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Bonus Culture: Competitive Pay, Screening, and Multitasking
Bénabou, Roland; Tirole, Jean - C.E.P.R. Discussion Papers - 2013
This paper analyzes the impact of labor market competition and skill-biased technical change on the structure of … compensation. The model combines multitasking and screening, embedded into a Hotelling-like framework. Competition for the most … perfect competition, the resulting efficiency loss can be larger than that imposed by a single firm or principal, who distorts …
Persistent link: https://www.econbiz.de/10011083769
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Gender and Dynamic Agency: Theory and Evidence on the Compensation of Top Executives
Albanesi, Stefania; Olivetti, Claudia; Prados, Maria José - C.E.P.R. Discussion Papers - 2015
We document three new facts about gender differences in executive compensation. First, female executives receive lower share of incentive pay in total compensation relative to males. This difference accounts for 93% of the gender gap in total pay. Second, the compensation of female executives...
Persistent link: https://www.econbiz.de/10011201363
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The Old Boy Network: Gender Differences in the Impact of Social Networks on Remuneration in Top Executive Jobs
Lalanne, Marie; Seabright, Paul - C.E.P.R. Discussion Papers - 2011
Using an original dataset describing the career history of some 16,000 senior executives and members of the non-executive board of US, UK, French and German companies, we investigate gender differences in the use of social networks and their impact on earnings. There is a large gender wage gap:...
Persistent link: https://www.econbiz.de/10009351518
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Contracting With Synergies
Edmans, Alex; Goldstein, Itay; Zhu, John - C.E.P.R. Discussion Papers - 2013
This paper studies multi-agent optimal contracting with cost synergies. We model synergies as the extent to which effort by one agent reduces his colleague's marginal cost of effort. An agent's pay and effort depend on the synergies he exerts, the synergies his colleagues exert on him and,...
Persistent link: https://www.econbiz.de/10011083625
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The Effect of Competition on Managers’ Compensation: Evidence From a Quasi-natural Experiment
Fernandes, Ana; Ferreira, Priscila; Winters, L. Alan - C.E.P.R. Discussion Papers - 2014
This paper studies the effect of competition on executive compensation. We estimate the effect of increased product … market competition on the performance-pay sensitivity of CEOs, and contrast it with the effect for department managers and … employer-employee data for the universe of workers and firms, we show that increased product market competition, following the …
Persistent link: https://www.econbiz.de/10011084265
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Contracting With Synergies
Edmans, Alex; Goldstein, Itay; Zhu, John - C.E.P.R. Discussion Papers - 2013
This paper studies multi-agent optimal contracting with cost synergies. We model synergies as the extent to which effort by one agent reduces his colleague's marginal cost of effort. An agent's pay and effort depend on the synergies he exerts, the synergies his colleagues exert on him and,...
Persistent link: https://www.econbiz.de/10011083428
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Earnings and Seniority in Japan. A Re-appraisal of the Existing Evidence and a Comparison with the UK
Ariga, Kenn; Brunello, Giorgio - C.E.P.R. Discussion Papers - 1994
Standard estimates of earnings profiles ignore the fact that, with unobserved heterogeneity, cross-section evidence need not reflect the `true' relationship between earnings and tenure. In this paper we argue that the observation of the position filled by an employee in the firm hierarchy is...
Persistent link: https://www.econbiz.de/10005791889
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Performance Pay and the Gender Wage Gap: Evidence from Spain
de la Rica, Sara; Dolado, Juan J.; Vegas, Raquel - C.E.P.R. Discussion Papers - 2010
This paper uses detailed information from a large wage survey in 2006 to analyze the gender wage gap in the performance-pay (PP) component of total hourly wages and its contribution to the overall gender gap in Spain. Under the assumption that PP is determined in a more competitive fashion than...
Persistent link: https://www.econbiz.de/10008554226
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Benefits of Broad-based Option Pay
Inderst, Roman; Mueller, Holger M - C.E.P.R. Discussion Papers - 2005
Future wage payments drive a wedge between total firm output and the output share received by the firm’s owners, thus potentially distorting strategic decisions by the firm’s owners such as, e.g., whether to continue the firm, sell it, or shut it down. Using an optimal contracting approach,...
Persistent link: https://www.econbiz.de/10005136475
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Do Entrenched Managers Pay Their Workers More?
Cronqvist, Henrik; Heyman, Fredrik; Nilsson, Mattias; … - C.E.P.R. Discussion Papers - 2005
Analyzing a large panel that matches public firms with worker-level data, we find that managerial entrenchment affects workers’ pay. CEOs with more control pay their workers more, but financial incentives through ownership of cash flow rights mitigate such behaviour. These findings do not seem...
Persistent link: https://www.econbiz.de/10005067445