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SUMMARY:What Death Can Tell: Are Executives Paid for Their Contributions t
 o Firm Value? - Dr Bang Dang Nguyen (CJBS &amp\; Hong Kong University of S
 cience and Technology)
DTSTART:20110222T164500Z
DTEND:20110222T174500Z
UID:TALK29355@talks.cam.ac.uk
CONTACT:Rachel Marston
DESCRIPTION:An efficient managerial labor market should compensate executi
 ves according to their contribution to shareholder value. We provide novel
  empirical evidence about the relationship between executive pay and manag
 erial contribution to value by exploiting the exogenous variation resultin
 g from stock price reactions to sudden deaths. We find\, first\, that the 
 managerial labor market is characterized by positive sorting: managers wit
 h high contributions to value obtain higher pay. We find\, second\, that e
 xecutives appear\, on average\, to retain about 80% of the value they crea
 te. Overall\, our results are informative about the workings of the manage
 rial labor market.
LOCATION:Winstanley Lecture Hall\, Trinity College
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