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Performance-Based Compensation in Professional Service Firms

Christopher D. Ittner, David F. Larcker, Mina Pizzini
2003 Social Science Research Network  
doi:10.2139/ssrn.468340 fatcat:cpnb5abggrf4vnul7anbezl6yy

Determinants Of Performance Measure Choices In Worker Incentive Plans

Christopher D. Ittner, David F. Larcker
2001 Social Science Research Network  
-Ittner et al. (1997) argue that financial measures may be more informative when the organization has experienced poor performance.  ...  As a result, many companies are supplementing or replacing their traditional financial measures with nonfinancial performance indicators (Ittner and Larcker 1998) .  ... 
doi:10.2139/ssrn.283206 fatcat:bsexragfnfb5vlo4xciy2cpk3e

Tau Protein: Function and Pathology

Hanna Rosenmann, David Blum, Rakez Kayed, Lars M. Ittner
2012 International Journal of Alzheimer's Disease  
Hanna Rosenmann David Blum Rakez Kayed Lars M. Ittner  ...  Ittner group contributed an excellent review paper: "Lessons from tau-deficient mice."  ... 
doi:10.1155/2012/707482 pmid:22928147 pmcid:PMC3426215 fatcat:fdpzhc336ra45jqsuy6q2ky5wa

Commentary—The Stock Market's Pricing of Customer Satisfaction

Christopher Ittner, David Larcker, Daniel Taylor
2009 Marketing science (Providence, R.I.)  
A number of recent marketing studies examine the stock market's response to the release of American Customer Satisfaction Index (ACSI) scores. The broad purpose of these studies is to investigate the stock market's valuation of customer satisfaction. However, a key focus is on whether customer satisfaction information predicts long-run returns. We provide evidence on the market's pricing of ACSI information using a more comprehensive set of well-established tests from the accounting and finance
more » ... literatures. We find that ACSI scores provide some incremental information on future operating income and that the market quickly responds to the release of information on large increases in satisfaction. However, we find no evidence that ACSI predicts long-run returns. These results suggest that customer satisfaction information is value relevant, but they are also consistent with Jacobson and Mizik's conclusion [ Jacobson, R., N. Mizik. 2009. The financial markets and customer satisfaction: Reexamining possible financial market mispricing of customer satisfaction. Marketing Sci. 28(5) 810-819] that mispricing of ACSI information, if present at all, is limited. Abstract A number of recent marketing studies examine the stock market's response to the release of American Customer Satisfaction Index (ACSI) scores. The broad purpose of these studies is to investigate the stock market's valuation of customer satisfaction. However, a key focus is on whether customer satisfaction information predicts long-run returns. We provide evidence on the market's pricing of ACSI information using a more comprehensive set of well-established tests from the accounting and finance literatures. We find that ACSI scores provide some incremental information on future operating income and that the market quickly responds to the release of information on large increases in satisfaction. However, we find no evidence that ACSI predicts long-run returns. These results suggest that customer satisfaction information is value-relevant, but are also consistent with Jacobson and Mizik's (2009) conclusion that mispricing of ACSI information, if present at all, is limited.
doi:10.1287/mksc.1090.0526 fatcat:dj5dscntrva7xnkbb3qzlofaf4

Performance Implications of Strategic Performance Measurement in Financial Services Firms

Christopher D. Ittner, David F. Larcker, Taylor Randall
2003 Social Science Research Network  
., Ittner and Larcker, 1997; Behn and Riley, 1999; Banker et al., 2000; Nagar and Raj an, 200 1; Ittner et al. , 2003) . However, only Banker et al.  ...  In contrast, Ittner et al. 's (2003) However, none of these studies directly examines the association between these techniques and actual firm performance.  ... 
doi:10.2139/ssrn.395824 fatcat:snwsiaawtnfobey7qook47isl4

Determinants of Performance Measure Choices in Worker Incentive Plans

Christopher D. Ittner, David F. Larcker
2002 Journal of Labor Economics  
-Ittner et al. (1997) argue that financial measures may be more informative when the organization has experienced poor performance.  ...  As a result, many companies are supplementing or replacing their traditional financial measures with nonfinancial performance indicators (Ittner and Larcker 1998) .  ... 
doi:10.1086/338674 fatcat:v5ia6y6ryzfzzfqqnwapaf4cm4

