Empirical studies estimating the impact of firm performance on executive pay have primarily concentrated on the short-run response. In this study, we present estimates of the complete dynamic response of CEO pay to firm performance. We find that 1) the cumulative response of pay to firm...

The results of this study are that important intertemporal effects exist in the compensation-performance relation. This finding is important to the design of empirical studies of compensation and performance. The results further support the idea that the future income implications of good...

In this study we test the null hypothesis of symmetry in contemporaneous and long-run responses of CEO cash and total compensation to stock and accounting returns. Over the long run, we find that cumulative cash and total compensation responses are concave in stock returns (i.e., are more...

This paper describes an empirical study of the effects of federal minimum wage policy on aggregate employment, on the employment of various demographic groups, and on employment in low-wage industries. The analytical framework permits separate testing both for direct employment effects of the...

This paper uses contemporaneous monetary data to carry out econometric tests of the "equilibrium" approach to modeling the relation between monetary disturbances and macroeconomic fluctuations. The theoretical analysis introduces into an equilibrium macroeconomic model the availability of...