According to the quot;keeping up with the Jonesquot; theory promulgated by compensation consultants, compensation disclosure is responsible for increases in executive pay levels. Jensen and Murphy (1990a), however, contend that disclosure is responsible for a decline in performance pay, as...

Himmelberg et al. (J. Financial Econom. 53 (1999) 353-384) argue that fixed effects estimators should be used in examination of the relationship between managerial ownership and firm performance. I show that managerial ownership, while substantially different across firms, typically changes...

Executive compensation of 755 Canadian firms is examined over the period 1991-95, and evidence is obtained consistent with previous studies: CEO pay rises with firm size and compensation is tied to company performance. In addition, executives in utilities earn lower pay, and their compensation...