takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and … consists of 51 firms in the U.S. oil industry from 1977 to 1994. Third, we employ ex ante measures of the threat of takeover at … the individual firm level which are superior to ex post measures like actual takeover occurrence or past incidence of …

takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on … work for. We reject, however, the efficient pay hypothesis as CEO pay and the demand for managers increases in Germany in … difficult times when the typical firm size shrinks. We find further that domestic and global competition for managers has …

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

find that entrenched managers pay their workers more. For example, our estimates show that CEOs with more control rights … as evidence of agency problems between shareholders and managers affecting workers' pay. The findings do not appear to be … with an agency model in which entrenched managers pay high wages because they come with private benefits, such as lower …