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DTSTART:20221030T030000
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UID:calendar.130521.field_date.0@www.tse-fr.eu
DTSTAMP:20260517T180702Z
CREATED:20230112T151001Z
DESCRIPTION:Naveen Gondhi\, “Incentivizing Effort and Informing Investment:
 The Dual Role of Stock Prices”\, Finance Seminar\, Toulouse: TSE\, March 2
 4\, 2023\, 14:00–15:30\, room Auditorium 4.\n\nStock prices reflect manage
 rial performance and aggregate investor information about investment oppor
 tunities. These dual roles are often in tension: when prices are more info
 rmative about future opportunities\, they may be less effective at incenti
 vizing managerial effort. As a result\, firm value can decrease with revel
 atory price efficiency\, but increase with ex-post inefficient investment 
 rules and lower transparency. The interaction of these dual roles has nove
 l implications not only for the performance sensitivity of managerial comp
 ensation but also its duration and the optimal allocation of control right
 s. Finally\, we demonstrate that standard empirical measures of price info
 rmativeness are incomplete absent information about the firm’s investment 
 opportunities.
DTSTART;TZID=Europe/Paris:20230324T140000
DTEND;TZID=Europe/Paris:20230324T153000
LAST-MODIFIED:20260113T095129Z
LOCATION:Toulouse: TSE\, March 24\, 2023\, 14:00–15:30\, room Auditorium 4
SUMMARY:Finance Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2023-incentivizing-effort-and-i
 nforming-investmentthe-dual-role-stock-prices
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