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Clawback Provisions

Clawback Provisions
How Sharp are the Claws? : an Analysis of the Deterrence Effectiveness of Voluntary Clawback Provisions

by Allison Kristina Beck

  • Publisher : Unknown Publisher
  • Release : 2012
  • Pages : 83
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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This paper investigates the effectiveness of voluntary clawback provisions as a deterrent for earnings management behavior. The Dodd-Frank (DF) Bill signed into law July 21, 2010 mandates that the SEC adopt a rule requiring all U.S.-listed companies to implement clawback provisions that recapture excess compensation received by executives on the basis of a faulty financial statement filing with the SEC that later must be restated. Implicitly, the DF regulation assumes that clawbacks will successfully constrain financial misreporting and that a "one-size-fits-all" approach is best. In contrast with prior research that has investigated factors associated with a firm's decision to adopt a clawback provision and/or various capital market consequences associated with clawback adoptions, I develop a stringency metric for analyzing clawback structures. I analyze the financial reporting consequences associated with clawback structure and mediating effects of antecedent corporate governance quality. Results indicate that, for both weak-governance and strong-governance firms adopting clawback provisions, increased clawback stringency is generally associated with lower levels of earnings management. However, the deterrent effect of clawback stringency is often attenuated for the strong-governance firms. None of the identified adopting firms had duality of the CEO and Chairman positions, thus, confirming that clawback adoptions may be conceptualized as a component of strong governance. This observation, coupled with the documented success of the clawbacks in deterring earnings management, provides support for the need for regulation.

Clawback Law in the Context of Succession

Clawback Law in the Context of Succession
A Book

by Jayne Holliday

  • Publisher : Bloomsbury Publishing
  • Release : 2020-05-14
  • Pages : 280
  • ISBN : 150993233X
  • Language : En, Es, Fr & De
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This book offers a global solution for determining the law applicable to a claim to clawback an inter vivos gift from a third party within the context of a succession. The book aims to identify an appropriate and applicable legal framework which supports legal certainty for cross-border estate planning and protects the legitimate expectations of the relevant parties. This is an area of private international law that has yet to be handled satisfactorily – as can be seen by the inadequate treatment of clawback from third parties in the 1989 Hague Convention on the Law Applicable to Succession to the Estates of Deceased Persons, and the 2012 EU Succession Regulation.

Firm-initiated Clawback Provisions

Firm-initiated Clawback Provisions
Real Activities Earnings Management, Analyst Coverage, and Innovation

by Henry Kimani Mburu

  • Publisher : Unknown Publisher
  • Release : 2015
  • Pages : 240
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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"Clawback Provisions" have been defined as corporate governance mechanisms intended to reduce executive risk-taking and opportunistic behavior. Although firm-initiated clawback provisions have been associated with several positive consequences in extant literature, there is little empirical evidence of their having a diminishing effect on executive risk-taking and opportunistic behavior. Additionally, there is a need to better understand the consequences of voluntary clawback adoption as the debate on mandatory clawback provisions for all publicly traded companies in the U.S. rages on. In this study, I focus on restatement triggered clawback provisions, and examine two research questions: whether clawback adoption influences the executive risk-taking behavior, and whether clawback adoption impacts the firm's information environment and innovation output. I use the difference-in-difference research design on a propensity score-matched sample of 418 firms for the period 2010-2013. I find that despite the increase in manipulation of operational cash flows to increase short-term earnings, which is a documented adverse consequence of clawback adoption, executives significantly reduce manipulation of discretionary expenses. In addition, executives in clawback firms earn higher total compensation, earn lower proportion of bonuses to total compensation, exercise more in-the-money exercisable options as a proportion of total compensation, and have lower Vega overall. These findings suggest that executives of clawback firms are more risk-averse than those in non-clawback firms. I also find that clawback firms have higher analyst following and more accurate analyst forecasts, implying better information environments, and have lower output from innovative activities compared to non-clawback firms. I, therefore, make several contributions to the literature on voluntary clawback adoption. I add to the list of the consequences of voluntary clawback adoption, document evidence of the change in executive risk-taking behavior upon the clawback adoption, and the impact of clawback adoption on a specific firm activity, innovation. I also provide empirical evidence that adoption of clawback provisions is better explained by the causal hypothesis than by the signaling hypothesis of voluntary clawback adoption. Overall, my study significantly adds to the on-going debate on mandatory clawback adoption for all publicly traded firms in the U.S." -- Abstract.

