27 de Noviembre, 2018
Septuagésima Quinta Sesión del Seminario Interno FEN
Fecha de inicio: 03 de Diciembre, 2018, 13:00 hrs.
Fecha de término: 03 de Diciembre, 2018, 13:30 hrs.
Cordial saludo,
Este lunes 3 de diciembre se llevará a cabo la Septuagésima Quinta sesión del Seminario Interno FEN donde se exponen trabajos en progreso de académicos y avances de tesis de estudiantes.
Datos de las presentación:
Título: Top Mangement team disagreement and its effect on investment.
Autores: Juan Pablo Torres.
Presenta: Juan Pablo Torres.
Abstract: The aim of this paper is to analyze the effect of the top management team disagreement on firm investment. Specifically, we focus on the management disagreement caused by differences in the pay duration among top managers. At firm level, we compare pay duration of the Chief Executive Officer (CEO) with the Chief Finance Officer (CFO) and the rest of the top management team (TMT). To construct the pay duration measure, we follow the novel methodology proposed by Gopalan et al. (2014) that considers information on the executive compensation contracts including the vesting schedules of restricted stock, stock option, bonus and grants. To perform our analysis we use information from the Equilar Consultants (Equilar) database for the period 2006 to 2009. Our preliminary results suggest that higher levels of management disagreement between CEO and CFO are associated with lower investment (CAPEX). Similarly, disagreement between CEO and TMT also relates to lower levels of investment. These findings differ from prior executive compensation literature because they show a negative side effect of executive compensation instead of the traditional and positive view of compensation mechanisms to align incentives in corporate policy decisions.
El seminario se llevará a cabo a las 13:00 horas en la Escuela de Postgrado en la sala P301, se solicita confirmar asistencia en el siguiente enlace.
http://negocios.uchile.cl/mailing/2018/workshop/index.html.
Quienes deseen inscribir presentaciones para futuras sesiones, por favor dirigirse a Joaquin Mayorga:jmayorga@fen.uchile.cl
Saludos cordiales,
Dirección de Investigación FEN.