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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- Xavier Gabaix & Augustin Landier, 2008.
"Why Has CEO Pay Increased So Much?,"
The Quarterly Journal of Economics,
MIT Press, vol. 123(1), pages 49-100, 02.
- Carola Frydman & Dirk Jenter, 2010.
CESifo Working Paper Series
3277, CESifo Group Munich.
- Lucian Bebchuk & Yaniv Grinstein, 2005.
"The Growth of Executive Pay,"
NBER Working Papers
11443, National Bureau of Economic Research, Inc.
- Peter F. Kostiuk, 1990. "Firm Size and Executive Compensation," Journal of Human Resources, University of Wisconsin Press, vol. 25(1), pages 90-105.
- Spear, Stephen E & Srivastava, Sanjay, 1987. "On Repeated Moral Hazard with Discounting," Review of Economic Studies, Wiley Blackwell, vol. 54(4), pages 599-617, October.
- Marko Tervio, 2008. "The Difference That CEOs Make: An Assignment Model Approach," American Economic Review, American Economic Association, vol. 98(3), pages 642-68, June.
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