Dynamic CEO Compensation
研究CEO在可私下储蓄和操纵盈余的动态环境中，最优薪酬合约的形式，提出一个可实施的动态激励账户方案，帮助理解薪酬水平和业绩敏感性如何随时间与企业特征变化。
ABSTRACT We study optimal compensation in a dynamic framework where the CEO consumes in multiple periods, can undo the contract by privately saving, and can temporarily inflate earnings. We obtain a simple closed‐form contract that yields clear predictions for how the level and performance sensitivity of pay vary over time and across firms. The contract can be implemented by escrowing the CEO's pay into a “Dynamic Incentive Account” that comprises cash and the firm's equity. The account features state‐dependent rebalancing to ensure its equity proportion is always sufficient to induce effort, and time‐dependent vesting to deter short‐termism.