메뉴 건너뛰기




Volumn 24, Issue 2, 2011, Pages 402-438

Are U.S. CEOs paid more than U.K. CEOs? Inferences from risk-adjusted pay

Author keywords

[No Author keywords available]

Indexed keywords


EID: 79251529601     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhq112     Document Type: Article
Times cited : (132)

References (48)
  • 1
    • 0012465797 scopus 로고    scopus 로고
    • Executive compensation: Six questions that need answering
    • Abowd, J., and D. Kaplan. 1999. Executive Compensation: Six Questions That Need Answering. Journal of Economic Perspectives 13:145-68.
    • (1999) Journal of Economic Perspectives , vol.13 , pp. 145-168
    • Abowd, J.1    Kaplan, D.2
  • 4
    • 0036599832 scopus 로고    scopus 로고
    • Managerial power and rent extraction in the design of executive compensation
    • Bebchuk, L., J. Fried, and D. Walker. 2002. Managerial Power and Rent Extraction in the Design of Executive Compensation. University of Chicago Law Review 69:751-846.
    • (2002) University of Chicago Law Review , vol.69 , pp. 751-846
    • Bebchuk, L.1    Fried, J.2    Walker, D.3
  • 5
    • 77951251153 scopus 로고    scopus 로고
    • Returns to shareholder activism: Evidence from a clinical study of the Hermes UK focus fund
    • Becht, M., J. R. Franks, C. Mayer, and S. Rossi. 2009. Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund. Review of Financial Studies 22:3093-129.
    • (2009) Review of Financial Studies , vol.22 , pp. 3093-3129
    • Becht, M.1    Franks, J.R.2    Mayer, C.3    Rossi, S.4
  • 6
    • 85015692260 scopus 로고
    • The pricing of options and corporate liabilities
    • Black, F., and M. Scholes. 1973. The Pricing of Options and Corporate Liabilities. Journal of Political Economy 81:637-59.
    • (1973) Journal of Political Economy , vol.81 , pp. 637-659
    • Black, F.1    Scholes, M.2
  • 7
    • 0031161696 scopus 로고    scopus 로고
    • Leadership structure: Separating the CEO and chairman of the board
    • Brickley, J., J. Coles, and G. Jarrell. 1997. Leadership Structure: Separating the CEO and Chairman of the Board. Journal of Corporate Finance 3:189-220.
    • (1997) Journal of Corporate Finance , vol.3 , pp. 189-220
    • Brickley, J.1    Coles, J.2    Jarrell, G.3
  • 8
    • 31144467128 scopus 로고    scopus 로고
    • Executive stock and option valuation in a two-state variable framework
    • Cai, J., and A. M. Vijh. 2005. Executive Stock and Option Valuation in a Two-state Variable Framework. Journal of Derivatives 12:9-27.
    • (2005) Journal of Derivatives , vol.12 , pp. 9-27
    • Cai, J.1    Vijh, A.M.2
  • 9
    • 21244441102 scopus 로고    scopus 로고
    • The prince and the pauper: CEO pay in the US and UK
    • Conyon, M. J., and K. J. Murphy. 2000. The Prince and the Pauper: CEO Pay in the US and UK. Economic Journal 110:640-71.
    • (2000) Economic Journal , vol.110 , pp. 640-671
    • Conyon, M.J.1    Murphy, K.J.2
  • 10
    • 0039789916 scopus 로고    scopus 로고
    • Corporate governance, executive pay, and performance in Europe
    • J. Carpenter and D. Yermack (eds.), Dordrecht, Netherlands: Kluwer Academic Press
    • Conyon, M. J., and J. Schwalbach. 1999. Corporate Governance, Executive Pay, and Performance in Europe. In J. Carpenter and D. Yermack (eds.), Executive Compensation and Shareholder Value: Theory and Evidence. Dordrecht, Netherlands: Kluwer Academic Press, 13-33.
    • (1999) Executive Compensation and Shareholder Value: Theory and Evidence , pp. 13-33
    • Conyon, M.J.1    Schwalbach, J.2
  • 11
    • 0001245231 scopus 로고    scopus 로고
    • The use of equity grants to manage optimal equity incentives
    • Core, J., and W. Guay. 1999. The Use of Equity Grants to Manage Optimal Equity Incentives. Journal of Accounting and Economics 28:151-84.
    • (1999) Journal of Accounting and Economics , vol.28 , pp. 151-184
    • Core, J.1    Guay, W.2
  • 12
    • 0036017572 scopus 로고    scopus 로고
