Journal of Applied Corporate Finance最新文献

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CEO bonus plans—And how to fix them 首席执行官奖金计划--以及如何解决这些问题
IF 0.7
Journal of Applied Corporate Finance Pub Date : 2024-11-21 DOI: 10.1111/jacf.12629
Kevin J. Murphy, Michael C. Jensen
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引用次数: 0
CEO incentives—It's not how much you pay, but how 首席执行官的激励机制--不在于你付了多少钱,而在于你如何
IF 0.7
Journal of Applied Corporate Finance Pub Date : 2024-11-09 DOI: 10.1111/jacf.12621
Michael C. Jensen, Kevin J. Murphy
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引用次数: 0
Just say no to Wall Street: Putting a stop to the earnings Game 对华尔街说不停止盈利游戏
IF 0.7
Journal of Applied Corporate Finance Pub Date : 2024-11-06 DOI: 10.1111/jacf.12622
Joseph Fuller, Michael C. Jensen
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引用次数: 0
Executive summaries 执行摘要
IF 0.7
Journal of Applied Corporate Finance Pub Date : 2024-11-04 DOI: 10.1111/jacf.12628
{"title":"Executive summaries","authors":"","doi":"10.1111/jacf.12628","DOIUrl":"https://doi.org/10.1111/jacf.12628","url":null,"abstract":"","PeriodicalId":46789,"journal":{"name":"Journal of Applied Corporate Finance","volume":"36 3","pages":"5-8"},"PeriodicalIF":0.7,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142707624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Value maximization, stakeholder theory, and the corporate objective function 价值最大化、利益相关者理论和企业目标函数
IF 0.7
Journal of Applied Corporate Finance Pub Date : 2024-10-17 DOI: 10.1111/jacf.12627
Michael C. Jensen
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引用次数: 0
Active investors, LBOs, and the privatization of bankruptcy 活跃投资者、LBO 和破产私有化
IF 0.7
Journal of Applied Corporate Finance Pub Date : 2024-10-17 DOI: 10.1111/jacf.12623
Michael Jensen
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引用次数: 0
The modern industrial revolution, exit, and the failure of internal control systems 现代工业革命、退出和内部控制系统的失灵
IF 0.7
Journal of Applied Corporate Finance Pub Date : 2024-10-17 DOI: 10.1111/jacf.12624
Michael Jensen
{"title":"The modern industrial revolution, exit, and the failure of internal control systems","authors":"Michael Jensen","doi":"10.1111/jacf.12624","DOIUrl":"https://doi.org/10.1111/jacf.12624","url":null,"abstract":"","PeriodicalId":46789,"journal":{"name":"Journal of Applied Corporate Finance","volume":"36 3","pages":"52-66"},"PeriodicalIF":0.7,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142707487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mike Jensen on CEO pay 迈克-简森谈首席执行官薪酬
IF 0.7
Journal of Applied Corporate Finance Pub Date : 2024-10-09 DOI: 10.1111/jacf.12625
Kevin J. Murphy
{"title":"Mike Jensen on CEO pay","authors":"Kevin J. Murphy","doi":"10.1111/jacf.12625","DOIUrl":"https://doi.org/10.1111/jacf.12625","url":null,"abstract":"<p>When I joined the University of Rochester's Graduate School of Management (now the Simon School) as a newly minted assistant professor in January 1984, my thesis advisors from the Chicago Economics Department warned me to be wary of Michael Jensen, the most prominent and influential faculty member at the school. Their well-intended warnings proved unnecessary: in short order, Mike became my mentor, co-author, colleague, and life-long (if not always uncomplicated) friend.</p><p>By the early 1980s, Mike and Bill Meckling's 1976 paper “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure” was already generally recognized as establishing the leading paradigm for empirical corporate finance. Largely missing from the Jensen-Meckling treatise, however, was the role that executive incentive contracts play, or could play, in limiting the cost of agency conflicts between managers and shareholders. Mike became highly intrigued by executive compensation and, along with colleague Jerry Zimmerman (co-founding editor of the <i>Journal of Accounting and Economics</i>), organized the “Conference on Management Compensation and the Managerial Labor Market” in April 1984, whose proceedings were published as a special issue of the <i>JAE</i> in 1985. The conference—and the Jensen-Meckling paradigm—helped launch executive compensation as a legitimate topic of academic research in accounting, finance, and economics.</p><p>My personal contribution to the April 1984 conference was using time-series data with executive fixed effects to uncover a statistically positive pay-performance <i>elasticity—</i>which I measured as the percentage change in compensation associated with a percentage change in the value of the firm. While acknowledging the statistical significance, Mike kept pushing on the question of the <i>economic significance</i> of my finding: was the estimated elasticity really large enough to provide meaningful incentives? We developed a construct we called the <i>pay-performance sensitivity</i> that measured the “effective ownership share” akin to the manager's ownership share in Jensen-Meckling, but included all the sources of incentives we could find useful data about (including stock and option holdings, bonuses, and year-to-year salary adjustments, as well as the probability of performance-related terminations). In our 1990 <i>Journal of Political Economy</i> article, we concluded that the wealth of a typical CEO changes by only $3.25 for every $1000 change in shareholder wealth, hardly enough to get CEOs to take projects that increase shareholder wealth and avoid projects that decrease shareholder wealth.1</p><p>Mike and I considered as many explanations as we could find or think of for what we believed were unexpectedly low observed pay-performance sensitivities, including risk aversion, limits to credible contracting, imperfect performance measurement, and CEO production functions. We concluded that the most plausible explanat","PeriodicalId":46789,"journal":{"name":"Journal of Applied Corporate Finance","volume":"36 3","pages":"92-94"},"PeriodicalIF":0.7,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jacf.12625","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142707472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Two CEO pay challenges that Mike Jensen has left us to keep working on 迈克-詹森留给我们的两个首席执行官薪酬挑战,我们将继续努力
IF 0.7
Journal of Applied Corporate Finance Pub Date : 2024-10-08 DOI: 10.1111/jacf.12626
Stephen F. O'Byrne
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引用次数: 0
Misreading Michael Jensen: The case of Nicholas Lemann's Transaction Man: The Rise of The Deal and The Decline of The American Dream 误读迈克尔-詹森:尼古拉斯-莱曼的《交易人》案例:交易的兴起与美国梦的衰落
IF 0.7
Journal of Applied Corporate Finance Pub Date : 2024-09-26 DOI: 10.1111/jacf.12618
Don Chew
{"title":"Misreading Michael Jensen: The case of Nicholas Lemann's Transaction Man: The Rise of The Deal and The Decline of The American Dream","authors":"Don Chew","doi":"10.1111/jacf.12618","DOIUrl":"https://doi.org/10.1111/jacf.12618","url":null,"abstract":"","PeriodicalId":46789,"journal":{"name":"Journal of Applied Corporate Finance","volume":"36 3","pages":"16-24"},"PeriodicalIF":0.7,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142707971","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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