Assessing Empirical Research in Managerial Accounting: A Value-Based Managaement Perspective

Christopher D. Ittner, David F. Larcker
2001 Social Science Research Network  
Ittner, D.F.  ...  Ittner, D.F.  ... 
doi:10.2139/ssrn.235797 fatcat:2tedwwgcnner3gjsoonavmi3ky

Corporate governance, compensation consultants, and CEO pay levels

Christopher S. Armstrong, Christopher D. Ittner, David F. Larcker
2012 Review of accounting studies  
This study investigates the relation between corporate governance and CEO pay levels and the extent to which the higher pay found in firms using compensation consultants is related to governance differences. Using proxy statement disclosures from 2,110 companies, we find that CEO pay is higher in firms with weaker governance and that firms with weaker governance are more likely to use compensation consultants. CEO pay remains higher in clients of consulting firms even after controlling for
more » ... mic determinants of compensation. However, when consultant users and non-users are matched on both economic and governance characteristics, differences in pay levels are not statistically significant, indicating that governance differences explain much of the higher pay in clients of compensation consultants. We find no support for claims that CEO pay is higher in potentially "conflicted" consultants that also offer additional noncompensation-related services. Abstract: This study investigates the relation between the use of compensation consultants and CEO pay levels. Using new proxy statement disclosures from 2,116 companies, we examine claims that pay is higher in clients of compensation consultants, and test whether any pay differences in users and non-users of consultants are due to differences in economic or corporate governance characteristics. We find that CEO pay is generally higher in clients of most consulting firms, even after controlling for economic determinants of compensation. However, when users and non-users are matched on both economic and governance characteristics, differences in pay levels are not statistically significant. These results are consistent with claims that compensation consultants provide a mechanism for CEOs of companies with weak governance to extract and justify excess pay. Finally, we find no support for claims that CEO pay is higher in "conflicted" consultants that also offer additional non-compensation related services.
doi:10.1007/s11142-012-9182-y fatcat:uvkucy5st5fxjbk4lwi7rvjyei

Are Nonfinancial Measures Leading Indicators of Financial Performance? An Analysis of Customer Satisfaction

Christopher D. Ittner, David F. Larcker
1998 Journal of Accounting Research  
ITTNER AND DAVID F.  ...  ITTNER AND DAVID F.  ... 
doi:10.2307/2491304 fatcat:net2evtyvfdgbi2v2fuzlbfuia

Assessing empirical research in managerial accounting: a value-based management perspective

Christopher D Ittner, David F Larcker
2001 Journal of Accounting & Economics  
Ittner, D.F.  ...  Ittner, D.F.  ... 
doi:10.1016/s0165-4101(01)00026-x fatcat:2r4mascppncuhcljh4wjb7n7l4

Performance implications of strategic performance measurement in financial services firms

Christopher D Ittner, David F Larcker, Taylor Randall
2003 Accounting, Organizations and Society  
., Ittner and Larcker, 1997; Behn and Riley, 1999; Banker et al., 2000; Nagar and Raj an, 200 1; Ittner et al. , 2003) . However, only Banker et al.  ...  In contrast, Ittner et al. 's (2003) However, none of these studies directly examines the association between these techniques and actual firm performance.  ... 
doi:10.1016/s0361-3682(03)00033-3 fatcat:hrmcticjwfal3etcmaz23ve3te

The Structure and Performance Consequences of Equity Grants to Employees of New Economy Firms