    • Estimating the value of employee stock option portfolios and their sensitivities to price and volatility
    • -. 2002. Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility. Journal of Accounting Research 40:613-30.
    • (2002) Journal of Accounting Research , vol.40 , pp. 613-630
    • Core, J.1    Guay, W.2
  • 13
    • 33748800221 scopus 로고    scopus 로고
    • Is U.S. CEO compensation inefficient pay without performance? A review of pay without performance: The unfulfilled promise of executive compensation
    • Core, J., W. Guay, and R. Thomas. 2005. Is U.S. CEO Compensation Inefficient Pay without Performance? A Review of Pay without Performance: The Unfulfilled Promise of Executive Compensation. Michigan Law Review 103:1142-85.
    • (2005) Michigan Law Review , vol.103 , pp. 1142-1185
    • Core, J.1    Guay, W.2    Thomas, R.3
  • 14
    • 0001650996 scopus 로고    scopus 로고
    • Corporate governance, chief executive officer compensation, and firm performance
    • Core, J., R. Holthausen, and D. Larcker. 1999. Corporate Governance, Chief Executive Officer Compensation, and Firm Performance. Journal of Financial Economics 51:371-406.
    • (1999) Journal of Financial Economics , vol.51 , pp. 371-406
    • Core, J.1    Holthausen, R.2    Larcker, D.3
  • 15
  • 16
    • 0042674101 scopus 로고    scopus 로고
    • The cadbury committee, corporate performance, and top management turnover
    • Dahya, J., J. J. McConnell, and N. G. Travlos. 2002. The Cadbury Committee, Corporate Performance, and Top Management Turnover. Journal of Finance 57:461-83.
    • (2002) Journal of Finance , vol.57 , pp. 461-483
    • Dahya, J.1    McConnell, J.J.2    Travlos, N.G.3
  • 18
  • 19
    • 73449137204 scopus 로고    scopus 로고
    • A multiplicative model of optimal CEO incentives in market equilibrium
    • Edmans, A., X. Gabaix, and A. Landier. 2009. A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium. Review of Financial Studies 22:4881-917.
    • (2009) Review of Financial Studies , vol.22 , pp. 4881-4917
    • Edmans, A.1    Gabaix, X.2    Landier, A.3
  • 28
    • 0030078432 scopus 로고    scopus 로고
    • The influence of risk diversification on the early exercise of stock options by executive officers
    • Hemmer, T., S. Matsunaga, and T. Shevlin. 1996. The Influence of Risk Diversification on the Early Exercise of Stock Options by Executive Officers. Journal of Accounting and Economics 21:45-68.
    • (1996) Journal of Accounting and Economics , vol.21 , pp. 45-68
    • Hemmer, T.1    Matsunaga, S.2    Shevlin, T.3
  • 29
    • 33846502600 scopus 로고    scopus 로고
    • Does backdating explain the stock price pattern around executive stock option grants?
    • Heron, R. A., and E. Lie. 2007. Does Backdating Explain the Stock Price Pattern Around Executive Stock Option Grants? Journal of Financial Economics 83:271-95.
    • (2007) Journal of Financial Economics , vol.83 , pp. 271-295
    • Heron, R.A.1    Lie, E.2
  • 30
    • 67650324409 scopus 로고    scopus 로고
    • What fraction of stock option grants to top executives have been backdated or manipulated?
    • -. 2009. What Fraction of Stock Option Grants to Top Executives Have Been Backdated or Manipulated? Management Science 55: 513-25.
    • (2009) Management Science , vol.55 , pp. 513-25
    • Heron, R.A.1    Lie, E.2
  • 32
    • 0030079229 scopus 로고    scopus 로고
    • Employee stock option exercises: An empirical analysis
    • Huddart, S., and M. Lang. 1996. Employee Stock Option Exercises: An Empirical Analysis. Journal of Accounting and Economics 21:5-43.
    • (1996) Journal of Accounting and Economics , vol.21 , pp. 5-43
    • Huddart, S.1    Lang, M.2
  • 33
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen, M. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. Journal of Finance 48:831-80.
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.1
  • 34
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • Jensen, M. C., and K. J. Murphy. 1990. Performance Pay and Top-management Incentives. Journal of Political Economy 98:225-64.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 35
