Intro -- Contents -- Preface -- Introduction -- Part I. The Official View and Its Shortcomings -- 1. The Official Story -- 2. Have Boards Been Bargaining at Arm's Length? -- 3. Shareholders' Limited Power to Intervene -- 4. The Limits of Market Forces -- Part II. Power and Pay -- 5. The...

Firms, investors, and regulators around the world are now seeking to ensure that the compensation of public company executives is tied to long-term results, in part to avoid incentives for excessive risk taking. This Article examines how best to achieve this objective. Focusing on equity-based...