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performance, or vice-versa. Instead, we find strong support for an asymmetric benchmarking behaviour, where those institutions …
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” peer groups. This upward bias is masked by several factors including normative selection on other criteria than … compensation and the strong negative relationship between bias and the percentile at the named peer group at which the CEO is … compensated. We find that adjustments to compensation peer groups are often better explained as bias-maintaining impression …
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