Date: June, 24, 2014 (Tuesday) at 02:00-03:30 PM
Venue: Institute of Finance Conference Room 202 (Guanghua campus original veteran center two floor, north gate near the basketball court)
At Indiana University in Bloomington Yangjun Professor: boost of executive annual Bonuses before pension Freezes and executive departures
The 2014 International Symposium on summer Financial Research Institute five
The main topic: Boost of Executive Annual Bonuses before Pension Freezes and Executive Departures
Speaker: Professor Yang Jun
Time: June, 24, 2014 (Tuesday) at 02:00-03:30 PM
Location: Institute of Finance Conference Room 202 (Guanghua campus original veteran center two floor, north gate near the basketball court)
Sponsor: Institute of Finance
Yangjun Professor worked in the Kelley School of business at Indiana University, studied: Company contract, corporate finance, corporate governance and executive compensation, had to review of financial studies, international journal published articles. - Professor Yang Jun's personal resume details: http://kelley.iu.edu/Finance/Faculty/page12594.cfm ID=8593?
This paper shows that top executives at large U.S. companies manipulate pension assumptions in anticipation of pension freezes and executive retirement. In particular, we document changes in the inputs of their pension benefit formulas prior to pension freezes, as revealed by large increases (by 20-30%) in executive annual bonuses. These increases are not driven by firm performance or other known determinants of annual bonuses. In contrast, prior to pension freezes and executive retirement, we do not find large increases in equity awards, which do not enter the pension benefit formulas. Our findings document yet another mechanism through which top executives capture wealth at the expense of regular employees and shareholders.
Invites all the teachers and students to participate in!
Contact: Ye Dan Zhang Minjie Qu Chengcheng
Tel: 87099046, 87099047
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