Positive externalities of CEO delta
研究发现少数领导企业CEO激励大幅增加时，同行业其他企业股价和基本面会异常改善，原因是同行CEO为应对竞争压力而加倍努力，提升运营效率和产品差异化。
Abstract Increases in delta incentives are dramatic for a small group of firms (leader firms) but negligible for the majority. We show that leader firms have larger market capitalization and higher irreversibility, and are in industries with negative shocks. When leader firms experience substantial growth in delta incentives, industry peers experience positive abnormal returns and abnormal improvement in fundamentals despite no significant change in delta. Further, we provide evidence that abnormal returns are induced by peer CEOs’ extra efforts in response to the increasing competitive pressure caused by leader firms. To mitigate their competitive pressure and turnover threat, peer CEOs allocate their extra efforts to firms’ operating efficiency and product differentiation.