The Difference That CEOs Make: An Assignment Model Approach
构建CEO与企业的指派模型，分析CEO薪酬与企业市值的联合分布，发现薪酬差异主要源于企业特征，而管理能力差异对股东价值影响较小。
This paper presents an assignment model of CEOs and firms. The distributions of CEO pay levels and firms' market values are analyzed as the competitive equilibrium of a matching market where talents, as well as CEO positions, are scarce. It is shown how the observed joint distribution of CEO pay and market value can then be used to infer the economic value of underlying ability differences. The variation in CEO pay is found to be mostly due to variation in firm characteristics, whereas implied differences in managerial ability are small and make relatively little difference to shareholder value.