Analysis finds stock market response to management compensation agreements varies with shareholder meetings, indicating caution in interpretation.
Examines the stock market reaction to the adoption of long-term compensation agreements for top management that are based on accounting goals. Method of study; Reaction observed for the adopting firms due to the impending shareholders' meeting rather than to the performance plan adoption per se; Caution in the interpretation of announcements made around the time of the annual shareholders' meeting.
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Gaver et al. (1992) studied this question.
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