This paper reviews the theoretical and empirical literature on executive compensation. We
start by presenting data on the level of CEO and other top executive pay over time and …

This paper surveys the recent literature on CEO compensation. The rapid rise in CEO pay
over the past 30 years has sparked an intense debate about the nature of the pay-setting …

This paper analyzes the links between corporate tax avoidance and the growth of high-
powered incentives for managers. A simple model demonstrates the role of feedback effects …

This paper provides an overview of the main theoretical elements and empirical
underpinnings of a “managerial power” approach to executive compensation. Under this …

As this book clearly demonstrates, structural flaws in corporate governance have produced
widespread distortions in executive pay. Pay without Performance presents a disconcerting …

This paper develops a simple equilibrium model of CEO pay. CEOs have different talents
and are matched to firms in a competitive assignment model. In market equilibrium, a CEO's …

This paper derives optimal top tax rate formulas in a model where top earners respond to
taxes through three channels: labor supply, tax avoidance, and compensation bargaining …

Using a large sample of US firms for the period 1993–2009, we provide evidence that the
sensitivity of a chief financial officer's (CFO) option portfolio value to stock price is …

Free enterprise is off the leash and chasing new opportunities for profit making across the
globe. After a turbulent century of unprecedented social and technological change …

We investigate the incentives that led to the rash of restated financial statements at the end
of the 1990s market bubble. We find that the likelihood of a misstated financial statement …