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| Author: | Defeo, V. J. Lambert, R. A. |
| Title: | The executive compensation effects of equity-for-debt swaps. |
| Journal: | Accounting Review
1989 : APR, VOL. 64:2, p. 201-227 |
| Index terms: | SWAPS MARKET EARNINGS PER SHARE DEBT MANAGEMENT EXECUTIVE REMUNERATION INCENTIVES |
| Language: | eng |
| Abstract: | The authors analyze the relation between the accounting gain produced by an equity-for debt swap and executive compensation. Their results suggest that the executives of the firms completing a swap receive more cash compensation than before but the value of their personal equity holdings diminishes correspondingly. Some week evidence suggest that the executives of firms with "accounting-oriented" compensation plans gain in total wealth. |
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