Is CEO Pay Too High and Are Incentives Too Low? A Wealth-Based Contracting Framework
提出了一个经济框架，用于判断高管应有多少绩效激励，并阐明激励与薪酬水平、财富的关系及其利弊，帮助理解金融危机后的薪酬改革。
Executive Overview In the wake of the recent financial crisis, proposals have been put forward to resolve “problems” with executive pay and incentives. Although these proposals discuss ways firms or regulators might get executives to hold greater incentives, they fail to identify how one should determine whether an executive has enough (or too much) incentives. We lay out an economic framework for thinking about what level of performance-based incentives an executive should have. In doing so, we emphasize how performance-based incentives are linked to executive pay levels, as well as to the level of executives' wealth. We also make clear both the benefits and costs of performance-based incentives.