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The Practice and Tax Consequences of Nonqualified Deferred Compensation

Although nonqualified deferred compensation plans lack explicit tax preferences afforded to qualified plans, it is well understood that nonqualified deferred compensation results in a joint tax advantage when employers earn a higher after-tax return on deferred sums than employees could achieve on their own. But the joint tax advantage depends critically on how plans are operated...

The Manager's Share

. 305, 308 (1976), discussed infraPart III. 5. See Lucian Arye Bebchuk, Jesse M. Fried & David I. Walker, ManagerialPower and Rent Extraction in the Design of Executive Compensation,69 U. CHI. L. REV

Suitable for Framing: Business Deductions in a Net Income Tax System

'" CautionaryNotes on the U.K. Experienceand the Case for ShareholderOpt-In, 46 HARv. J. ON LEGIS. 323, 325-26 (2009) (criticizing mandatory "say on pay" proposals); David I. Walker, The Challengeof Improving the Long

Critical Evaluation of CrAssphage as a Molecular Marker for Human-Derived Wastewater Contamination in the Aquatic Environment

The discharge of human-derived wastewater represents a major threat to water quality with the potential for waterborne disease outbreaks mainly associated with enteric viruses. To prevent illnesses, indicators associated with fecal contamination are monitored in polluted areas, however, their prevalence often does not correlate well with viral pathogens. In this study, we used...

Who Bears the Cost of Excessive Executive Compensation (and Other Corporate Agency Costs)?

(explaining that more general tax on capital income would not create this distortion). 76. See David I. Walker, Executive Pay Lessons from Private Equity, 91 B.U. L. REV. 1209, 1218 (2011) (discussing

The Challenge of Improving the Long-Term Focus of Executive Pay

have been blamed for the U.S. financial crisis of 2008, as well as the malfeasance in recent years at Enron, WorldCom, and other major American corporations.1 A * © 2010, David I. Walker, Professor of ... market value of the stock on the grant date, with less risky in-the-money options that had an exercise price lower than the market value on the grant date. See David I. Walker, Unpacking Backdating

Financial Accounting and Corporate Behavior

The power of financial accounting to shape corporate behavior is underappreciated. Advocates of positive accounting theory have argued that even cosmetic changes in reported earnings can affect share value, not because market participants are unable to see through such changes to the underlying fundamentals, but because of implicit or explicit contracts that are based on reported...

The Social Insurance Crisis And The Problem Of Collective Saving: A Commentary On Shaviro's Reckless Disregard

Long-range Social Security and Medicare spending projections vastly exceed projected program revenues. If left unchecked, the resulting fiscal imbalance (estimated at $40 to $70 trillion in present value terms) would fall primarily on future generations. To avoid generational inequity, and perhaps fiscal meltdown, Professor Daniel N. Shaviro and others propose immediate fiscal...

Managerial Power and Rent Extraction in the Design of Executive Compensation

This Article develops an account of the role and significance of managerial power and rent extraction in executive compensation. Under the optimal contracting approach to executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors that aims to maximize shareholder value. In contrast, the managerial power approach...

Managerial Power and Rent Extraction in the Design of Executive Compensation

This Article develops an account of the role and significance of managerial power and rent extraction in executive compensation. Under the optimal contracting approach to executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors that aims to maximize shareholder value. In contrast, the managerial power approach...