The Effect of Missing a Quarterly Earnings Benchmark on the CEO's Annual Bonus
研究未达到季度盈利基准对CEO年度奖金的影响，发现当公司季度盈利连续至少两个季度低于分析师预测或去年同期时，CEO年度现金奖金会显著减少，但亏损季度数量与奖金关系不显著。
We investigate the effects of missing quarterly earnings benchmarks on the CEO's annual bonus. After controlling for the general pay-for-performance relation, we find a significant incremental adverse effect on CEO annual cash bonuses when the firm's quarterly earnings fall short of the consensus analyst forecast or the earnings for the same quarter of the prior year, for at least two quarters during the year. However, we find that the relation between the bonus and the number of loss quarters is not significant. Our results suggest that CEO bonus payments provide CEOs with economic incentives to meet quarterly analyst earnings forecasts and earnings from the same quarter of the prior year.