Pay Without Performance The Unfulfilled Promise Of Executive Compensation PDF Download
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Author | : Lucian A. Bebchuk |
Publisher | : Harvard University Press |
Total Pages | : 308 |
Release | : 2004 |
Genre | : Business & Economics |
ISBN | : 9780674020634 |
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The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Author | : Lucian Bebchuk |
Publisher | : Harvard University Press |
Total Pages | : 293 |
Release | : 2006-09-30 |
Genre | : Business & Economics |
ISBN | : 067426195X |
Download Pay without Performance Book in PDF, ePub and Kindle
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Author | : Lucian A. Bebchuk |
Publisher | : |
Total Pages | : |
Release | : |
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Download PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF EXECUTIVE COMPENSATION. Book in PDF, ePub and Kindle
Author | : Kenneth West |
Publisher | : |
Total Pages | : 6 |
Release | : 2008 |
Genre | : |
ISBN | : |
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This paper is based on the author's comments at the Columbia University Symposium on Bebchuk and Fried's quot;Pay without Performance: The Unfulfilled Promise of Executive Compensation.quot; The paper discusses the book and the problems of executive compensation from an executive's perspective.
Author | : Michael S. Weisbach |
Publisher | : |
Total Pages | : 18 |
Release | : 2010 |
Genre | : |
ISBN | : |
Download Optimal Executive Compensation vs. Managerial Power Book in PDF, ePub and Kindle
This essay reviews Bebchuk and Fried's Pay without Performance: The Unfulfilled Promise of Executive Compensation. Bebchuk and Fried criticize the standard view of executive compensation, in which executives negotiate contracts with shareholders that provide incentives that motivate them to maximize the shareholders' welfare. In contrast, Bebchuk and Fried argue that executive compensation is more consistent with executives who control their own boards, and who maximize their own compensation subject to an outrage constraint. They provide a host of evidence consistent with this alternative viewpoint. The book can be evaluated from both a positive and a normative perspective. From a positive perspective, much of the evidence they present, especially about the camouflage and risk-taking aspects of executive compensation systems, is fairly persuasive. However, from a normative perspective, the book conveys the idea that policy changes can dramatically improve executive compensation systems and consequently overall corporate performance. It is unclear to me how effective in practice are potential reforms designed to achieve such changes likely to be.
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Release | : 1918 |
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Download Die deutsche Offensive im Westen im Urteil der feindlichen und neutralen Presse ; Kriegspresseamt. Auslandstelle Book in PDF, ePub and Kindle
Author | : Lucian A. Bebchuk |
Publisher | : |
Total Pages | : 16 |
Release | : 2009 |
Genre | : |
ISBN | : |
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In a recent book, Pay without Performance: The Unfulfilled Promise of executive Compensation, we critique existing executive pay arrangements and the corporate governance processes producing them, and put forward proposals for improving both executive pay and corporate governance. This paper provides an overview of the main elements of our critique and proposals. We show that, under current legal arrangements, boards cannot be expected to contract at arm's length with the executives whose pay they set. We discuss how managers' influence can explain many features of the executive compensation landscape, including ones that researchers subscribing to the arm's length contracting view have long viewed as puzzling. We also explain how managerial influence can lead to inefficient arrangements that generate weak or even perverse incentives, as well as to arrangements that make the amount and performance-insensitivity of pay less transparent. Finally, we outline our proposals for improving the transparency of executive pay, the connection between pay and performance, and the accountability of corporate boards.
Author | : James A. McConvill |
Publisher | : |
Total Pages | : 42 |
Release | : 2010 |
Genre | : |
ISBN | : |
Download Executive Compensation in Contemporary Corporate Governance Book in PDF, ePub and Kindle
In late 2004, law professors Lucian Bebchuk and Jesse Fried released a controversial new work, Pay without Performance: The Unfulfilled Promise of Executive Compensation. In Pay without Performance, Bebchuk and Fried highlight that in recent times there has been a decoupling of pay and performance in the United States, and articulate a quot;managerial powerquot; thesis to explain this trend. In this article, the author outlines the case for why pay for performance is not an quot;unfulfilledquot; promise, but rather is no promise at all. The author argues that agency theory, and pay for performance which is based upon agency theory, derives from a narrow, and ultimately false understanding of human motivation and behaviour. Drawing on an extensive range of literature in psychology, management and workplace relations, behavioural law and economics, sociology, philosophy and law, the author explains why the view of agency theorists regarding the importance of remuneration is misguided.
Author | : Bevis Longstreth |
Publisher | : |
Total Pages | : 10 |
Release | : 2008 |
Genre | : |
ISBN | : |
Download A Real World Critique of Pay Without Performance Book in PDF, ePub and Kindle
This paper is based on the author's comments at the Columbia University Symposium on Bebchuk and Fried's quot;Pay without Performance: The Unfulfilled Promise of Executive Compensation.quot; The paper offers a critique of the book's statement of the problems of executive compensation as well as of the book's proposed solutions.
Author | : John C. Bogle |
Publisher | : |
Total Pages | : 11 |
Release | : 2008 |
Genre | : |
ISBN | : |
Download The Executive Compensation System is Broken Book in PDF, ePub and Kindle
This paper is based on the author's comments at the Columbia University Symposium on Bebchuk and Fried's quot;Pay without Performance: The Unfulfilled Promise of Executive Compensation.quot; The paper offers the author's perspective on the book and the problems of executive compensation it discusses.