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 …

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

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

to be incompatible with the fact that the bulk of many high-profile managers' compensation is in the form of various …