Design Issues In Bonus Contracts
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| Author | : Christian Petersen |
| Publisher | : |
| Total Pages | : 11 |
| Release | : 2007 |
| Genre | : |
| ISBN | : |
Bonus plans have become a popular tool for compensating managers and employees. While other accounting studies on bonus plans typically focus on earnings management, for example by examining the association between cash bonuses and stock returns or the incentive for management to manage earnings, our study discusses specific issues that are relevant in designing and understanding bonus plans based on financial performance measures.Bonus contracts should be designed so they align the interest of management and owners. In practice, this is far more difficult than it sounds. We discuss issues that require special attention in preparing bonus contracts: Choice of performance measure(s), accounting issues, link between performance and bonus, and bonus threshold.Our study should be of interest to managers, compensation committees, investors and others interested in bonus plans. A proper bonus plan is essential to ascertain that management compensation is closely linked to management's ability to create value.
| Author | : Felix Hoppe |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
In this paper, we address the question whether performance measures that are specified in annual bonus contracts represent overall performance dimensions used by boards of directors in making governance decisions. Recent studies claim that managerial incentives are predominantly provided by equity holdings rather than short-term cash compensation. Given the dominance of equity compensation and the fact that firms invest resources in the design and use of bonus contracts, it is unclear why the vast majority of firms continue to use annual bonus contracts if these would create only minor, or no incentive benefits. We argue that boards of directors use bonus contracts as a channel to ex-ante communicate how performance will be evaluated annually and thus signal the measures relevant for CEO termination decisions, which provides significant incentives. Further, the resulting cash compensation communicates the board's actual performance evaluation of the CEO, which can disclose private information to the capital market. Our empirical results are consistent with these arguments and show that the incentive weight on privately observed performance measures in bonus contracts is systematically related to the importance of these measures for CEO turnover. We further show that the stock market reaction to a management change depends on bonus contract design. We specifically find a positive reaction when boards of directors have signaled to solely use public information in CEO performance evaluation (good news about the board) and a negative reaction when they (also) use private information (bad news about the CEO). Overall, we show that the care taken in designing annual bonus contracts can be explained by its link with governance decisions and indicate that performance measurement issues are an important part of the corporate governance process.
| Author | : Kit Werremeyer |
| Publisher | : John Wiley & Sons |
| Total Pages | : 390 |
| Release | : 2023-07-19 |
| Genre | : Law |
| ISBN | : 1394150202 |
Understanding and Negotiating Construction Contracts The complexities of construction contracts are made easy with this thorough and readable guide Construction contracts can be complex for both owners and contractors. For contractors, negotiating fair and balanced commercial terms in contracts is just as important as properly managing projects; a properly negotiated contract can mitigate unnecessary risk and unnecessary risk transfer. This, in turn, reduces exposure to financial liability for the contractor and for avoidance of contract claims and disputes. Understanding and Negotiating Construction Contracts provides a comprehensive and readable introduction to the world of construction contracts. Providing, for example, coverage of the four most common types of contracts—lump sum/fixed-price, cost-plus, time-and-materials, and unit-pricing—it promises to reduce uncertainty and allow contractors to enter contractual negotiations with greater confidence to be able to achieve a fair and balanced contract. This updated new edition reflects the up-to-date best practices to understand how to better negotiate the commercial terms and conditions in construction contracts. Readers of the second edition of Understanding and Negotiating Construction Contracts will also find: Updated information on indemnity, insurance, and negotiation An all-new chapter with a contract analysis checklist Real-world examples drawn from small residential, retail, large commercial, and international projects Understanding and Negotiating Construction Contracts is essential for construction professionals and college students studying construction contracts and the liabilities arising out of them.
| Author | : Eva I. Hoppe-Fischer |
| Publisher | : Springer |
| Total Pages | : 211 |
| Release | : 2019-02-19 |
| Genre | : Business & Economics |
| ISBN | : 3658241330 |
Contract theory, which emphasizes the importance of unverifiable actions and private information, has been a highly active field of research in microeconomics in the last decades. This thesis is divided into two parts. Part I consists of three chapters that study contract-theoretic models which are motivated by the classic procurement problem of a principal who wants an agent to deliver a certain good or service. In such models it is typically assumed that decision makers are interested in their own monetary payoffs only. Moreover, they have unlimited cognitive abilities and behave in a perfectly rational way. Yet, in practice people often do not behave this way. While empirical research is very difficult in contract theory, laboratory experiments have recently turned out to be an important source of data. In Part II, three experimental studies are presented that investigate contract-theoretic problems brought up in Part I.
