Executive Compensation and Ethnic Minority Status
研究美国上市公司中少数族裔高管的薪酬差异，发现非裔高管总薪酬比白人低9%，主要源于基本工资、奖金和限制性股票较低，且期权行权收益差距更大，而西裔和亚裔高管薪酬与白人相当。
We examine the compensation of ethnic minority executives in listed U.S. firms. The total pay of African American executives is 9 percent lower than that earned by Caucasians. This is due to lower base salary, lower bonus, and lower restricted stock grants. The lower bonus is due to a lower sensitivity to above‐average firm performance. African Americans also earn significantly less on the exercise of stock options, increasing the pay gap to 17 percent for total ex‐post pay. In contrast to African Americans, the compensation of Hispanic and Asian executives is comparable to Caucasians.