Kevin J. Murphy

University of Southern California - Marshall School of Business

Kenneth L. Trefftzs Chair in Finance

BRI 308, MC 0804

Los Angeles, CA 90089-0804

United States

USC Gould School of Law

699 Exposition Boulevard

Los Angeles, CA 90089

United States

  • University of Southern California - Marshall School of Business

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    • Tel: 213-740-6553
    • Fax: 213-740-6650
SCHOLARLY PAPERS

38

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134,218

SSRN CITATIONS
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Top 117

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2,755

CROSSREF CITATIONS

2,190

Scholarly Papers (38)

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1.

Remuneration: Where We've Been, How We Got to Here, What are the Problems, and How to Fix Them

Harvard NOM Working Paper No. 04-28; ECGI - Finance Working Paper No. 44/2004
Number of pages: 116 Posted: 05 Jul 2004
Michael C. Jensen, Kevin J. Murphy and Eric G. Wruck
Harvard Business School, University of Southern California - Marshall School of Business and Ohio State University (OSU) - Fisher College of Business
Downloads 27,724 (94)
Citation 61

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Executive Remuneration, Remuneration Policies, Audit Committee, Incentives, Compensation, Incentives, Strategic Value Accountability, Share options, Overvalued Equity, Earnings Game, Corporate Fraud, Corporate Scandals, Overpayment, Agency Costs, Agency problems, Corporate Governance

2.

Executive Compensation

Number of pages: 91 Posted: 19 May 1999
Kevin J. Murphy
University of Southern California - Marshall School of Business
Downloads 20,538 (150)
Citation 389

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3.

CEO Incentives: It's Not How Much You Pay, But How

Downloads 16,448 ( 241)
Citation 228

CEO Incentives: It's Not How Much You Pay, But How

Michael C. Jensen, FOUNDATIONS OF ORGANIZATIONAL STRATEGY, Harvard University Press, 1998; Harvard Business Review, No. 3, May-June 1990
Number of pages: 36 Posted: 12 Apr 1999
Michael C. Jensen and Kevin J. Murphy
Harvard Business School and University of Southern California - Marshall School of Business
Downloads 16,437 (237)
Citation 225

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CEO Incentives - It's Not How Much You Pay, But How

Journal of Applied Corporate Finance, Vol. 22, No. 1, pp. 64-76, Winter 2010
Number of pages: 15 Posted: 31 Mar 2010
Michael C. Jensen and Kevin J. Murphy
Harvard Business School and University of Southern California - Marshall School of Business
Downloads 11 (736,445)
Citation 43
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4.

Performance Pay and Top Management Incentives

Michael C. Jensen, FOUNDATIONS OF ORGANIZATIONAL STRATEGY, Harvard University Press, 1998
Number of pages: 50 Posted: 08 Mar 2001
Kevin J. Murphy and Michael C. Jensen
University of Southern California - Marshall School of Business and Harvard Business School
Downloads 11,177 (516)
Citation 1,290

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5.

Compensation and Incentives: Practice vs. Theory

Michael C. Jensen, FOUNDATIONS OF ORGANIZATIONAL STRATEGY, Harvard University Press, 1998; Journal of Finance, Vol. 63, No. 3, pp. 593-616, July 1998
Number of pages: 38 Posted: 24 Sep 1998
George P. Baker, Michael C. Jensen and Kevin J. Murphy
HBS Negotiations, Organizations and Markets Unit, Harvard Business School and University of Southern California - Marshall School of Business
Downloads 10,984 (533)
Citation 365

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6.

Executive Compensation: Where We are, and How We Got There

George Constantinides, Milton Harris, and René Stulz (eds.), Handbook of the Economics of Finance. Elsevier Science North Holland (Forthcoming), Marshall School of Business Working Paper No. FBE 07.12
Number of pages: 179 Posted: 17 Apr 2012 Last Revised: 13 Aug 2012
Kevin J. Murphy
University of Southern California - Marshall School of Business
Downloads 9,657 (663)
Citation 392

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Executive compensation, CEO Pay, Regulation, Disclosure, Stock options, Accounting, Corporate governance, Sarbanes-Oxley, Dodd-Frank, International Pay

7.

