作者：Fich, Eliezer M.; Starks, Laura T.; Yore, Adam S.
作者单位：Drexel University; University of Texas System; University of Texas Austin; Northern Illinois University
摘要：Using transactions generally overlooked in the compensation literature joint ventures, strategic alliances, seasoned equity offerings (SEOs), and spin-offs we find that, beyond compensation for increases in firm size or complexity, chief executive officers (CEOs) are rewarded for their deal-making activities. Boards pay CEOs for the core motivation of the deal, as well as for deal volume. We find that compensating for volume instead of core value creation occurs under weak board monitoring and...
作者：Jurek, Jakub W.
作者单位：Princeton University
摘要：Currency carry trades exploiting violations of uncovered interest rate parity in G10 currencies deliver significant excess returns with annualized Sharpe ratios equal to or greater than those of equity market factors (1990-2012). Using data on out-of-the-money foreign exchange options, I compute returns to crash-hedged portfolios and demonstrate that the high returns to carry trades are not due to peso problems. A comparison of the returns to hedged and unhedged trades indicates crash risk pre...
