CEO pay shrinks by $350,000 a year once activist hedge funds move in, study finds [MarketWatch]
Athena Technology Acquisition Corp. Class A (ATHN)
Last athena technology acquisition corp. class a earnings: 11/9 04:01 pm
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Source: MarketWatch
CEO pay shrinks by $350,000 a year once activist hedge funds move in, study finds Activist hedge funds such as those run by billionaires Carl Icahn, Bill Ackman and Daniel Loeb have more of an impact on a company than just forcing management to dance to their tune. They also shave more than $350,000 off a chief executive’s compensation within a year of taking a stake in his or her company. That’s according to new research from Warwick Business School at the U.K.’s University of Warwick, which compiled CEO compensation data from 244 listed U.S. companies and analyzed it over seven years. Researchers Jana Fidrmuc and Swati Kanoria looked at data for the three years before an activist showed up, the year it bought stock in the company and the three years after that. They then compared the results with data on CEO pay from another 244 companies that were not the subject of activists but belonged to the same industry sector and were of a similar size and book-to-market value. Don’t miss:
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