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Keywords: vega
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Journal Articles
The Accounting Review (2021) 96 (4): 315–339.
Published: 01 July 2021
...Hyun A. Hong; Ji Woo Ryou; Anup Srivastava ABSTRACT Firms provide convexity in managers' compensation plans (vega) to induce risk-averse managers to pursue risky, positive net present value projects. The resulting alignment of managers' and shareholders' incentives creates conflicts with lenders...
Journal Articles
The Accounting Review (2015) 90 (6): 2205–2234.
Published: 01 November 2015
...Yangyang Chen; Ferdinand A. Gul; Madhu Veeraraghavan; Leon Zolotoy ABSTRACT Using a large sample of U.S. firms spanning the period 2000–2010, we document a strong positive association between the sensitivity of CEO compensation portfolio to stock return volatility (vega) and audit fees. We also...