G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9498
DP9498 CEO Pay and Firm Size: an Update after the Crisis
Xavier Gabaix; Augustin Landier; julien sauvagnat
发表日期2013-06-02
出版年2013
语种英语
摘要In the "size of stakes" view quantitatively formalized in Gabaix and Landier (2008), CEO compensation is determined in a competitive talent market, and re flects the size of firms affected by talent. This paper offers empirical update on this view. The years 2004-2011, which include the recent crisis, were not part of the initial study and oer a laboratory to examine the theory as they include new positive and negative shocks to the size of large firms. Executive compensation at the top (ex ante) did closely track the evolution of average rm value during those years. During the crisis (2007 - 2009), average total firm value decreased by 17%, and CEO pay decreased by 28%. During 2009-2011, we observe a rebound of firm value by 19% and of CEO pay increased by 22%. These fairly proportional changes provide a validity check in favor of the "size of stakes" view.
主题Financial Economics ; Labour Economics
关键词Assignment models Economics of superstars Executive pay Inequality Matching.
URLhttps://cepr.org/publications/dp9498
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538334
推荐引用方式
GB/T 7714
Xavier Gabaix,Augustin Landier,julien sauvagnat. DP9498 CEO Pay and Firm Size: an Update after the Crisis. 2013.
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