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Pay Without Performance: Overview of the Issues

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Author Info
Lucian A. Bebchuk
Jesse M. Fried
Abstract

In their recent book, "Pay Without Performance: The Unfulfilled Promise of Executive Compensation", the authors of this article provided a comprehensive critique of U.S. executive pay practices and the corporate governance processes that produce them, and then offered a number of proposals for improving both pay and governance. This article presents an overview of their analysis and proposals. 2005 Morgan Stanley.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1745-6622.2005.00056.x
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Publisher Info
Article provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.

Volume (Year): 17 (2005)
Issue (Month): 4 ()
Pages: 8-23
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Handle: RePEc:bla:jacrfn:v:17:y:2005:i:4:p:8-23

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  1. Steven N. Kaplan & Joshua Rauh, 2007. "Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?," NBER Working Papers 13270, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Michael S. Weisbach, 2006. "Optimal Executive Compensation vs. Managerial Power: A Review of Lucian Bebchuk and Jesse Fried's "Pay without Performance: The Unfulfilled Promise of Executive Compensation"," NBER Working Papers 12798, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Johnston, James, 2007. "Independent Directors, Executive Remuneration and the Governance of the Corporation: Some Empirical Evidence from the United Kingdom," Review of Applied Economics, Review of Applied Economics, vol. 3(1-2). [Downloadable!]
  4. Albuquerque, Rui & Miao, Jianjun, 2006. "CEO Power, Compensation and Governance," CEPR Discussion Papers 5818, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Butzbach, Olivier & Di Carlo, Ferdinando, 2008. "The effects of stock options accounting regulation on corporate governance: A comparative European study," MPRA Paper 14843, University Library of Munich, Germany. [Downloadable!]
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