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September 20, 2015
Brattle Associate Shastri Sandy to Present at Northern Finance Association Annual Conference

Brattle associate Shastri Sandy will present at the upcoming Northern Finance Association (NFA) 2015 Annual Conference taking place September 18-20, 2015 in Banff, Alberta, Canada.

Dr. Sandy and his co-presenter, Mathias Kronlund of the University of Illinois, will discuss the findings of their paper, "Does Shareholder Scrutiny Affect Executive Compensation? Evidence from Say-on-Pay Voting," which examines whether firms change the structure of compensation when faced with a shareholder vote following the 2011 “say-on-pay” mandate issued by the Securities and Exchange Commission in an attempt to increase shareholder scrutiny of executive pay.

The authors’ findings indicate that when faced with a vote, firms reduce salaries and golden parachutes to CEOs, but increase equity pay and pensions which results in a higher total net pay. Shareholder scrutiny can thus cause firms to focus on the “optics” of compensation, and contrary to the intended goal of say-on-pay regulation, result in higher pay.

Dr. Sandy will present in the session entitled, “Competition and Compensation.”

For more information, please visit the event website.