models, in which “unwarranted” wages changes and the return on capital are endogenously determined, do not necessarily …

$1. The elasticity of white-collar wages with respect to equity returns is one-third smaller than the CEO salary …We present empirical evidence on the relationship between individual wages, conditional on worker characteristics, and … equity returns using a unique survey from the Bureau of Labor Statistics. Equity returns affect the wages only of workers …

models, in which unwarrantedʺ wages changes and the return on capital are endogenously determined, do not necessarily predict … following the appearance of unwarrantedʺ wage changes are not always justified. -- capital return ; profits ; unwarrantedʺ wages …