The Distributional Effect of Trade on the CEO Market
利用美国企业数据，研究发现贸易开放度对不同规模企业CEO薪酬有不对称影响：大企业CEO薪酬上升，小企业下降，加剧了收入顶层的不平等。
We study the relationship between trade openness and CEO pay dispersion across firms. Using US firm‐level data, we show that trade has an unequal effect on CEO equilibrium pay at firms of different sizes (sales). An increase of 10% in the industry openness degree raises CEO compensation by about 14% in firms at the 99th percentile of the size distribution. However, CEO compensation falls by 5% in firms at the 1st percentile. Analogous results are derived for other points of the distribution. Our results show that trade openness impacts inequality within the very top of the income distribution, where skill differentials are less evident.