Standard principal-agent models commonly invoked to explain executive pay practices do not account for the involvement of third-party intermediaries in the CEO labor market. This paper investigates the influence of one such intermediary – talent agents who seek out prospective employers and...

Headhunters--third-party agents paid a fee by companies for locating job candidates--perform a unique sales role. The product they sell is people, matching candidates with jobs and companies with candidates. Headhunters affect the professional lives of thousands of employees every day, and their...

In March 2010, Japanese regulators implemented the country's first legislation concerning the disclosure of director compensation for named individuals. Using the first publicly available data for Japanese executives, we document direct evidence on the level, structure, and mechanisms of CEO...