kaal:claim:2097160-010

Because the Barclays award falls away rather than converting, it does not create a fixed claim giving managers a stake in the firm's liquidation value, and therefore it does not lower agency cost.

Source quote, verbatim

it does not create a fixed claim for managers with a stake in the firm's liquidation value because it falls away when converted.141 Barclays's CCA, therefore, also does not lower agency cost.

From

Wulf A. Kaal, Contingent Capital in Executive Compensation (2012), V.A Precedent Barclays, p. 33
https://ssrn.com/abstract=2097160 · source PDF

Cite as

Wulf A. Kaal, Contingent Capital in Executive Compensation (2012). SSRN: https://ssrn.com/abstract=2097160

Holds when

contingent capital awards that lapse instead of converting

Classification

failuresupport: arguedfailure: Lapsing award destroys the liquidation value stakefamily: agency-cost-and-managerial-opportunismcorporate-governance

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