Accounting earnings and executive compensation:
分析713家美国公司CEO现金薪酬，发现薪酬对盈余的敏感度随盈余持续性增加而增加，且临近退休的高管更显著，表明盈余持续性可缓解有限决策视野下的薪酬契约问题。
A cross-sectional analysis of cash compensation paid to CEOs of 713 US firms reveals that the sensitivity of compensation to earnings varies directly with earnings persistence. Additional analysis indicates that this sensitivity is greater for cases where executives are approaching retirement. Such evidence suggests the use of earnings persistence to counterbalance adverse consequences of earnings-based contracting with managers who face finite decision horizons.