ABSTRACT Rights offerings in Australia can be renounceable or non-renounceable. Exploring the art... more ABSTRACT Rights offerings in Australia can be renounceable or non-renounceable. Exploring the articulation between this renounceability dimension and underwriting provides new insights into the literature on rights issues. Rights offerings are analysed from two perspectives – market reactions to rights announcements and the factors driving the choice of issue type. Rights offerings are partitioned into a range of alternative classifications based upon renounceability, underwritten status and expected takeup, and a number of testable hypotheses are developed. Evidence is provided to support the relationship between quality signals and we find that fully underwritten provides a quality signal. We have also developed an enhanced version of the expected takeup variable of Eckbo and Masulis (1992) and Bohren et al (1997), and find support for our adapted signalling model of Heinkel and and Schwartz (1986). Managers expecting (i) lower takeup use non-renounceable with fully underwriting, and (ii) higher takeup select renounceable with fully underwriting to signal their superior quality.
Economic Papers: A journal of applied economics and policy, 2010
Cross-sectional analysis of the remuneration paid by a sample of 1144 listed Australian companies... more Cross-sectional analysis of the remuneration paid by a sample of 1144 listed Australian companies in 2006 to their CEOs highlights the variation in the level and composition of remuneration both within and across industries. Average annual CEO remuneration for 2006 is $730,000 with 79% short-term, 14% long-term and 7% postemployment remuneration. These components of remuneration structure, company size and corporate governance measures provide insight into the variation in CEO remuneration. There is no evidence of a positive relation between current year CEO remuneration and following year performance.
Economic Papers: A Journal of Applied Economics and Policy, 2010
Cross-sectional analysis of the remuneration paid by a sample of 1,144 listed Australian companie... more Cross-sectional analysis of the remuneration paid by a sample of 1,144 listed Australian companies in 2006 to their CEOs highlights the variation in the level and composition of remuneration both within and across industries. Average annual CEO remuneration for 2006 is $730,000 with 79% short-term, 14% long-term and 7% post-employment remuneration. These components of remuneration structure, company size and corporate governance measures provide insight into the variation in CEO remuneration. There is no evidence of a positive relation between current year CEO remuneration and following year performance.
Cross-sectional analysis of the remuneration paid by a sample of 1,144 listed Australian companie... more Cross-sectional analysis of the remuneration paid by a sample of 1,144 listed Australian companies in 2006 to their CEOs highlights the variation in the level and composition of remuneration both within and across industries. Average annual CEO remuneration for 2006 is $730,000 with 79% short-term, 14% long-term and 7% post-employment remuneration. These components of remuneration structure, company size and corporate governance measures provide insight into the variation in CEO remuneration. There is no evidence of a positive relation between current year CEO remuneration and following year performance.
ABSTRACT Rights offerings in Australia can be renounceable or non-renounceable. Exploring the art... more ABSTRACT Rights offerings in Australia can be renounceable or non-renounceable. Exploring the articulation between this renounceability dimension and underwriting provides new insights into the literature on rights issues. Rights offerings are analysed from two perspectives – market reactions to rights announcements and the factors driving the choice of issue type. Rights offerings are partitioned into a range of alternative classifications based upon renounceability, underwritten status and expected takeup, and a number of testable hypotheses are developed. Evidence is provided to support the relationship between quality signals and we find that fully underwritten provides a quality signal. We have also developed an enhanced version of the expected takeup variable of Eckbo and Masulis (1992) and Bohren et al (1997), and find support for our adapted signalling model of Heinkel and and Schwartz (1986). Managers expecting (i) lower takeup use non-renounceable with fully underwriting, and (ii) higher takeup select renounceable with fully underwriting to signal their superior quality.
Economic Papers: A journal of applied economics and policy, 2010
Cross-sectional analysis of the remuneration paid by a sample of 1144 listed Australian companies... more Cross-sectional analysis of the remuneration paid by a sample of 1144 listed Australian companies in 2006 to their CEOs highlights the variation in the level and composition of remuneration both within and across industries. Average annual CEO remuneration for 2006 is $730,000 with 79% short-term, 14% long-term and 7% postemployment remuneration. These components of remuneration structure, company size and corporate governance measures provide insight into the variation in CEO remuneration. There is no evidence of a positive relation between current year CEO remuneration and following year performance.
Economic Papers: A Journal of Applied Economics and Policy, 2010
Cross-sectional analysis of the remuneration paid by a sample of 1,144 listed Australian companie... more Cross-sectional analysis of the remuneration paid by a sample of 1,144 listed Australian companies in 2006 to their CEOs highlights the variation in the level and composition of remuneration both within and across industries. Average annual CEO remuneration for 2006 is $730,000 with 79% short-term, 14% long-term and 7% post-employment remuneration. These components of remuneration structure, company size and corporate governance measures provide insight into the variation in CEO remuneration. There is no evidence of a positive relation between current year CEO remuneration and following year performance.
Cross-sectional analysis of the remuneration paid by a sample of 1,144 listed Australian companie... more Cross-sectional analysis of the remuneration paid by a sample of 1,144 listed Australian companies in 2006 to their CEOs highlights the variation in the level and composition of remuneration both within and across industries. Average annual CEO remuneration for 2006 is $730,000 with 79% short-term, 14% long-term and 7% post-employment remuneration. These components of remuneration structure, company size and corporate governance measures provide insight into the variation in CEO remuneration. There is no evidence of a positive relation between current year CEO remuneration and following year performance.
Uploads
Papers by Vineet Tawani