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What Lies Behind CEO Failure
Capapé, Javier; Stein, GuidoTechnical Note DPON-83-ECorporate Governance, EconomicsManagement literature has no clear answer to the question of what causes CEO dismissal. Articles published over the last 30 years in journals such as The Journal of Finance, Journal of Financial Economics, Academy of Management and Journal of Management come to opposite conclusions. The same explanatory variables have been worked through time and again: CEO origin (insider-outsider); director selection; CEO age and length of service; company typ...Starting at €8.20
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Retribución: Soluciones al rompecabezas
Bourne, Mike; Contreras, Ignacio; Edmans, Alex; Franco-Santos, Mónica; Gómez López-Egea, Sandalio; Marcos, Javier; Tosi, Henry L.Dossier DOS-7Finance, Leadership and People Management, StrategyEncajar todas las piezas del sistema de remuneraciones es posible. La solución pasa, en parte, por aprender de la crisis.Starting at €15.00
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La caída de los dioses
Stein Martínez, Guido; Capapé, JavierArticle ART-1648Leadership and People ManagementLa estadística dice que durante las recesiones se despiden el doble de CEO que en un período normal. Hoy, por tanto, muchos altos ejecutivos están perdiendo su trabajo. Pero esta última ola esconde una corriente de más alcance: en las últimas décadas el mandato medio de un CEO se ha reducido a la mitad. Y lo sorprendente es que los malos resultados explican menos de la mitad de relevos. No hay unanimidad entre los expertos sobre cuáles son los v...Starting at €8.20
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How the Mighty Are Fallen
Stein Martínez, Guido; Capapé, JavierArticle ART-1648-ELeadership and People ManagementCompanies statistically dismiss twice as many CEOs in bad economic times as in good. Certainly, many senior executives have lost their jobs lately. Yet this new wave of dismissals masks a deeper trend: In the past two decades, the average tenure of a CEO has halved, and yet, in fewer than half the cases, the reason for their departure was solely because of poor performance. Experts disagree on the reasons for CEO failure, but the variables can be...Starting at €8.20
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Compensation: Solving the Pay Puzzle
Bourne, Mike; Contreras, Ignacio; Edmans, Alex; Franco-Santos, Mónica; Gómez López-Egea, Sandalio; Marcos, Javier; Tosi, Henry L.Dossier DOS-7-EFinance, Leadership and People Management, StrategyWith the litany of corporate failures still fresh in everyone's memory, we consider the theme of executive pay, which many blame for contributing to the crisis, and propose possible solutions to the compensation conundrum.Starting at €15.00
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¿Qué hay detrás del fracaso de los CEOs
Capapé, Javier; Stein, GuidoTechnical Note DPON-83Corporate Governance, EconomicsLas decisiones sobre la destitución de un CEO adolecen de fundamentos sólidos en la bibliografía científica. Revistas como Journal of Finance, Journal of Financial Economics, Academy of Management o Journal of Management han publicado artículos de conclusiones enfrentadas durante los últimos 30 años. Existe un conjunto de variables con poder explicativo que son estudiadas de manera recurrente. Variables como la procedencia del CEO ("insider-outs...Starting at €8.20
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Equilibre su balance con retribución basada en deuda
Edmans, AlexArticle ART-1865FinanceCuando el negocio se tuerce, los directivos cuya remuneración consiste básicamente en instrumentos de capital, como acciones y opciones, suelen correr mayores riesgos en un intento desesperado de salvar sus empresas. Pero incluso si se consuma el desastre, salen mejor parados que los desafortunados titulares de obligaciones o bonos, que han de asumir la deuda resultante. Esta investigación, realizada junto a Qi Liu, de The Wharton School, es la p...Starting at €8.20
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Debt-Based Pay May Give Much-Needed Balance
Edmans, AlexArticle ART-1865-EFinanceWhen business takes a bad turn, managers whose compensation only ever contains equity-like instruments, such as stock and options, are often tempted to take bigger risks in a last-ditch attempt to salvage their firms. But even if their firms go down in flames, these managers usually emerge with fewer scars than those unfortunate bondholders saddled with the resulting debt. The litany of corporate failures in the United States and elsewhere remain...Starting at €8.20