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How much are differences in managerial ability worth?

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  • Hayes, Rachel M.
  • Schaefer, Scott
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    File URL: http://www.sciencedirect.com/science/article/B6V87-3X3KBWS-1/2/b98c04ee8b18676de81703b90f0018a5
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Accounting and Economics.

    Volume (Year): 27 (1999)
    Issue (Month): 2 (April)
    Pages: 125-148

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    Handle: RePEc:eee:jaecon:v:27:y:1999:i:2:p:125-148

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    Web page: http://www.elsevier.com/locate/jae

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    References

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    1. Harris, Milton & Holstrom, Bengt, 1982. "A Theory of Wage Dynamics," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 49(3), pages 315-33, July.
    2. Furtado, Eugene P. H. & Rozeff, Michael S., 1987. "The wealth effects of company initiated management changes," Journal of Financial Economics, Elsevier, Elsevier, vol. 18(1), pages 147-160, March.
    3. Baker, George P & Jensen, Michael C & Murphy, Kevin J, 1988. " Compensation and Incentives: Practice vs. Theory," Journal of Finance, American Finance Association, vol. 43(3), pages 593-616, July.
    4. Edward P. Lazear & Sherwin Rosen, 1979. "Rank-Order Tournaments as Optimum Labor Contracts," NBER Working Papers 0401, National Bureau of Economic Research, Inc.
    5. Murphy, Kevin J., 1985. "Corporate performance and managerial remuneration : An empirical analysis," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 7(1-3), pages 11-42, April.
    6. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(2), pages 225-64, April.
    7. Lanen, William N. & Thompson, Rex, 1988. "Stock price reactions as surrogates for the net cash flow effects of corporate policy decisions," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 10(4), pages 311-334, December.
    8. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, Econometric Society, vol. 48(4), pages 817-38, May.
    9. Warner, Jerold B. & Watts, Ross L. & Wruck, Karen H., 1988. "Stock prices and top management changes," Journal of Financial Economics, Elsevier, Elsevier, vol. 20(1-2), pages 461-492, January.
    10. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, Elsevier, vol. 20(1-2), pages 431-460, January.
    11. Sherwin Rosen, 1982. "Authority, Control, and the Distribution of Earnings," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 311-323, Autumn.
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    Cited by:
    1. Cools, Kees & Mirjam van Praag, C., 2007. "The value relevance of top executive departures: Evidence from the Netherlands," Journal of Corporate Finance, Elsevier, vol. 13(5), pages 721-742, December.
    2. Joos, P.P.M. & Leone, A. & Zimmerman, J., 2003. "Selecting CEOs: Matching the person to the job," Open Access publications from Tilburg University urn:nbn:nl:ui:12-5661215, Tilburg University.
    3. Faccio, Mara & Parsley, David, 2006. "Sudden Deaths: Taking Stock of Political Connections," CEPR Discussion Papers 5460, C.E.P.R. Discussion Papers.
    4. Dow, James, 2013. "Boards, CEO entrenchment, and the cost of capital," Journal of Financial Economics, Elsevier, Elsevier, vol. 110(3), pages 680-695.
    5. Faccio, Mara & Parsley, David C., 2009. "Sudden Deaths: Taking Stock of Geographic Ties," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 44(03), pages 683-718, June.
    6. Allgood, Sam & Farrell, Kathleen A. & Kamal, Rashiqa, 2012. "Do boards know when they hire a CEO that is a good match? Evidence from initial compensation," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1051-1064.
    7. Nguyen, Bang Dang & Nielsen, Kasper Meisner, 2010. "The value of independent directors: Evidence from sudden deaths," Journal of Financial Economics, Elsevier, Elsevier, vol. 98(3), pages 550-567, December.
    8. Levesque, Moren & Shepherd, Dean A. & Douglas, Evan J., 2002. "Employment or self-employment: A dynamic utility-maximizing model," Journal of Business Venturing, Elsevier, vol. 17(3), pages 189-210, May.
    9. Fee, C. Edward & Hadlock, Charles J., 2004. "Management turnover across the corporate hierarchy," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 37(1), pages 3-38, February.
    10. Koch, Alexander K. & Peyrache, Eloic, 2005. "Tournaments, Individualized Contracts and Career Concerns," IZA Discussion Papers 1841, Institute for the Study of Labor (IZA).
    11. Fang, Jieyan & Kempf, Alexander & Trapp, Monika, 2012. "Fund manager allocation," CFR Working Papers 10-04 [rev.], University of Cologne, Centre for Financial Research (CFR).
    12. Lo, Kin, 2003. "Economic consequences of regulated changes in disclosure: the case of executive compensation," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 35(3), pages 285-314, August.
    13. Sabac, Florin, 2008. "Dynamic incentives and retirement," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 46(1), pages 172-200, September.
    14. Farrell, Kathleen A. & Friesen, Geoffrey C. & Hersch, Philip L., 2008. "How do firms adjust director compensation?," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 153-162, April.
    15. Faleye, Olubunmi & Reis, Ebru & Venkateswaran, Anand, 2013. "The determinants and effects of CEO–employee pay ratios," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 3258-3272.

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