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Performance Contingencies in CEO Equity Awards and Debt Contracting
We find that firms that grant performance-contingent (p-c) equity awards with accounting-based vesting conditions to their CEOs have lower cost of debt and less restrictive loan terms. The benefits of p-c accounting-based awards on debt financing are greater when the moral hazard problem faced by debtholders is potentially more significant—for example, for firms with poorer credit ratings and lower asset tangibility. We find some evidence that certain types of p-c equity awards with stock price-based conditions increase the cost of debt financing. The adoption of p-c accounting-based awards increases firm value, as indicated by stock and bond event studies. Overall, our findings suggest that the incentive compatibility of accounting-based p-c awards mitigates the potential agency conflict between shareholders and debtholders.
Journal Article
Innovation Inducement Prizes at the National Science Foundation
Following a congressional directive in its FY 2006 Appropriations Act, the National Science Foundation asked the STEP Board to \"propose a plan for administering prizes to individuals or teams that achieve novel solutions to specified social or research needs or capitalize on recognized research opportunities.\" A committee under the STEP Board concluded that an ambitious program of innovation inducement prize contests would be a sound investment in strengthening the infrastructure for U.S. innovation and that NSF, although inexperienced, is well suited to designing an experimental program that could add substantially to understanding regarding the appropriate goals of such contests, the motivations of participants and sponsors, and the rules and conditions that contribute to successful contests. The committee recommends that NSF start off with a series of small-scale prizes ($200K - $2M) in diverse areas while beginning to plan for much more ambitious contests ($3M-$30M) that would address significant economic or social challenges and be conducted over several years. The report addresses many of the generic issues that arise in administering innovation prize contests (types of contests, eligibility to participate, disposition of intellectual property rights, and decisions regarding awards) and explores 7 research and technology fields that might lend themselves to prize contests.
eBook
Reward for High Public Office
The choices made by governments about how to reward their top employees reveal a great deal about their values and their assumptions about governing. This book examines rewards of high public office in seven Asian political systems, a particularly rich set of cases for exploring the causes and consequences of the rewards of high public office, having some of the most generous and most meagre reward packages in the world.There are a range of economic, political and cultural explanations for the rewards provided by governments. Likewise, these choices are assumed to have a number of consequences, including variations in the levels of corruption and economic success.Reward for High Public Office includes case studies focusing on Australia, China, Hong Kong, Japan, Korea, New Zealand and Singapore. It will interest students and researchers of politics, public administration and Asian studies.
eBook
Do Healthy City Performance Awards Lead to Health in All Policies? A Case of Taiwan
The Healthy Cities (HC) Project, which was introduced by the World Health Organization (WHO) in 1986, has been recognized as the best setting approach for health promotion. However, very few studies have addressed how to use HC approaches to establish public policies in non-health departments in cities. This paper describes the strategies for the HC Performance Awards used in Taiwan to draw attention from different departments and to sustain intersectoral collaboration for the purpose of establishing Health in All Policies (HiAP). The methods include: (1) setting up the Taiwan Healthy City Alliance; (2) establishing HC Innovation Performance Awards; (3) reviewing the award applications according to seven criteria; and (4) analyzing the topic content of the award applications. We collected 961 HC award applications during 2013–2016 to analyze their content. The results showed that the number of applications increased nearly every year while significantly more non-health departments applied for the awards compared to health departments (73.3% vs. 26.7%). The award rates of non-health departments have also increased twice from 13.9% in 2013 to 25.8% in 2016. By examining the topics of the award winners, we concluded that “HC Innovation Performance Awards” indeed provide a role and opportunity for political involvement, intersectoral collaboration, co-opetition and capacity building that is necessary for establishing health in all policies.
Journal Article
Improving Effective Coverage in Health
This Policy Research Report examines one specific policy approach to improving effective coverage: financial incentives in the form of performance-based financing (PBF) or financial incentives to health workers on the front lines.
eBook
Creating a total rewards strategy : a toolkit for designing business-based plans
A comprehensive book and CD-ROM package that shows how nonfinancial rewards can be quantified!.
eBook