We show that long-term compensation is associated with higher pay in the financial industry and the legal sector. Then, using a detailed survey of law school graduates, we explore why firms use long-term compensation. We find that individuals with jobs that make them highly visible and that...

We show that the similarity of a firm's technological expertise with other firms affects outcomes in the managerial labor market. Using each firm's patent portfolio to estimate its technological expertise, we find that its similarity in technological expertise with other firms is strongly...