The GUTMANN CENTER FOR PORTFOLIO MANAGEMENT at the University of Vienna
is pleased to announce
the following PUBLIC LECTURE
"Stock Price Performance and Managerial Incentives"
by Prof. Dr. Rajesh K. AGGARWAL
(Tuck School of Business, Dartmouth College -
http://mba.tuck.dartmouth.edu/pages/faculty/raj.aggarwal/)
Abstract:
Recent notable bankruptcies such as Global Crossing, Qwest, and Worldcom
have led many observers to question whether there is a link between equity
returns and incentive compensation for firm managers specifically and
corporate governance more generally. Research has shown that there is such a
link but that it is not a simple one. In general, greater incentives from
compensation and better corporate governance are associated with higher
stock returns. However, the form of incentive compensation matters. Very
large stock option grants (such as those realized by the management teams of
Global Crossing, Qwest, and Worldcom) are associated with lower stock
returns, as well as worse corporate governance. Overall, the evidence
suggests that incentive compensation and corporate governance provide useful
information for portfolio selection.
Date: Thursday, March 20th, 4.30 p.m.
Location: Bank Gutmann AG (
www.gutmann.at), Schwarzenbergplatz 16, 1010
Wien - Mezzanin
Please register until Monday, March 17th - contact: Ms. Brigitte Juchelka -
brigitte.juchelka(a)gutmann.at - phone: +43-1-50220-357
Further information:
www.gutmann-center.at
and:
Dorothea Grimm
Administrative Director
Gutmann Center for Portfolio Management
Department of Business Studies
University of Vienna
Phone: +43-1-4277-38186
Fax: +43-1-4277-38074
Mail: dorothea.grimm(a)univie.ac.at