Clawback

Clawback
An Ali Reynolds Novel

by J.A. Jance

  • Publisher : Simon and Schuster
  • Release : 2016-12-27
  • Pages : 464
  • ISBN : 1501110799
  • Language : En, Es, Fr & De
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In New York Times bestselling author J.A. Jance’s timely thriller, Ali Reynolds faces her most controversial mystery yet: the murder of a man whose Ponzi scheme bankrupted hundreds of people, and left them seeking justice...or revenge. When Ali’s parents lose their life savings to a Ponzi scheme, her father goes to confront his longtime friend and financial advisor, only to stumble upon the scene of a bloody double homicide. With her father suddenly a prime suspect, Ali and her husband work to clear his name and seek justice for her parents, as well as the rest of the scheme’s suddenly impoverished victims. But if Ali’s father is innocent, that can mean only one thing: one of the others is a stone cold killer. Publishers Weekly promises “series fans will enjoy this highly personal case.” Provocative and gripping, Clawback is further proof that no one writes suspenseful thrillers quite like J.A. Jance.

The Clawback

The Clawback
A Book

by Andres Rueda

  • Publisher : Andres Rueda
  • Release : 2006-08-18
  • Pages : 442
  • ISBN : 1419647687
  • Language : En, Es, Fr & De
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Georgi Yefremov counts himself lucky when offered an enormous sum of money to chase a package from Brooklyn to California, and back again. He gets more than he bargained for, because this wad of cash comes with plenty of strings attached.

Clawback

Clawback
A Silas Cade Thriller

by Mike Cooper

  • Publisher : Penguin
  • Release : 2012-03-01
  • Pages : 400
  • ISBN : 1101568895
  • Language : En, Es, Fr & De
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A tough, topical financial thriller that exposes the dark underbelly of Wall Street. After a stint in the Middle East, black ops vet Silas Cade becomes an "accountant"-the go-to for financiers who need things done quickly, quietly, and by any means necessary. Silas is hired by a major player to pay a visit to a hedge fund manager to demand clawback: the mandatory return of compensation paid on a deal that goes bad. But before Cade can tell his client that he got his ten million back, the guy turns up dead. And he's not the first. Someone's killing investment bankers whose funds have gone south. Silas's scrubbed identity, and his insider's perspective, makes him the ideal shadow man to track down whoever's murdering some of the most hated managers on Wall Street. With the aid of a beautiful financial blogger looking to break her first big story, Silas tracks a violent security crew who may be the key to the executions. But as paranoia and panic spread, he begins to wonder: is the threat coming from inside the game-or out? With breakneck pacing, nonstop action, and cutting edge details of today's financial intelligence technology, Clawback hurtles to its final twist, a gripping contemporary tale of shady finance, venal corruption, and greed run rampant.

Development Land

Development Land
Overage and Clawback

by Christopher Jessel

  • Publisher : Jordans Pub
  • Release : 2001
  • Pages : 289
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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Development Land Overage and Clawback is the first authoritative explanation of this evolving area of property management practice. Overage, or clawback, has been used increasingly in recent years by private landowners, commercial companies and government departments to ensure that a landowner selling land can share in any subsequent increase in its development value. Various methods may be employed to achieve this objective, though all have their potential drawbacks as well as benefits. Christopher Jessel explains each in detail, analysing it appropriateness to the owner's and purchaser's circumstances and offering solutions to practical problems. He explains how to ascertain the 'trigger' event for payment, how to calculate the amount of any payment and how to enforce payment obligations. An extensive chapter on drafting sets out the principles to be followed and is supplemented by an appendix which also includes several clauses for inclusion in documents. Potentially vast sums may be lost if a practitioner misadvises a landowning client. Development Land Overage and Clawback will ensure that all practitioners are well-informed of all the opportunities and dangers associated with this complex and evolving area of commercial land law. Available on 28 days' approval.

