主题：Boost of Executive Annual Bonuses before Pension Freezes and Executive Departures
主讲人：杨珺教授
时间：2014年6月24日（星期二）上午10:30-12:00
地点：金融研究院202会议室（光华校区原老干部活动中心二楼，北三门篮球场旁）
主办单位：金融研究院
主讲人简介：
杨珺教授就职于印第安纳大学凯利商学院，其研究方向为：公司契约、公司金融、公司治理、及高管薪酬，曾于Review of Financial Studies等国际期刊发表文章。有关杨珺教授的个人简历等具体介绍请见：http://kelley.iu.edu/Finance/Faculty/page12594.cfm?ID=8593
论文摘要：
This paper shows that top executives at large U.S. companies manipulate pension assumptions in anticipation of pension freezes and executive retirement. In particular, we document changes in the inputs of their pension benefit formulas prior to pension freezes, as revealed by large increases (by 20-30%) in executive annual bonuses. These increases are not driven by firm performance or other known determinants of annual bonuses. In contrast, prior to pension freezes and executive retirement, we do not find large increases in equity awards, which do not enter the pension benefit formulas. Our findings document yet another mechanism through which top executives capture wealth at the expense of regular employees and shareholders.
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