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CEO Compensation
Frydman, Carola - 2010
result of powerful managers setting their own pay. Others interpret high pay as the result of optimal contracting in a …
Persistent link: https://www.econbiz.de/10012462072
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Executive Compensation : Facts
Clementi, Gian Luca - 2009
In this paper we describe the important features of executive compensation in the US from 1993 to 2006. Some confirm what has been found for earlier periods and some are novel. Important facts about compensation are that: the compensation distribution is highly skewed; each year, a sizeable...
Persistent link: https://www.econbiz.de/10012463223
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Pay for Short-Term Performance : Executive Compensation in Speculative Markets
Bolton, Patrick - 2006
We argue that the root cause behind the recent corporate scandals associated with CEO pay is the technology bubble of the latter half of the 1990s. Far from rejecting the optimal incentive contracting theory of executive compensation, the recent evidence on executive pay can be reconciled with...
Persistent link: https://www.econbiz.de/10012466561
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Firm Expansion and CEO Pay
Bebchuk, Lucian - 2005
We study the extent to which decisions to expand firm size are associated with increases in subsequent CEO compensation. Controlling for past stock performance, we find a positive correlation between CEO compensation and the CEO's past decisions to increase firm size. This correlation is...
Persistent link: https://www.econbiz.de/10012466785
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Executive Compensation and Short-termist Behavior in Speculative Markets
Bolton, Patrick - 2003
incentive to induce managers to pursue actions which increase the speculative component in the stock price. Our model provides a …
Persistent link: https://www.econbiz.de/10012468976
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Does Performance-Based Managerial Compensation Affect Subsequent Corporate Performance?
Abowd, John M. - 1989
An effective performance-based compensation system must increase the probability of high performance corporate outcomes in order to justify the incremental expense relative to a straight salary system. A positive relation between current performance and current compensation indicates that the...
Persistent link: https://www.econbiz.de/10012475894
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Pay Cuts for the Boss : Executive Compensation in the 1940s
Frydman, Carola - 2011
Executive pay fell during the 1940s, marking the last notable decrease in the past 70 years. We study this decline using a new panel dataset on the remuneration of top executives in 246 firms. We find that government regulation--including explicit salary restrictions and taxation--had, at best,...
Persistent link: https://www.econbiz.de/10012461354
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Output-based Pay : Incentives or Sorting?
Lazear, Edward P. - 1999
of the typical American firm. Variable pay is usually touted as a way to provide incentives to managers whose interests … received much attention, but that is consistent with may of the facts, is selection. Managers and industry specialists may have … information about a firm's prospects that is unavailable to outside investors. In order to induce managers to be truthful about …
Persistent link: https://www.econbiz.de/10012471362
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The Sociology of Groups and the Economics of Incentives : Theory and Evidence on Compensation Systems
Encinosa, William E, III. - 1997
This paper incorporates the sociological concept of group norms' into an economic analysis of pay systems. We use a behavioral microeconomic model and a unique survey of medical groups to examine the theoretical and empirical relationship between group norms and incentive pay. Our findings...
Persistent link: https://www.econbiz.de/10012472868
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What Happens Within Firms? A Survey of Empirical Evidence on Compensation Policies
Prendergast, Canice - 1996
with the compensation policies of firms. This literature is considered from the perspective of three major theories: human capital, learning, and incentives. Considerable empirical work has addressed each of these theories with some success. However, our understanding of the effect of...
Persistent link: https://www.econbiz.de/10012473031