1Chair: Patrick VerwijmerenTokyo M1-17
 Theory 1Chair: Pierre ChaigneauSantander M2-11
 Empirical studies 2Chair: Maurizio MontoneShanghai M2-12
11:30 - 13:00Theory 2Chair: Juan Pedro GómezTokyo M1-17
 Empirical studies 3Chair: Francisco Urzua InfanteSantander M2-11
 Empirical studies 4Chair: Christoph SchneiderShanghai M2-12
13:00 - 14:45Lunch  
14:45 - 16:15Empirical studies 5Chair: Luc RenneboogTokyo M1-17
 Empirical studies 6Chair: Gilberto LoureiroSantander M2-11
 Empirical studies 7Chair: Moqi Groen-XuShanghai M2-12
16:45 - 17:45Panel discussionModerator: Esther van RijswijkTokyo M1-17
18:00 - 22:00The Social Programme  

A pdf version of the programme can be downloaded here.

Accepted papers

The accepted papers can be downloaded here.

Full Programme Overview

Keynote speech - David Yermack, New York University

Strong governance as a success factor in Initial Coin Offerings

Empirical Studies 1 - chair: Patrick Verwijmeren

Payday before Mayday: CEO Compensation Contracting for Distressed Firms
Mary Ellen Carter, Edie Hotchkiss, and Mahdi Mohseni
Discussant: Beatriz Mariano

Compensation Benchmarking and The Peer Effects of Say on Pay
Diane K. Denis, Torsten Jochem, and Anjana Rajamani
Discussant: Xintong Zhan

The real costs of CEO compensation: The effect of behindness aversion of employees
Ingolf Dittmann, Christoph Schneider, and Yuhao Zhu
Discussant: Nathan Dong

Theory 1 - chair: Pierre Chaigneau

Executive Stock Options: Portfolio Effects
Mingliang Cheng, Vicky Henderson, Jia Sun, and A. Elizabeth Whalley
Discussant: Thomas Noe

Contract Incentives versus Market Incentives, Why Do Big Firms Pay More For Performance?
Bo Hu
Discussant: Simon Mayer

Valuation and incentives of exotic performance-vesting stock grants with path-dependent (price- and earnings-based) vesting schedules
Elisabeth Megally
Discussant: Pierre Chaigneau

Empirical studies 2 - chair: Maurizio Montone

Watch your basket - to determine CEO compensation
Neal Galpin, Hae Won (Henny) Jung, Lyndon Moore, and Ekaterina Volkova
Discussant: Dan Zhang

Worth the Fight? The Role of Internal Competition on New CEOs’ Compensation
Brian Blank, Brandy Hadley, Kristina Minnick, and Mia L. Rivolta
Discussant: Maurizio Montone

Does Debt Concentration Depend on the Risk-Taking Incentives in CEO Compensation?
Paula Castro, Kevin Keasey, Borja Amor-Tapia, Maria T. Tascon, and Francesco Vallascas
Discussant: Konstantin Wagner

Theory 2 - chair: Juan Pedro Gómez

The Value of Performance Signals Under Contracting Constraints
Pierre Chaigneau, Alex Edmans, and Daniel Gottlieb
Discussant: Sebastian Pfeil

The Atalanta effect: How high-powered compensation reduces risk-taking
Dunhong Jin and Thomas Noe
Discussant: Sebastian Gryglewicz

Contract Horizon and Turnover
Vladimir Vladimirov
Discussant: Juan Pedro Gómez

Empirical studies 3 - chair: Francisco Urzua Infante

How much labour do you need to manage capital?
Leonard Kostovetsky and Alberto Manconi
Discussant: Daniel Metzger

The Evolution of Employee Compensation, Dilution, and Payout Policy
Alice Bonaimé, Kathleen Kahle, David Moore, and Alok Nemani
Discussant: Anjana Rajamani

Lame Duck CEOs
Marc Gabarro, Sebastian Gryglewicz, and Shuo Xia
Discussant: Francisco Urzua Infante

Empirical studies 4 - chair: Christoph Schneider

The Role of Peer Firm Selection in Explicit Relative Performance Awards
John Bizjak, Swaminathan Kalpathy, Zhichuan Frank Li, and Brian Young
Discussant: Torsten Jochem

Effectiveness and (In)Efficiencies of Compensation Regulation: Evidence from the EU Banker Bonus Cap
Stefano Colonnello, Michael Koetter, and Konstantin Wagner
Discussant: Yuhao Zhu

Pay for Future Returns: Evidence from Stock Returns after CEO Subjective Performance Reviews
Moqi Groen-Xu, Peggy Huang, and Yiqing Lü
Discussant: Christoph Schneider

Empirical studies 5 -chair: Luc Renneboog

The Long-Term Consequences of Short-Term Incentives
Alex Edmans, Vivian W. Fang, and Allen H. Huang
Discussant: Florian Peters

Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting
Tomislav Ladika and Zacharias Sautner
Discussant: John Bizjak

Competing for Talent: Firms, Managers and Social Networks
Isaac Hacamo and Kristoph Kleiner
Discussant: Luc Renneboog

Empirical studies 6 - chair: Gilberto Loureiro

The Effect of Minority Veto Rights on Controller Tunneling
Jesse M. Fried, Ehud Kamar, and Yishay Yafeh
Discussant: Konrad Raff

CEOs' Personal Portfolio and Corporate Policies
Hamid Boustanifar and Dan Zhang
Discussant: Linus Siming

Tournament Incentives and Acquisition Performance
Iftekhar Hasan, Marco Navone, Thomas Y. To, and Eliza Wu
Discussant: Gilberto Loureiro

Empirical studies 7 -chair: Moqi Groen-Xu

Hedge Fund Activism and CEO Compensation
Jana Fidrmuc and Swati Kanoria
Discussant: Shuo Xia

Does protectionist anti-takeover legislation lead to managerial entrenchment?
Marc Frattaroli
Discussant: Jana Fidrmuc

Executive Compensation-Implied CEO Risk-Taking and Systemic Risk of Bank Holding Companies
G. Nathan Dong
Discussant: Moqi Groen-Xu

Panel discussion

Moderator: Esther van Rijswijk

Wilco Dekker (journalist working at “de Volkskrant”)
Don-Tobias Jol (Director at Deloitte, Head of the Executive and Equity Compensation advisory team)
Alex Edmans (London Business School)
David Yermack (New York University)

Discussion about the recently introduced caps on European bankers’ pay, claw-back provisions for bonus payments, mandatory disclosure of the ratio between CEO pay and average employee pay, and “say on pay” regulation.