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Meg Sato   佐藤　愛    所属   大阪経済大学  経営学部 経営学科    職種   教授
言語種別	英語
発行・発表の年月	2018/02
形態種別	学術雑誌
査読	査読あり
標題	“Stock Vesting Conditions, Control Benefits, and Managerial Replacement.”
執筆形態	単著
掲載誌名	The Canadian Journal of Economics
掲載区分	国外
巻・号・頁	51(1),pp.275-313
概要	This article considers the effect of vesting conditions of stock-based compensation on firms’ decisions to replace managers. I indicate that firms may excessively replace managers with both long- and short-term vested stock-based compensation, while excessive retention can be caused only by short-term vested options. If the discount factor is sufficiently small, I also show that short-term vested stock-based compensation is the equilibrium contract. The study also has implications for regulations concerning mandatory deferral and clawback of executive pay.