Roundtable on Corporate M&a and Shareholder Value.Pdf
V O L U M E 1 7 | N U M B E R 4 | FALL 2005
Journal of
APPLIED COR PORATE FINANCE
A MO RG A N S TA N L E Y P U B L I C AT I O N
In This Issue: Executive Pay and Corporate Governance
Pay Without Performance: Overview of the Issues A Remedy for the Executive Pay Problem: The Case for “Compensation Discussion and Analysis” Developments in Remuneration Policy Corporate Culture and the Problem of Executive Compensation Taking Shareholder Protection Seriously? Corporate Governance in the U.S. and Germany University of Rochester Roundtable on Corporate M&A and Shareholder Value
8
Lucian A. Bebchuk, Harvard Law School, and Jesse M. Fried, University of California at Berkeley
24
Jeffrey N. Gordon, Columbia University
36
Alastair Ross Goobey, International Corporate Governance Network and Morgan Stanley Europe
41 44
Arthur Levitt, Jr., The Carlyle Group Theodor Baums, University of Frankfurt, and Kenneth E. Scott, Stanford Law School and Hoover Institution
64
Panelists: Robert Bruner, University of Virginia; Cliff Smith and Gregg Jarrell, University of Rochester; James Owen, The Bank Street Group; Marla Sincavage, Ernst & Young; and Matt Ostrower, Morgan Stanley. Moderated by Mark Zupan, University of Rochester.
Takeover Defenses and Bargaining Power Is U.S. CEO Compensation Broken? Top Management Incentives and Corporate Performance Letting Go of Norm: How Executive Compensation Can Do Better Than “Best Practices” Finance, Politics, and the Accounting for Stock Options
85 97
Guhan Subramanian, Harvard Law School John E. Core and Wayne R. Guay, University of Pennsylvania, and Randall S. Thomas, Vanderbilt University
105
Stephen F. O’Byrne, Shareholder Value Advisors, and S. David Young, INSEAD
115
Marc Hodak, Hodak Value Advisors
125
Conrad Ciccotello, Georgia State University, C. Terry Grant, California State University, Fullerton, and W. Mark Wilder, University of Mississippi
U.S. Family-Run
Journal of
APPLIED COR PORATE FINANCE
A MO RG A N S TA N L E Y P U B L I C AT I O N
In This Issue: Executive Pay and Corporate Governance
Pay Without Performance: Overview of the Issues A Remedy for the Executive Pay Problem: The Case for “Compensation Discussion and Analysis” Developments in Remuneration Policy Corporate Culture and the Problem of Executive Compensation Taking Shareholder Protection Seriously? Corporate Governance in the U.S. and Germany University of Rochester Roundtable on Corporate M&A and Shareholder Value
8
Lucian A. Bebchuk, Harvard Law School, and Jesse M. Fried, University of California at Berkeley
24
Jeffrey N. Gordon, Columbia University
36
Alastair Ross Goobey, International Corporate Governance Network and Morgan Stanley Europe
41 44
Arthur Levitt, Jr., The Carlyle Group Theodor Baums, University of Frankfurt, and Kenneth E. Scott, Stanford Law School and Hoover Institution
64
Panelists: Robert Bruner, University of Virginia; Cliff Smith and Gregg Jarrell, University of Rochester; James Owen, The Bank Street Group; Marla Sincavage, Ernst & Young; and Matt Ostrower, Morgan Stanley. Moderated by Mark Zupan, University of Rochester.
Takeover Defenses and Bargaining Power Is U.S. CEO Compensation Broken? Top Management Incentives and Corporate Performance Letting Go of Norm: How Executive Compensation Can Do Better Than “Best Practices” Finance, Politics, and the Accounting for Stock Options
85 97
Guhan Subramanian, Harvard Law School John E. Core and Wayne R. Guay, University of Pennsylvania, and Randall S. Thomas, Vanderbilt University
105
Stephen F. O’Byrne, Shareholder Value Advisors, and S. David Young, INSEAD
115
Marc Hodak, Hodak Value Advisors
125
Conrad Ciccotello, Georgia State University, C. Terry Grant, California State University, Fullerton, and W. Mark Wilder, University of Mississippi
U.S. Family-Run