Whether CEOs and other senior executives are too highly compensated is one of the most publicized and divisive issues in corporate governance. In this paper, we address this question not by asking whether executives are paid more than the value they create, but by asking whether firms could pay...

Whether CEOs and other senior executives are too highly compensated is one of the most publicized and divisive issues in corporate governance. In this paper, we address this question not by asking whether executives are paid more than the value they create, but by asking whether firms could pay...

The corporate governance debate has focused recently on executive compensation. While defenders of the status quo assert that CEO compensation - and corporate governance generally - is efficient, critics contend that boards have been captured by powerful CEOs who demand excessive pay...