2024
DOI: 10.1111/1475-679x.12543
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Relative Performance Evaluation and Strategic Peer‐Harming Disclosures

MATTHEW J. BLOOMFIELD,
MIRKO S. HEINLE,
OSCAR TIMMERMANS

Abstract: Many firms use relative stock performance to evaluate and incentivize their CEOs their. We document that such firms routinely disclose information that harms their peers' stock prices, and sometimes explicitly mention the harmed peers, by name, in these disclosures. Consistent with deliberate sabotage, peer‐harming disclosures appear to be aimed at peers whose stock price depressions are most likely to benefit the disclosing firms' CEOs. The pricing effect of these disclosures does not reverse, suggesting that… Show more

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Cited by 5 publications
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