    • 23844493275 scopus 로고    scopus 로고
    • Remuneration: Where we've been, how we got to here, what are the problems, and how to fix them
    • Harvard University
    • Jensen, M. C., K. J. Murphy, and E. G. Wruck. 2004. Remuneration: Where We've Been, How We Got to Here, What Are the Problems, and How to Fix Them. NOM Working Paper No. 04-28, Harvard University.
    • (2004) NOM Working Paper No. 04-28
    • Jensen, M.C.1    Murphy, K.J.2    Wruck, E.G.3
  • 36
    • 0034215640 scopus 로고    scopus 로고
    • The value and incentive effects of nontraditional executive stock option plans
    • Johnson, S. A. and Y. S. Tian. 2000. The Value and Incentive Effects of Nontraditional Executive Stock Option Plans. Journal of Financial Economics 57:3-34.
    • (2000) Journal of Financial Economics , vol.57 , pp. 3-34
    • Johnson, S.A.1    Tian, Y.S.2
  • 37
    • 84937314069 scopus 로고
    • Top executive rewards and firm performance: A comparison of japan and the United States
    • Kaplan, S. 1994a. Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States. Journal of Political Economy 102:510-46.
    • (1994) Journal of Political Economy , vol.102 , pp. 510-546
    • Kaplan, S.1
  • 38
    • 77958402161 scopus 로고
    • Top executives, turnover, and firm performance in Germany
    • -. 1994b. Top Executives, Turnover, and Firm Performance in Germany. Journal of Law, Economics, and Organization 10:142-59.
    • (1994) Journal of Law, Economics, and Organization , vol.10 , pp. 142-159
    • Kaplan, S.1
  • 41
    • 79251530149 scopus 로고    scopus 로고
    • Mercer Human Resource Consulting. Accessed 11 March 2010
    • Mercer Human Resource Consulting. 2009. 2009 Worldwide Cost of Living Survey Results. http://www .mercer.com/costofliving Accessed 11 March 2010.
    • (2009) 2009 Worldwide Cost of Living Survey Results
  • 43
    • 77951519785 scopus 로고    scopus 로고
    • Executive compensation
    • O. Ashenfelter and D. Card (eds.), Chapter, North Holland, Netherlands: Elsevier Science
    • Murphy, K. J. 1999. Executive Compensation. In O. Ashenfelter and D. Card (eds.), Handbook of Labor Economics Vol. 3b, Chapter 38, 2485-563. North Holland, Netherlands: Elsevier Science.
    • (1999) Handbook of Labor Economics Vol. 3b , vol.38 , pp. 2485-2563
    • Murphy, K.J.1
  • 44
    • 0001579697 scopus 로고
    • Risk aversion in the small and in the large
    • Pratt, J. 1964. Risk Aversion in the Small and in the Large. Econometrica 32(1/2):122-36.
    • (1964) Econometrica , vol.32 , Issue.1-2 , pp. 122-136
    • Pratt, J.1
  • 45
    • 67649377243 scopus 로고    scopus 로고
    • Working Paper, Wharton School, University of Pennsylvania
    • Rusticus, T. 2006. Executive Severance Agreements. Working Paper, Wharton School, University of Pennsylvania.
    • (2006) Executive Severance Agreements
    • Rusticus, T.1
  • 46
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith, C. W., and R. L. Watts. 1992. The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies. Journal of Financial Economics 32:263-92.
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith, C.W.1    Watts, R.L.2
  • 47
    • 34547883221 scopus 로고    scopus 로고
    • Pay me later: Inside debt and its role in managerial compensation
    • Sundaram, R. K., and D. L. Yermack. 2007. Pay Me Later: Inside Debt and Its Role in Managerial Compensation. Journal of Finance 62:1551-88.
    • (2007) Journal of Finance , vol.62 , pp. 1551-1588
    • Sundaram, R.K.1    Yermack, D.L.2
  • 48
    • 33746567946 scopus 로고    scopus 로고
    • Golden handshakes: Separation pay for retired and dismissed CEOs
    • Yermack, D. 2006. Golden Handshakes: Separation Pay for Retired and Dismissed CEOs. Journal of Accounting and Economics 41:237-56.
    • (2006) Journal of Accounting and Economics , vol.41 , pp. 237-256
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.