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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

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

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

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

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

CEO Incentives and Firm Size

Baker, George P. - 1998

What determines CEO incentives? A confusion exists among both academics and practitioners about how to measure the strength of CEO incentives, and how to reconcile the enormous differences in pay sensitivities between executives in large and small firms. We show that while one measure of CEO...

Persistent link: https://www.econbiz.de/10012471944

Executive Compensation : A Survey of Theory and Evidence

Edmans, Alex - 2017

This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public...

Persistent link: https://www.econbiz.de/10012455086

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

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

Compensation Matters : Incentives for Multitasking in a Law Firm

Bartel, Ann - 2013

Due to the limited availability of firm-level compensation data, there is little empirical evidence on the impact of compensation plans on personal productivity. We study an international law firm that moves from high-powered individual incentives towards incentives for "leadership" activities...

Persistent link: https://www.econbiz.de/10012459249

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