Relational Contracts and the Theory of the Firm

Number of pages: 41 Posted: 11 May 1997
George P. Baker, Robert S. Gibbons and Kevin J. Murphy
HBS Negotiations, Organizations and Markets Unit, Massachusetts Institute of Technology - Sloan School and Department of Economics and University of Southern California - Marshall School of Business
Downloads 6,175 (1,451)
Citation 92

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8.

CEO Bonus Plans: And How to Fix Them

Harvard Business School NOM Unit Working Paper 12-022, Marshall School of Business Working Paper No. FBE 02-11
Number of pages: 66 Posted: 30 Sep 2011 Last Revised: 20 Nov 2011
Kevin J. Murphy and Michael C. Jensen
University of Southern California - Marshall School of Business and Harvard Business School
Downloads 4,241 (2,793)
Citation 41

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Executive Compensation, CEO Pay, Incentives, Governance, non-Equity Pay, Banking Bonus Plans

9.

Managerial Capital and the Market for CEOs

Number of pages: 50 Posted: 08 May 2007
Kevin J. Murphy and Jan Zabojnik
University of Southern California - Marshall School of Business and Queen's University - Department of Economics
Downloads 3,099 (4,810)
Citation 220

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Executive Compensation, Executive Turnover, Human Capital, Matching, Firm-specific capial, managerial labor market

10.

Stock Options for Undiversified Executives

Downloads 3,027 ( 5,020)
Citation 258

Stock Options for Undiversified Executives

Number of pages: 55 Posted: 14 Dec 2000
Brian J. Hall and Kevin J. Murphy
NOM Unit Head, Harvard Business School and University of Southern California - Marshall School of Business
Downloads 2,785 (5,634)
Citation 47

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Executive Compensation, Incentives, Stock Options, Risk Aversion

Stock Options for Undiversified Executives

NBER Working Paper No. w8052
Number of pages: 51 Posted: 07 Mar 2001 Last Revised: 04 Jul 2021
Brian J. Hall and Kevin J. Murphy
NOM Unit Head, Harvard Business School and University of Southern California - Marshall School of Business
Downloads 242 (158,740)
Citation 11

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Stock Options for Undiversified Executives

Posted: 30 Apr 2002
Brian J. Hall and Kevin J. Murphy
NOM Unit Head, Harvard Business School and University of Southern California - Marshall School of Business

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executive compensation, incentives, stock options, risk aversion

11.

The Trouble with Stock Options

Downloads 2,602 ( 6,406)
Citation 177

The Trouble with Stock Options

Number of pages: 41 Posted: 13 Jun 2003
Brian J. Hall and Kevin J. Murphy
NOM Unit Head, Harvard Business School and University of Southern California - Marshall School of Business
Downloads 2,498 (6,724)

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Executive compensation, stock options, equity-based pay, CEO pay, corporate governance, executive labor markets

The Trouble with Stock Options

NBER Working Paper No. w9784
Number of pages: 41 Posted: 23 Jun 2003 Last Revised: 28 Mar 2021
Brian J. Hall and Kevin J. Murphy
NOM Unit Head, Harvard Business School and University of Southern California - Marshall School of Business
Downloads 104 (322,699)
Citation 53

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12.

The Politics of Pay: A Legislative History of Executive Compensation

Marshall School of Business Working Paper No. FBE 01.11
Number of pages: 42 Posted: 26 Aug 2011
Kevin J. Murphy
University of Southern California - Marshall School of Business
Downloads 2,167 (8,610)
Citation 19

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Executive Compensation, Regulation, Disclosure, Stock Options, Corporate Governance

13.

