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STOCK OPTIONS AND SHORT TERM BONUSES IN EXECUTIVE
COMPENSATION CONTRACTS
by
Yuri Marynets
A Dissertation Presented to the
FACULTY OF THE GRADUATE SCHOOL
UNIVERSITY OF SOUTHERN CALIFORNIA
In Partial Fulfillment of the
Requirements for the Degree
DOCTOR OF PHILOSOPHY
(ECONOMICS)
August 2007
Copyright 2007 Yuri Marynets
Object Description
| Title | Stock options and short term bonuses in executive compensation contracts |
| Author | Marynets, Yuri |
| Author email | marynets@usc.edu |
| Degree | Doctor of Philosophy |
| Document type | Dissertation |
| Degree program | Economics |
| School | College of Letters, Arts and Sciences |
| Date defended/completed | 2007-06-14 |
| Date submitted | 2007 |
| Restricted until | Restricted until 30 July 2009. |
| Date published | 2009-07-30 |
| Advisor (committee chair) | Fygenson, Mendel |
| Advisor (committee member) |
Cvitanic, Jaksa Pevnitskaya, Svetlana |
| Abstract | In the dissertation we consider the Executive Compensation problem with the compensation plan restricted to the fixed cash salary, short-term bonuses (based on the accounting performance data) and long-term incentives (executive stock option (ESO) contract). We model executive effort and performance measure as multi-dimensional. We propose a model of asymmetric information flow, when the uncertainty about relationship between two performance measures is revealed to the agent after the contracting but before an action is taken. We provide empirical evidence that not only overall risk of companies has opposite effect on bonuses and ESO's, but also different types of risk are primary determinants of different parts of executive compensation. |
| Keyword | executive compensation |
| Language | English |
| Part of collection | University of Southern California dissertations and theses |
| Publisher (of the original version) | University of Southern California |
| Place of publication (of the original version) | Los Angeles, California |
| Publisher (of the digital version) | University of Southern California. Libraries |
| Type | texts |
| Legacy record ID | usctheses-m723 |
| Rights | Marynets, Yuri |
| Repository name | Libraries, University of Southern California |
| Repository address | Los Angeles, California |
| Repository email | http://www.usc.edu/isd/libraries/services/ask_a_librarian/email/ |
| Filename | etd-Marynets-20070730 |
| Archival file | uscthesesreloadpub_Volume32/etd-Marynets-20070730.pdf |
Description
| Title | Page 1 |
| Full text | STOCK OPTIONS AND SHORT TERM BONUSES IN EXECUTIVE COMPENSATION CONTRACTS by Yuri Marynets A Dissertation Presented to the FACULTY OF THE GRADUATE SCHOOL UNIVERSITY OF SOUTHERN CALIFORNIA In Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY (ECONOMICS) August 2007 Copyright 2007 Yuri Marynets |
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