An Introduction to Investment Banks, Hedge Funds, and Private Equity

An Introduction to Investment Banks, Hedge Funds, and Private Equity
A Book

by David Stowell

  • Publisher : Academic Press
  • Release : 2010-03-19
  • Pages : 592
  • ISBN : 9780080922898
  • Language : En, Es, Fr & De
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The dynamic environment of investment banks, hedge funds, and private equity firms comes to life in David Stowell’s introduction to the ways they challenge and sustain each other. Capturing their reshaped business plans in the wake of the 2007-2009 global meltdown, his book reveals their key functions, compensation systems, unique roles in wealth creation and risk management, and epic battles for investor funds and corporate influence. Its combination of perspectives—drawn from his industry and academic backgrounds—delivers insights that illuminate the post-2009 reinvention and acclimation processes. Through a broad view of the ways these financial institutions affect corporations, governments, and individuals, Professor Stowell shows us how and why they will continue to project their power and influence. Emphasizes the needs for capital, sources of capital, and the process of getting capital to those who need it Integrates into the chapters 10 cases about recent transactions, along with case notes and questions Accompanies cases with spreadsheets for readers to create their own analytical frameworks and consider choices and opportunities

Ricardo's Law

Ricardo's Law
House Prices and the Great Tax Clawback Scam

by Fred Harrison

  • Publisher : Shepheard-Walwyn Limited
  • Release : 2006
  • Pages : 314
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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Presenting insights into how income and wealth are produced and distributed, this study analyzes how, despite two centuries of capital accumulation, poverty persists in rich nations. Relying on the theories of David Ricardo—a 19th-century economist credited with developing the theory of rent—a thorough presentation of the history of this economic law, from the inscriptions on the clay tablets of ancient Babylonian merchants to statistics that portray the modern economy, is provided. Presenting readers with conceptual tools that will motivate them to reengage in the democratic process, this examination dispels the myths of contemporary fiscal policy while providing keen insights into the history, and future, of economics.

Pharmaceutical Markets and Insurance Worldwide

Pharmaceutical Markets and Insurance Worldwide
A Book

by Michael Grossman,Björn Lindgren

  • Publisher : Emerald Group Publishing
  • Release : 2010-03-30
  • Pages : 368
  • ISBN : 1849507163
  • Language : En, Es, Fr & De
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The fields of pharmaceutical economics and health economics/policy are reaching a point of convergence. This is due to both the widespread availability of pharmaceutical treatments, accompanied by broader insurance coverage, and the regulation of prescription drugs in both private and government plans. This book bridges the gap.

The Economics of Deferral and Clawback Requirements

The Economics of Deferral and Clawback Requirements
A Book

by Florian Hoffmann (Professor in economics),Roman Inderst,Marcus M. Opp

  • Publisher : Unknown Publisher
  • Release : 2020
  • Pages : 53
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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We analyze the effects of regulatory interference in compensation contracts, focusing on recent mandatory deferral and clawback requirements restricting (incentive) compensation of material risk-takers in the financial sector. Moderate deferral requirements have a robustly positive effect on equilibrium risk-management effort only if the bank manager's outside option is sufficiently high, else, their effectiveness depends on the dynamics of information arrival. Stringent deferral requirements unambiguously backfire. We characterize when regulators should not impose any deferral regulation at all, when it can achieve second-best welfare, when additional clawback requirements are of value, and highlight the interaction with capital regulation.

Executive Compensation

Executive Compensation
A Book

by Michael S. Sirkin,Lawrence K. Cagney

  • Publisher : Law Journal Press
  • Release : 2021-03-28
  • Pages : 1174
  • ISBN : 9781588520715
  • Language : En, Es, Fr & De
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Executive Compensation is an invaluable legal guide through the maze of rules, regulations and practices that govern corporate financial compensation for executive employees.

