"Say on pay" can backfire, research suggests

05/20/2013 | Wall Street Journal, The · Wall Street Journal, The

Companies that disclose changes to their executive pay plans do worse on the day of the announcement than other stocks do, according to a study by Stanford University's Graduate School of Business. Shareholder influence over executive pay can backfire because investors don't necessarily understand the nuances of various pay levels, said David Larcker, one of the study's authors.

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Wall Street Journal, The · Wall Street Journal, The

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