Skip Navigation


RFS Advance Access originally published online on August 11, 2003
This Article
Right arrow Full Text (PDF)
Right arrow All Versions of this Article:
16/4/1315    most recent
hhg031v1
Right arrow Alert me when this article is cited
Right arrow Alert me if a correction is posted
Services
Right arrow Email this article to a friend
Right arrow Similar articles in this journal
Right arrow Similar articles in ISI Web of Science
Right arrow Alert me to new issues of the journal
Right arrow Add to My Personal Archive
Right arrow Download to citation manager
Right arrow Search for citing articles in:
ISI Web of Science (10)
Right arrowRequest Permissions
Google Scholar
Right arrow Articles by Fee, C. E.
Right arrow Articles by Hadlock, C. J.
Right arrow Search for Related Content
Related Collections
Right arrow M12 - Personnel Management
Right arrow M52 - Compensation and Compensation Methods and Their Effects
Social Bookmarking
Add to CiteULike   Add to Connotea   Add to Del.icio.us  
What's this?

Rev Fin 2003; 16:1315-1357
© 2003 the Society for Financial Studies

Raids, Rewards, and Reputations in the Market for Managerial Talent

C. Edward Fee
Michigan State University

Charles J. Hadlock
Michigan State University

Address correspondence to Charles J. Hadlock, Department of Finance, 315 Eppley Center, Michigan State University, East Lansing, MI 48824-1121, or e-mail: hadlock{at}msu.edu.

Abstract

We find that executives who jump to chief executive officer (CEO) positions at new employers come from firms that exhibit aboveaverage stock price performance. This relationship is more pronounced for more senior executives. No such relationship exists for jumps to non-CEO positions. Stock options and restricted stock do not appear to significantly affect the likelihood of jumping ship, but the existence of an "heir apparent" on the management team increases the likelihood that executives will leave for non-CEO positions elsewhere. Hiring grants used to attract managers are correlated with the equity position forfeited at the prior employer and with the prior employer's performance.


Add to CiteULike CiteULike   Add to Connotea Connotea   Add to Del.icio.us Del.icio.us    What's this?




Disclaimer: Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department.