A note on CEO compensation, elimination tournaments and bankruptcy risk
We investigate an economy in which firms have different risks to go bankrupt. We observe two things: first, workers in firms with higher bankruptcy risk (bad firms) always work less than workers in good firms. Second, the CEOs of bad firms may nonetheless receive larger wages. Copyright Springer-Verlag Berlin/Heidelberg 2005
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Volume (Year): 6 (2005)
Issue (Month): 2 (July)
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