References for Efficient markets, managerial power, and CEO compensation
Mishel, L., Sabadish, N. CEO Pay in 2012 Was
Extraordinarily High Relative to Typical Workers and Other High
Earners. Washington, DC: Economic Policy Institute, 2013. Key reference: 
Fernandes, N., Ferreira, M. A., Matos, P., Murphy, K. J. "Are US CEOs paid
more? New international evidence" The Review of
Financial Studies 26:2 (2013): 323–367. Key reference: 
Murphy, K. J. "Executive
compensation: Where we are, and how we got there" In: Constantinides, G., Harris, M., Stulz, R. (eds). Handbook of the
Economics of Finance. Amsterdam: Elsevier, 2013. Key reference: 
Frydman, C., Jenter, D. CEO
Compensation Rock Center for
Corporate Governance at Stanford University Working
Paper No.77, 2010-03. Key reference: 
Kaplan, S. N. Executive
Compensation and Corporate Governance in the US: Perceptions,
Facts and Challenges Chicago Booth
Research Paper No.12-42, 2012-08. Key reference: 
Frydman, C., Saks, R. "Executive
compensation: A new view from a long-term perspective,
1936–2005" Review of Financial
Studies 23 (2010): 2099–2138. Key reference: 
Murphy, K. J. The Politics of
Pay: A Legislative History of Executive Compensation Marshall School
of Business Working Paper No.FBE 01.11, 2011-08. Key reference: 
Gabaix, X., Landier, A. "Why has CEO pay
increased so much?" Quarterly Journal
of Economics 123 (2008): 49–100. Key reference: 
Gabaix, X., Landier, A., Sauvagnat, J. CEO Pay and Firm
Size: An Update after the Crisis NBER Working
Paper No.19,078, 2013-05. Key reference: 
DiPrete, T., Eirich, G., Pittinsky, M. "Compensation
benchmarking, leapfrogs, and the surge in executive pay" American Journal of
Sociology 115:6 (2010): 1981–1997. Key reference: 
Bertrand, M., Mullainathan, S. "Are CEOs rewarded
for luck? The ones without principals are" Quarterly Journal
of Economics 116:3 (2001): 901–932. Key reference: 
Lavalle, L. "Commentary:
Undermining pay for performance" Bloomberg
Businessweek (2001-01-15). Key reference: 
Efendi, J., Srivastava, A., Swanson, E. "Why do corporate
managers misstate financial statements? The role of option
compensation and other factors" Journal of
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- Mishel, L., Sabadish, N. CEO Pay in 2012 Was Extraordinarily High Relative to Typical Workers and Other High Earners. Washington, DC: Economic Policy Institute, 2013.
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- Clementi, G. L., Cooley, T. F. Executive Compensation: Facts NBER Working Paper No.15426, 2009-10.
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- Florin, B., Hallock, K. F., Webber, D. Executive Pay and Firm Performance: Methodological Considerations and Future Directions Cornell University, ILR School, Compensation Research Initiative CRI No.2010-012, 2010-02.
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- Jensen, M. C., Murphy, K. J. "CEO incentives: It’s not how much you pay, but how" In: Jensen, M. (ed). Foundations of Organizational Strategy. Cambridge, MA: Harvard University Press, 1998.
- Lavalle, L. "Commentary: Undermining Pay for Performance" Bloomberg Business Week (2001-01-15).
- Murphy, K. J. "Explaining executive compensations: Managerial power versus the perceived cost of stock options" The University of Chicago Law Review (2002).
- Murphy, K. J., Zabojnik, J. "CEO pay and appointments: A market-based explanation for recent trends" American Economic Review 94:2 (2004): 192–196.
- Ozerturk, S. Hedge Markets for Executive and Corporate Agency CORE Discussion Paper No.2006/9, 2006.
- Wade, J. B., O’Reilly III, C. A., Pollock, T. G. "Overpaid CEOs and underpaid managers: Fairness and executive compensation" Organization Science 17:5 (2006): 527–544.