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| Author: | Kim, J. B. Li, Y. Zhang, L. |
| Title: | CFOs versus CEOs: Equity incentives and crashes |
| Journal: | Journal of Financial Economics
2011 : SEP, VOL.101:3, p. 713-730 |
| Index terms: | stock markets equities options incentives risk compensation corporate governance chief executive officers models USA |
| Freeterms: | CFOs CEOs |
| Language: | eng |
| Abstract: | Based on a large sample of U.S. firms for the period 1993-2009, this article provides evidence that the sensitivity of a chief financial officer's (CFO) option portfolio value to stock price is significantly and positively related to the firm's future stock price crash risk. It is found that the link between CFO option sensitivity and crash risk is more pronounced for firms in non-competitive industries and those with a high level of financial leverage. |
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