G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10566
DP10566 Executive Compensation: A Modern Primer
Xavier Gabaix; Alex Edmans
发表日期2015-05-03
出版年2015
语种英语
摘要This article studies traditional and modern theories of executive compensation, bringing them together under a unifying framework. We analyze assignment models of the level of pay, and static and dynamic moral hazard models of incentives, and compare their predictions to empirical findings. We make two broad points. First, traditional optimal contracting theories find it difficult to explain the data, suggesting that compensation results from 'rent extraction' by CEOs. In contrast, more modern theories that arguably better capture the CEO setting do deliver predictions consistent with observed practices, suggesting that these practices need not be inefficient. Second, seemingly innocuous features of the modeling setup, often made for tractability or convenience, can lead to significant differences in the model's implications and conclusions on the efficiency of observed practices. We close by highlighting apparent inefficiencies in executive compensation and additional directions for future research.
主题Financial Economics ; Labour Economics
关键词Contract theory Executive compensation Optimal contracting Principal-agent problem Rent extraction
URLhttps://cepr.org/publications/dp10566
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/539398
推荐引用方式
GB/T 7714
Xavier Gabaix,Alex Edmans. DP10566 Executive Compensation: A Modern Primer. 2015.
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