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Executive Compensation: Facts
Gian Luca Clementi
New York University - Leonard N. Stern School of Business; National Bureau of Economic Research (NBER); University of Bologna - Rimini Center for Economic Analysis (RCEA)
Thomas F. Cooley
New York University - Leonard N. Stern School of Business; National Bureau of Economic Research (NBER)
October 2009
NBER Working Paper No. w15426
Abstract:
In this paper we describe the important features of executive compensation in the US from 1993 to 2006. Some confirm what has been found for earlier periods and some are novel. Important facts about compensation are that: the compensation distribution is highly skewed; each year, a sizeable fraction of chief executives lose money; the use of equity grants has increased; the income accruing to CEOs from the sale of stock has increased; regardless of the measure we adopt, compensation responds strongly to innovations in shareholder wealth; measured as dollar changes in compensation, incentives have strengthened over time, measured as percentage changes in wealth, they have not changed in any appreciable way.
Number of Pages in PDF File: 40
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Date posted: October 23, 2009
Suggested CitationClementi, Gian Luca and Cooley , Thomas F., Executive Compensation: Facts (October 2009). NBER Working Paper No. w15426. Available at SSRN: http://ssrn.com/abstract=1493019
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