The difference that CEOs make: An assignment model approach

American Economic Review

Volumn 98, Issue 3, 2008, Pages 642-668

  Terviö, Marko ^a  

^a UNIVERSITY OF CALIFORNIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 54049146543     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.98.3.642     Document Type: Article

References (34)

1. Ang, James, and Gregory L. Nagel. 2006. "The Influence of Peers on CEO Pay Since 1970." Unpublished.
2. Baker, George P., and Brian J. Hall. 2004. "CEO Incentives and Firm Size." Journal of Labor Economics, 22(4): 767-798
3. Bebchuk, Lucian, and Yaniv Grinstein. 2005. "The Growth of Executive Pay." Oxford Review of Economic Policy, 21(2): 283-303.
4. Bertrand, Marianne, and Sendhil Mullainathan. 2001. "Are CEOs Rewarded for Luck? The Ones without Principles Are." Quarterly Journal of Economics, 116(3): 901-932
5. Cleveland, William S. 1979. "Robust Locally Weighted Regression and Smoothing Scatterplots." Journal of the American Statistical Association, 74(368): 829-836
6. Cuñat, Vicente, and Maria Guadalupe. 2006. "Globalization and the Provision of Incentives inside the Firm: The Effect of Foreign Competition." http://wwwO.gsb.columbia.edu/faculty/mguadalupe/mcglobl006. pdf.
7. Frydman, Carola. 2005. "Rising Through the Ranks. The Evolution of the Market for Corporate Executives, 1936-2003."http://web.mit.edu/frydman/ www/frydman-market%20for%20executives.pdf.
8. Gabaix, Xavier, and Augustin Landier. 2008. "Why has CEO Pay Increased so Much." Quarterly Journal of Economics, 123(1): 49-100.
9. Gayle, George-Levi, and Robert A. Miller. 2005. "Has Moral Hazard Become a More Important Factor in Managerial Compensation?"http://www. andrew.cmu.edu/user/ggayle/morall.pdf.
10. Hayes, Rachel M., and Scott Schaefer. 1999. "How Much Are Differences in Managerial Ability Worth?" Journal of Accounting and Economics, 27(2): 125-148
11. Himmelberg, Charles P., and R. Glenn Hubbard. 2000. "Incentive Pay and the Market for CEOs: An Analysis of Pay-for-Performance Sensitivity." http://wwwO.gsb.columbia.edu/faculty/ghubbard/Papers/ceol0.pdf.
12. Jensen, Michael C. 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers." American Economic Review, 76(2): 323-329
13. Koopmans, Tjalling C., and Martin Beckmann. 1957. "Assignment Problem and the Location of Economic Activities." Econometrica, 25(1): 53-76.
14. Kostiuk, Peter F. 1990. "Firm Size and Executive Compensation." Journal of Human Resources, 25(1): 90-105.
15. Lucas, Robert E., Jr. 1978. "On the Size Distribution of Business Firms." Bell Journal of Economics, 9(2): 508-523
16. Manne, Henry G. 1965. "Mergers and the Market for Corporate Control." Journal of Political Economy, 73(2): 110-120
17. Mayer, Thomas. 1960. "Distribution of Ability and Earnings." Review of Economics and Statistics, 42(2): 189-195
18. Montgomery, Cynthia A., and Birger Wernerfelt. 1988. " Diversification, Ricardian Rents, and Tobin's Q." RAND Journal of Economics, 19(4): 623-632
19. Murphy, Kevin J. 1999. "Executive Compensation." In Handbook of Labor Economics. Vol.3B, ed. Orley Ashenfelter and David Card, 2485-2563. Amsterdam: Elsevier.
20. Murphy, Kevin J., and Ján Zábojník. 2004. "CEO Pay and Appointments: A Market-Based Explanation for Recent Trends." American Economic Review, 94(2): 192-196
21. Ostroy, Joseph M. 1980. "The No-Surplus Condition as a Characterization of Perfectly Competitive Equilibrium." Journal of Economic Theory, 22(2): 183-207.
22. Ostroy, Joseph M. 1984. "A Reformulation of the Marginal Productivity Theory of Distribution." Econometrica, 52(3): 599-630.
23. Oyer, Paul. 2004. "Why Do Firms Use Incentives That Have No Incentive Effects?" Journal of Finance, 59(4), 1619-1649
24. Palia, Darius. 2000. "The Impact of Regulation on CEO Labor Markets." RAND Journal of Economics, 31(1): 165-179
25. Parrino, Robert. 1997. CEO Turnover and Outside Succession a Cross-Sectional Analysis." Journal of Financial Economics, 46(2): 165-197 (Pubitemid 127160174)
26. Rose, Nancy L., and Andrea Shepard. 1997. "Firm Diversification and CEO Compensation: Managerial Ability or Executive Entrenchment?" RAND Journal of Economics, 28(3): 489-514.
27. Rosen, Sherwin. 1982. "Authority, Control, and the Distribution of Earnings." Bell Journal of Economics, 13(2): 311-323
28. Sattinger, Michael. 1979. "Differential Rents and the Distribution of Earnings." Oxford Economic Papers, 31(1): 60-71.
29. Sattinger, Michael. 1993. "Assignment Models of the Distribution of Earnings." Journal of Economic Literature, 31(2): 831-880
30. Teulings, Coen N. 1995. "The Wage Distribution in a Model of the Assignment of Skills to Jobs." Journal of Political Economy, 103(2): 280-315.
31. Terviö, Marko. 2003. "Studies of Talent Markets." PhD diss. MIT.
32. Tinbergen, Jan. 1951. "Some Remarks on the Distribution of Labour Incomes." In International Economic Papers, Translations prepared for the International Economic Association, ed. Alan T. Peacock et al., 195-207. New York: Macmillan.
33. Tinbergen, Jan. 1956. "On the Theory of Income Distribution." Weltwirtschaftliches Archiv, 77,155-175
34. Yermack, David. 1997. "Good Timing: CEO Stock Option Awards and Company News Announcements." Journal of Finance, 52(2): 449-476