Christopher D. Ittner, Richard A. Lambert, David F. Larcker
2002 Social Science Research Network  
The paper examines the determinants and performance consequences of equity grants to senior-level executives, lower-level managers, and non-exempt employees of "new economy" firms. We find that the determinants of equity grants are significantly different in new versus old economy firms. We also find that employee retention objectives, which new economy firms rank as the most important goal of their equity grant programs, have a significant impact on new hire grants, but not subsequent grants.
more » ... ur exploratory performance tests indicate that lower than expected grants and/or existing holdings of options are associated with poorer performance in subsequent years. Abstract The paper examines the determinants and performance consequences of equity grants to seniorlev el executives, lower-level managers, and non-exempt employees of"new economy" firms . We find that many of the equity grant determinants and their relative importance vary significantly between new and old economy firms. In addition, we find that employee retention objectiv es, which new economy firms rank as the most important goal of their equity grant programs, have a significant impact on new hire grants, but not on annual, ongoing grants. Our exploratory performance tests indicate that lower than expected option grants and/or ex isting option holdings are associated with lower accounting and stock price performance in subsequent years. However, we find that greater than expected option and equity grants and holdings have little consistent association with future performance. Conyon, M., Freeman, R., 2000. Shared modes of compensation and firm performance: UK evidence,
doi:10.2139/ssrn.296275 fatcat:5srem5ug6fcuhebw3ymfzhdrdi

Neuronal MicroRNA Deregulation in Response to Alzheimer's Disease Amyloid-β

Nicole Schonrock, Yazi D. Ke, David Humphreys, Matthias Staufenbiel, Lars M. Ittner, Thomas Preiss, Jürgen Götz, Mel B. Feany
2010 PLoS ONE  
Citation: Schonrock N, Ke YD, Humphreys D, Staufenbiel M, Ittner LM, et al. (2010) Neuronal MicroRNA Deregulation in Response to Alzheimer's Disease Amyloid-b. PLoS ONE 5(6): e11070.  ...  **Gene lists were uploaded into DAVID bioinformatic database and the number of targets recognized by DAVID assigned to known KEGG pathways is given.  ...  To extract biological meaning associated with these large gene lists we used the bioinformatics database DAVID.  ... 
doi:10.1371/journal.pone.0011070 pmid:20552018 pmcid:PMC2884018 fatcat:jca54txmqvfhpl4l7iugfemxku

Performance-based compensation in member-owned firms: An examination of medical group practices

Christopher D. Ittner, David F. Larcker, Mina Pizzini
2007 Journal of Accounting & Economics  
We examine the importance of agency considerations for the mix of salary and performance-based compensation in member-owned medical practices. Performance-based pay increases with the informativeness of clinical productivity measures, and declines with greater reimbursement from capitation contracts. Inexperienced physicians receive more compensation from salary, but compensation mix does not change as physicians near retirement. Larger practices and practices using outside management companies
more » ... place more weight on performance-based compensation. However, when more physicians in the group practice the same specialty, less emphasis is placed on performance-based compensation. Finally, the presence of an executive partner has no influence on compensation mix.
doi:10.1016/j.jacceco.2007.05.001 fatcat:qjsgv7marzgmzpauibjwl3lsbm

The structure and performance consequences of equity grants to employees of new economy firms

Christopher D. Ittner, Richard A. Lambert, David F. Larcker
2003 Journal of Accounting & Economics  
The paper examines the determinants and performance consequences of equity grants to senior-level executives, lower-level managers, and non-exempt employees of "new economy" firms. We find that the determinants of equity grants are significantly different in new versus old economy firms. We also find that employee retention objectives, which new economy firms rank as the most important goal of their equity grant programs, have a significant impact on new hire grants, but not subsequent grants.
more » ... ur exploratory performance tests indicate that lower than expected grants and/or existing holdings of options are associated with poorer performance in subsequent years. Abstract The paper examines the determinants and performance consequences of equity grants to seniorlev el executives, lower-level managers, and non-exempt employees of"new economy" firms . We find that many of the equity grant determinants and their relative importance vary significantly between new and old economy firms. In addition, we find that employee retention objectiv es, which new economy firms rank as the most important goal of their equity grant programs, have a significant impact on new hire grants, but not on annual, ongoing grants. Our exploratory performance tests indicate that lower than expected option grants and/or ex isting option holdings are associated with lower accounting and stock price performance in subsequent years. However, we find that greater than expected option and equity grants and holdings have little consistent association with future performance. Conyon, M., Freeman, R., 2000. Shared modes of compensation and firm performance: UK evidence,
doi:10.1016/s0165-4101(02)00088-5 fatcat:hod6qm6v35giric4zw7ze4uk7e
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