Within-Firm Pay Inequality
研究发现，企业内部薪酬不平等程度较高的公司规模更大、估值更高、经营业绩更强，且股票回报和盈利意外也更大，表明市场未完全定价这种不平等。
Financial regulators and investors have expressed concerns about high pay inequality within firms. Using a proprietary data set of public and private firms, this paper shows that firms with higher pay inequality—relative wage differentials between top- and bottom-level jobs—are larger and have higher valuations and stronger operating performance. Moreover, firms with higher pay inequality exhibit larger equity returns and greater earnings surprises, suggesting that pay inequality is not fully priced by the market. Our results support the notion that differences in pay inequality across firms are a reflection of differences in managerial talent. Received March 14, 2016; editorial decision January 21, 2017 by Editor Itay Goldstein.