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Total Executive Compensation

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Author Info

  • Tom Cooley

    (New York University)

  • Sonia Di Giannatale

    (CIDE)

  • Gian Luca Clementi

    (New York University)

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    Abstract

    contract. We focus our attention on testable implications: (i) the relationship between compensation and firm size, (ii) the relative importance of current and deferred compensation, (iii) the sensitivity of compensation to innovations in shareholder wealth, and (iv) the relationship between such sensitivity and size. Very preliminary results show that when the marginal product of managerial effort is increasing in capital, our model is consistent with facts (i), (iii), and (iv).

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    Bibliographic Info

    Paper provided by Society for Economic Dynamics in its series 2008 Meeting Papers with number 906.

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    Date of creation: 2008
    Date of revision:
    Handle: RePEc:red:sed008:906

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Marko Tervio, 2008. "The Difference That CEOs Make: An Assignment Model Approach," American Economic Review, American Economic Association, American Economic Association, vol. 98(3), pages 642-68, June.
    2. Xavier Gabaix & Augustin Landier, 2006. "Why Has CEO Pay Increased So Much?," 2006 Meeting Papers, Society for Economic Dynamics 518, Society for Economic Dynamics.
    3. Spear, Stephen E & Srivastava, Sanjay, 1987. "On Repeated Moral Hazard with Discounting," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 54(4), pages 599-617, October.
    4. Carola Frydman & Dirk Jenter, 2010. "CEO Compensation," Annual Review of Financial Economics, Annual Reviews, Annual Reviews, vol. 2(1), pages 75-102, December.
    5. Peter F. Kostiuk, 1990. "Firm Size and Executive Compensation," Journal of Human Resources, University of Wisconsin Press, University of Wisconsin Press, vol. 25(1), pages 90-105.
    6. Lucian Bebchuk, 2005. "The Growth of Executive Pay," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 21(2), pages 283-303, Summer.
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    Cited by:
    1. Mele, Antonio, 2014. "Repeated moral hazard and recursive Lagrangeans," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 42(C), pages 69-85.

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