constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …

-country differences in the levels of private benefits obtained by corporate managers, as well as the country-specific factors associated … discuss the circumstances under which managers would choose to cross-list their stocks in the United States, when such a cross …-listing has important implications for managers' private benefits. Finally, we survey recent empirical work that tests empirical …

result of powerful managers setting their own pay. Others interpret high pay as the result of optimal contracting in a …

productivity of manager skills, and in which managers with higher compensation earn back their pay by delivering higher gross …

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers' performance. We …