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References for Efficient markets, managerial power, and CEO compensation
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Further reading
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Key references
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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. Key reference: [1]
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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: [2]
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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: [3]
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Frydman, C., Jenter, D. "CEO
compensation" Annual Review of
Financial Economics 2 (2010): 75−102. Key reference: [4]
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Murphy, K. J. The Politics of
Pay: A Legislative History of Executive Compensation Marshall School of
Business Working Paper No.FBE 01.11, 2011. Key reference: [5]
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Gabaix, X., Landier, A. "Why has CEO pay
increased so much?" Quarterly Journal
of Economics 123:1 (2008): 49–100. Key reference: [6]
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Gabaix, X., Landier, A., Sauvagnat, J. "CEO pay and firm
size: An update after the crisis" The Economic
Journal 124:574 (2014): F40−F59. Key reference: [7]
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Edmans, A., Gabaix, X. "Executive
compensation: A modern primer" Journal of Economic
Literature 54:4 (2016): 1232−1287. Key reference: [8]
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DiPrete, T., Eirich, G., Pittinsky, M. "Compensation
benchmarking, leapfrogs, and the surge in executive pay" American Journal of
Sociology 115:6 (2010): 1671–1712. Key reference: [9]
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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: [10]
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Lavalle, L. "Commentary:
Undermining pay for performance" Bloomberg
Businessweek (2001). Key reference: [11]
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Edmans, A., Fang, V. W., Lewellen, K. A. Equity Vesting and
Managerial Myopia CEPR Discussion
Paper No.DP10145, 2014. Key reference: [12]
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Edmans, A., Goncalves-Pinto, L., Wang, Y., Xu, M. Strategic News
Releases in Equity Vesting Months London Business
School Working Paper, 2014. Key reference: [13]
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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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Additional References
- Abowd, J., Bognanno, M. "International differences in executive and managerial compensation" In: Freeman, R., Katz, L. (eds). Differences and Changes in Wage Structures. University of Chicago Press: Chicago, IL, 1995.
- Albuquerque, A. "Peer firms in relative performance evaluation" Journal of Accounting and Economics 48:1 (2009): 69–89.
- Bebchuk, L. A., Fried, J. "Executive compensation as an agency problem" Journal of Economic Perspectives 17:3 (2003): 71–92.
- Bebchuk, L. A., Fried, J., Walker, D. "Managerial power and rent extraction in the design of executive compensation" The University of Chicago Law Review 69 (2002): 751–846.
- Bebchuk, L. A., Grinstein, Y. "The growth of executive pay" Oxford Review of Economic Policy 21:2 (2005): 283–303.
- Bell, B., Pedemonte, S., Van Reenen, J. CEO Pay and the Rise of Relative Performance: A Question of Governance? CEP Discussion Paper No.1436, 2016.
- Bizjak, J., Lemmon, M., Naveen, L. "Does the use of peer groups contribute to higher pay and less efficient compensation?" Journal of Financial Economics 90:2 (2008): 152–168.
- Burns, N., Kedia, S. "The impact of performance-based compensation on misreporting" Journal of Financial Economics 79:1 (2006): 35–67.
- Clementi, G. L., Cooley, T. F. Executive Compensation: Facts NBER Working Paper No.15426, 2009.
- Conyon, M. J., Core, J. E., Guay, W. R. "Are US CEOs paid more than UK CEOs? Inferences from risk-adjusted pay" Review of Financial Studies 24:2 (2011): 402–438.
- Conyon, M. J., Murphy, K. J. "The prince and the pauper? CEO pay in the United States and United Kingdom" Economic Journal 110:467 (2000): 640–671.
- Core, J. E., Holthausen, R. W., Larcker, D. F. "Corporate governance, chief executive officer compensation, and firm performance" Journal of Financial Economics 51:3 (1999): 371–406.
- Crystal, G. In Search of Excess: The Overcompensation of the American Executive. New York: Norton, 1991.
- Cyert, R., Kang, S. H., Kumar, P. "Corporate governance, takeovers, and top management compensation: Theory and evidence" Management Science 48:4 (2002): 453–590.
- Dow, J., Raposo, C. "CEO compensation, change, and corporate strategy" Journal of Finance 60:6 (2005): 2701–2727.
- Faulkender, M. W., Yang, J. "Inside the black box: The role and composition of compensation peer groups" Journal of Financial Economics 96:2 (2010): 257–270.
- Finkelstein, S., Hambrick, D. Strategic Leadership: Top Executives and their Effects on Organizations. New York: West Publishing, 1996.
- Florin, B., Hallock, K. F., Webber, D. Executive Pay and Firm Performance: Methodological Considerations and Future Directions Compensation Research Initiative Paper No.2010-012, 2010.
- Frydman, C., Saks, R. "Executive compensation: A new view from a long-term perspective, 1936–2005" Review of Financial Studies 23:5 (2010): 2099–2138.
- Garvey, G. T., Milbourn, T. T. Asymmetric Benchmarking in Compensation: Executives Are Paid For (Good) Luck But Not Punished For Bad, 2003.
- Hall, B., Liebman, J. "Are CEOs really paid like bureaucrats?" Quarterly Journal of Economics 113:3 (1998): 653–691.
- Holden, R. "The original management incentive schemes" Journal of Economic Perspectives 19:4 (2005): 135–144.
- 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.
- Kaplan, S. N. "CEO pay and corporate governance in the US: Perceptions, facts, and challenges" Journal of Applied Corporate Finance 25:2 (2013): 8–25.
- 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, C. A., Pollock, T. G. "Overpaid CEOs and underpaid managers: Fairness and executive compensation" Organization Science 17:5 (2006): 527–676.