![]() ![]() Further analysis suggests net benefits to shareholders from this association. Findings reveal a strong positive association between repurchases and EPS-contingent compensation arrangements. We find no evidence that EPS-driven repurchases impose costs on shareholders in the form of investment myopia.ĪB - We examine the link between firms’ stock repurchase activity and the presence of earnings per share (EPS) performance conditions in executive compensation contracts. Specifically, repurchasers experience larger increases in total payouts the positive association between repurchases and cash performance is more pronounced for firms with EPS targets in the presence of surplus cash undervalued firms with EPS targets are more likely to signal mispricing through a repurchase and repurchasers with EPS conditions are associated with lower abnormal accruals. ![]() N2 - We examine the link between firms’ stock repurchase activity and the presence of earnings per share (EPS) performance conditions in executive compensation contracts. The ephemeral can then be made timeless, the fluid solid, matter represented as information and a physical moment exposed to virtual exploration.T1 - Stock repurchases and executive compensation contract design: The role of earnings per share performance conditions If a specific method has been validated against real, physical phenomena, then it becomes a very useful tool for peering into the undetectable. Inherent to this task is the development of numerical methods which solve the equations of physics with a minimum of arithmetic while not allowing the ever-present minuscule errors from ruining the whole effort. The complex, intertwined relationships among these are clearly exposed when attempting to teach a digital computer how to recreate physical phenomena. My work relies heavily on science and technology to explore the intersection of the seemingly opposing paradigms of physical and virtual worlds, of fluid and solid, matter and information, and life and algorithm. Stock completed his PhD in Aerospace Engineering at the University of Michigan in 2006 and works out of his studio in Somerville, Mass. He has spoken at numerous scientific, graphics and art conferences and has published papers in a variety of fields. Stock has been showing work since 2000 and has been in more than 80 curated and juried exhibitions, including Ars Electronica, ASPECT Magazine and seven SIGGRAPH Art Galleries. Stock eschews the "black box" nature of commercial software-his work is exclusively created with scientifically accurate research software, mostly of his own design. His work explores the tension between the natural world and its simulated counterpart between organic and inorganic, digital and analog, structure and fluid. ![]() Stock is an artist, scientist and programmer who creates still and moving images and objects combining elements of nature, physics, chaos, computation and algorithm. ![]()
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