| Author | : Adele Fleet Bacow |
| Publisher | : Island Press |
| Total Pages | : 218 |
| Release | : 2013-04-22 |
| Genre | : Architecture |
| ISBN | : 1610910613 |
Written in a clear and engaging style, Designing the City is a practical manual for improving the way communities are planned, designed, and built. It presents a wealth of information on design and decision-making, including advice on how citizens and activists can make their voices heard, and numerous examples of effective strategies for working with all parties involved in neighborhood and community development. It highlights proven models and strategies to help communities: establish unique and productive partnerships with public works and transportation departments develop resources through grant programs broaden expertise, perspective, and constituency create new and enduring models for effective action educate participants and consumers of the design and development process
| Author | : Philippe Marin |
| Publisher | : IWA Publishing |
| Total Pages | : 186 |
| Release | : 2018-02-15 |
| Genre | : Science |
| ISBN | : 1780405952 |
Scientific and Technical Report No. 24 Performance-Based Contracts (PBC) for Improving Utilities Efficiency: Experiences and Perspectives is a compendium of articles written by members of the PBC taskforce. It focuses on new approaches without delegated management to private operator i.e. service contracts, consulting contracts, Alliance approach, public-public partnership. It also mentions new design and generation of more traditional PPPs, (MC, lease, concession), where a larger proportion of performance-based design is being applied. List of Contents: Performance Based Contracts – Setting the scene; PBC and Results Based Financing: the inverse approach; PBC and Energy Efficiency; Internal Performance Contracts: A Case of the National Water and Sewerage Corporation in Uganda; Performance-Based Service Contracts in Navi Mumbai; Financial Comparison of PBCs and Conventional Approach; Tegucigalpa PBC Case Study; Performance Based Contracts – Key Design Issues; NRW Reduction Optimization Framework; How to improve water services performance? Performance Based Contracts (PBC) and Regulatory issues; Peer-to-Peer Partnerships Operational for sustainable water services; Performance Based Contracts in Malawi: Teamwork Works; Performance based affermage contracts; Performance based Contracts, The Aroona Integrated Alliance Experience; Experience from Eastern Europe; NRW Performance Contract – Kingdom of Bahrain; The way forward and perspectives/trends
| Author | : Daniel S. Hapke |
| Publisher | : |
| Total Pages | : 242 |
| Release | : 1987 |
| Genre | : Law |
| ISBN | : |
This work focuses on the rights of the owners of buildings under construction. Topics include the design agreement, the contract for general construction, and the construction management agreement. It is geared for use by attorneys and contains sample forms.
| Author | : Stephen Brookhouse |
| Publisher | : Routledge |
| Total Pages | : 262 |
| Release | : 2020-10-31 |
| Genre | : Architecture |
| ISBN | : 1000221776 |
The decision to take the final step to becoming a fully qualified architect exam can be daunting. Fortunately, this new edition of the Part 3 Handbook demystifies the whole process of qualifying, dispelling commonly held myths and offering genuine insight into what examiners really want. Written by an experienced practitioner and Professional Studies Advisor, and endorsed by the RIBA, the book concentrates on the separate elements that you will be assessed on in the Part 3 exam. Fully updated for 2020, this edition features a brand new chapter on professional development and includes up-to-date guidance on the 2020 plan of work.
| Author | : Amnon Rapoport |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 276 |
| Release | : 2005-10-20 |
| Genre | : Business & Economics |
| ISBN | : 0387242430 |
Volume II & III of Experimental Business Research include original papers that were presented at the Second Asian Conference on Experimental Business Research held at the Hong Kong University of Science and Technology (HKUST) on December 16-19, 2003. The conference was organized by the Center for Experimental Business Research (cEBR) at HKUST and was chaired by Professors Amnon Rapoport and Rami Zwick. Experimental Business Research adopts laboratory based experimental economics methods to study an array of business and policy issues spanning the entire business domain including accounting, economics, finance, information systems, marketing and management and policy. "Experimental economics" is an established term that refers to the use of controlled laboratory-based procedures to test the implications of economic hypotheses and models and discover replicable patterns of economic behavior. We have coined the term "Experimental Business Research" in order to broaden the scope of"experimental economics" to encompass experimental finance, experimental accounting, and more generally the use of laboratory-based procedures to test hypotheses and models arising from research in other business related areas, including information systems, marketing, and management and policy. The chapters included in these volumes reflect the domain diversity of studies in the experimental business research field.
| Author | : |
| Publisher | : |
| Total Pages | : 838 |
| Release | : 1919 |
| Genre | : Building |
| ISBN | : |
