Word: bebchuk
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...Bebchuk said that because directors of a company are meant to safeguard against questionable actions of corporate executives, when directors are involved in undisclosed backdating practices, their regulatory role may be compromised...
...study’s authors—Friedman Professor of Law Lucian A. Bebchuk, Yaniv Grinstein of Cornell University, and Urs Peyer from the Paris-based business school INSEAD—found that board directors at 6,500 companies received “lucky grants” or backdated options for which the strike date is timed in order to maximize profit...
...Nine percent is significantly more than what one would expect if grants were assigned by mere luck,” Bebchuk said in an interview yesterday...
...case of director grants, we don’t expect the dollar figures to be significant because, in general, the value of director grants is not large relative to the grants that are given to executives,” Bebchuk said. “The significance of the finding is from a governance perspective...
...Lucian Bebchuk, William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics, and Finance...