Are CEOs Really Paid Like Bureaucrats?
基于美国大型上市公司15年面板数据，发现CEO薪酬与企业绩效高度相关，主要源于股票和期权价值变动，且1980年以来薪酬水平和绩效敏感性大幅上升。
A common view is that there is little correlation between firm performance and CEO pay. Using a new fifteen-year panel data set of CEOs in the largest, publicly traded U. S. companies, we document a strong relationship between firm performance and CEO compensation. This relationship is generated almost entirely by changes in the value of CEO holdings of stock and stock options. In addition, we show that both the level of CEO compensation and the sensitivity of compensation to firm performance have risen dramatically since 1980, largely because of increases in stock option grants.