Do US top executives benefit from market concentration?
研究发现，美国市场集中度越高的行业，高管薪酬越高，尤其是顶尖CEO；投资者回报也更高，但普通工人工资未增加。该效应在信息技术和研发密集型行业更显著。
Abstract The income share of the top 1% of earners in the USA increased to 20% in 2014. The increase in income inequalities is contemporaneous with the rising market concentration across industries. This article shows that both developments are linked: top executives in more concentrated markets receive more pay than those in less concentrated markets. Superstars—the best-paid and most experienced chief executive officers—are paid significantly more than other executives in concentrated markets. Investors also receive higher returns in more concentrated markets, while the average worker’s wage does not increase. The link between market concentration and top executive pay is higher in information-technology and R&D-intensive industries. While larger firms pay their executives more, they pay relatively less (more) than smaller firms if their market is more (less) concentrated. We do not find effects of the governance quality and trends in firm stock market valuation on the executive pay premium from concentration.