| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21795 |
| 来源ID | Working Paper 21795 |
| In Search of Ideas: Technological Innovation and Executive Pay Inequality | |
| Carola Frydman; Dimitris Papanikolaou | |
| 发表日期 | 2015-12-14 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We develop a general equilibrium model that delivers realistic fluctuations in both the level as well as the dispersion in executive pay as a result of changes in the technology frontier. Our model recognizes that executives add value to the firm not only by participating in production decisions, but also by identifying new investment opportunities. The economic value of these two distinct components of the executive's job varies with the state of the economy. Improvements in technology that are specific to new vintages of capital raise the skill price of discovering new growth prospects -- and thus raise the compensation of executives relative to workers. If most of the dispersion in managerial skill lies in the ability to find new projects, dispersion in executive pay will also rise. Our model delivers testable predictions about the relation between executive pay and growth opportunities that are quantitatively consistent with the data. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Markets ; Corporate Finance ; Labor Economics ; Labor Supply and Demand ; Labor Compensation ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w21795 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579469 |
| 推荐引用方式 GB/T 7714 | Carola Frydman,Dimitris Papanikolaou. In Search of Ideas: Technological Innovation and Executive Pay Inequality. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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