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result of powerful managers setting their own pay. Others interpret high pay as the result of optimal contracting in a …
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"We analyze the long-run trends in executive compensation using a new panel dataset of top executives in large publicly-held firms from 1936 to 2005, collected from corporate reports. This historic perspective reveals several surprising new facts that conflict with inferences based only on data...
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with the evolution in executive pay and the market for managers during earlier time periods. A case study of General … managers …
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