Total Executive Compensation
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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Annual Review of Financial Economics,
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