Discussion of "explicit relative performance evaluation in performance-vested equity grants"

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7 Scopus citations


Carter, Ittner and Zechman (2009) examine the use of explicit relative performance evaluation (RPE) conditions in performance-vested equity plans in a sample of United Kingdom (U.K.) firms in 2002. They find that factors suggested by economic theories (for example, removal of common shocks, tournament theory) are more closely associated with specific features of the plan than with the firm-level decision to use an RPE equity plan. My discussion focuses on the interpretation of these findings and the opportunities and implications for future research. I also summarize the views of five U.K. directors who were involved in the design and use of performance-vested equity plans.

Original languageEnglish (US)
Pages (from-to)307-313
Number of pages7
JournalReview of Accounting Studies
Issue number2-3
StatePublished - Sep 1 2009
Externally publishedYes


  • Equity plans
  • Executive pay
  • Performance-based vesting conditions
  • Relative performance evaluation

ASJC Scopus subject areas

  • Accounting
  • Business, Management and Accounting(all)


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