On the Efficiency of Stock-based Compensation
当市场能同等精确地观察所有项目的盈利能力时，股票薪酬中项目权重与努力边际生产率无关，噪音最大的项目获得最大权重，投资者也最有动力收集这些项目的信息。
When the market can observe the profitability of all projects with equal precision, then with stock compensation (i) the weight on any given project in managerial compensation is independent of the marginal productivity of effort in the project; (ii) the projects that are the noisiest indicators of managerial effort receive the most weight in compensation; and (iii) investors have the greatest incentive to collect information about projects that are the noisiest indicators of managerial effort.