Encyclopedia of Alternative Investments

Encyclopedia of Alternative Investments
A Book

by Greg N. Gregoriou

  • Publisher : CRC Press
  • Release : 2008-08-18
  • Pages : 592
  • ISBN : 9781420064896
  • Language : En, Es, Fr & De
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A pioneering reference essential in any financial library, the Encyclopedia of Alternative Investments is the most authoritative source on alternative investments for students, researchers, and practitioners in this area. Containing 545 entries, the encyclopedia focuses on hedge funds, managed futures, commodities, and venture capital. It features contributions from well-known, respected academics and professionals from around the world. More than a glossary, the book includes academic references for money managers and investors who want to understand the jargon and delve into the definitions. About the Editor Greg N. Gregoriou, Ph.D., is Professor of Finance in the School of Business and Economics at the State University of New York, Plattsburgh, USA. A prolific author, Dr. Gregoriou is hedge fund editor of the Journal of Derivatives and Hedge Funds as well as an editorial board member of the Journal of Wealth Management and the Journal of Risk Management in Financial Institutions. His research primarily focuses on hedge funds and managed futures.

Clawback Provisions

Clawback Provisions
A Book

by Marie Pallot

  • Publisher : Unknown Publisher
  • Release : 1985
  • Pages : 102
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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Buncoman

Buncoman
Episode 1- Madoff and Clawback

by James Newman

  • Publisher : Unknown Publisher
  • Release : 2009-10-01
  • Pages : 129
  • ISBN : 9780615303963
  • Language : En, Es, Fr & De
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New superhero, Buncoman, fights Madoff and government trustee who tries to extract money from Madoff's victims.

A Clawback for a Clean-shaven Clearway

A Clawback for a Clean-shaven Clearway
A Book

by Jeroen ter Welle

  • Publisher : Unknown Publisher
  • Release : 1999
  • Pages : 8
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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Use of Confidentiality and Clawback Clauses in Connection with Termination of a Contract of Employment

Use of Confidentiality and Clawback Clauses in Connection with Termination of a Contract of Employment
A Book

by Great Britain. Department of Health

  • Publisher : Unknown Publisher
  • Release : 2004
  • Pages : 10
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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IPOs and Equity Offerings

IPOs and Equity Offerings
A Book

by Ross Geddes

  • Publisher : Elsevier
  • Release : 2003-06-06
  • Pages : 272
  • ISBN : 0080478786
  • Language : En, Es, Fr & De
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An initial public offering (IPO) is one of the most significant events in corporate life. It follows months, even years of preparation. During the boom years of the late 1990s bull market, IPOs of growth companies captured the imagination and pocketbooks of investors like never before. This book goes behind the scenes to examine the process of an offering from the decision to go public to the procedures of a subsequent equity offering. The book is written from the perspective of an experienced investment banker describing the hows and whys of IPOs and subsequent equity issues. Each aspect of an IPO is illustrated with plenty of international examples pitched alongside relevant academic research to offer a combination of theoretical rigour and practical application. Topics covered are: - the decision to go public - legal and regulatory aspects of an offering; marketing and research - valuation and pricing - allocations of shares to investors - examination of fees and commissions * Global perpective: UK, European and US practices, regulations and examples, and case studies * First hand experience written by an IPO trader with academic rigour * Includes the changes in the market that resulted from 1998-2000 equity boom

Essays on CEO Succession and Clawback Provisions

Essays on CEO Succession and Clawback Provisions
A Book

by Ying Gan

  • Publisher : Unknown Publisher
  • Release : 2014
  • Pages : 129
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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The Effects of Business Strategy with Clawback Provisions on Internal Control Weaknesses-Mediation Effect

The Effects of Business Strategy with Clawback Provisions on Internal Control Weaknesses-Mediation Effect
A Book

by 陳潔澐

  • Publisher : Unknown Publisher
  • Release : 2019
  • Pages : 54
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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