Hello! I am an Assistant Professor of Finance at Rice University. I study corporate finance, including topics related to managerial compensation and contracting, managerial human capital, shareholder voting, and capital budgeting, among others.
I have a PhD in Finance from the Fuqua School of Business at Duke University and a BA in Philosophy, Politics, Economics and Sociology (PPES) from Trinity College Dublin.
Updates
- 2024.12.09: New version of Shareholder Voice and Executive Compensation
- 2024.12.09: New version of Sacred Hurdle Rates and Bargaining Power
- previously circulated as Project Development with Delegated Bargaining: The Role of Elevated Hurdle Rates
- 2024.11.15: Presenting Human Capital, Competition and Mobility in the Managerial Labor Market at ITAM Finance conference
Job market paper
- Shareholder Voice and Executive Compensation
December 2024
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Abstract
I estimate a model of CEO compensation with non-binding shareholder approval votes (Say-on-Pay). The Board sets compensation and (relative to shareholders) may prefer high total pay; shareholders can fail the vote and punish the Board for high pay. Failed votes are perceived as costly by the Board and shareholders: Say-on-Pay resembles a costly punishment mechanism, raising firm value by 2.4% on average, despite only 7% of votes failing. I analyze a counterfactual binding vote: failure binds pay to prior levels, which may not reflect current information about CEO ability. The failure rate falls, pay levels increase and firm value decreases.Presentations
LBS Transatlantic Doctoral Conference, Duke Industrial Organization Seminar, WashU Olin Finance Conference PhD Poster Session, Boca Corporate Finance and Governance Conference, MFA 2024, Eastern Finance 2024, Aarhus Strategic Interactions in Corporate Finance Workshop, UTD Finance Conference