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. Notable facts are that: the compensation distribution is highly …; the income accruing to CEOs from the sale of stock increased; regardless of the measure we adopt, compensation responds …

particularly strong negative impact on R&D. This confirms the hypothesis that incentive mechanisms lead managers to focus on more …