Patronal groups represent a significant category of social organization; they are worthy and even necessary subjects of social science theory, and will require for adequate analysis models which address aspects and institutions of social life that seem inherently unstable, or at least that do...

Little evidence exists that firms index executive compensation to remove the influence of marketwide factors. We argue that executives can, in principle, replicate such indexation in their private portfolios. In support, we find that market risk has little effect on the use of stock-based pay...