Discretion in Executive Incentive Contracts: Theory and Evidence

Number of pages: 49 Posted: 27 Dec 2001
Kevin J. Murphy and Paul Oyer
University of Southern California - Marshall School of Business and Stanford Graduate School of Business
Downloads 2,002 (9,817)
Citation 71

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Discretion; Subjective performance valuation; Executive compensation

14.

Are US CEOs Paid More? New International Evidence

EFA 2009 Bergen Meetings Paper, AFA 2011 Denver Meetings Paper, ECGI - Finance Working Paper No. 255/2009
Number of pages: 50 Posted: 12 Feb 2009 Last Revised: 19 Jun 2012
Nuno Fernandes, Miguel A. Ferreira, Pedro Matos and Kevin J. Murphy
University of Navarra, IESE Business School, Nova School of Business and Economics, University of Virginia - Darden School of Business and University of Southern California - Marshall School of Business
Downloads 1,945 (10,294)
Citation 46

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Executive compensation, CEO pay, International pay differences, Stock options, Corporate governance

15.

Executive Pay and 'Independent' Compensation Consultants

Marshall School of Business Working Paper No. FBE 10-09, Journal of Accounting and Economics, Forthcoming
Number of pages: 41 Posted: 21 Jun 2008 Last Revised: 24 Feb 2010
Kevin J. Murphy and Tatiana Sandino
University of Southern California - Marshall School of Business and Harvard Business School - Accounting and Control
Downloads 1,862 (11,058)
Citation 7

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Executive Compensation, Compensation Consultants, Conflicts of Interest, CEO Pay, board of directors, director pay, corporate governance, disclosure

16.

Performance Standards in Incentive Contracts

Number of pages: 43 Posted: 26 Nov 1999
Kevin J. Murphy
University of Southern California - Marshall School of Business
Downloads 1,636 (13,553)
Citation 32

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17.

Compensation Structure and Systemic Risk

Marshall School of Business Working Paper No. FBE 34-09
Number of pages: 15 Posted: 30 Aug 2009 Last Revised: 07 Oct 2009
Kevin J. Murphy
University of Southern California - Marshall School of Business
Downloads 1,497 (15,598)
Citation 7

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Executive Compensation, Stock Options, Financial Crisis, Risk

18.

The Politics of Pay: The Unintended Consequences of Regulating Executive Compensation

USC Law Legal Studies Paper No. 18-8, USC CLASS Research Paper No. CLASS18-8
Number of pages: 62 Posted: 16 Apr 2018 Last Revised: 20 Apr 2018
Kevin J. Murphy and Michael C. Jensen
University of Southern California - Marshall School of Business and Harvard Business School
Downloads 1,195 (21,941)
Citation 20

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Executive compensation, CEO pay, regulation, compensation committees

19.

Are US CEOs Paid More? New International Evidence

Review of Financial Studies, Forthcoming
Number of pages: 66 Posted: 10 Oct 2012 Last Revised: 27 Nov 2012
Nuno Fernandes, Miguel A. Ferreira, Pedro Matos and Kevin J. Murphy
University of Navarra, IESE Business School, Nova School of Business and Economics, University of Virginia - Darden School of Business and University of Southern California - Marshall School of Business
Downloads 1,106 (24,644)

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executive compensation, CEO pay, international pay differences, stock options, corporate governance

20.

Optimal Exercise Prices for Executive Stock Options

Downloads 1,048 ( 26,571)
Citation 123

Optimal Exercise Prices for Executive Stock Options

Number of pages: 15 Posted: 16 Jun 2000
Brian J. Hall and Kevin J. Murphy
NOM Unit Head, Harvard Business School and University of Southern California - Marshall School of Business
Downloads 986 (28,566)

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Optimal Exercise Prices for Executive Stock Options

NBER Working Paper No. w7548
Number of pages: 16 Posted: 27 Jul 2000 Last Revised: 18 Aug 2021
Brian J. Hall and Kevin J. Murphy
NOM Unit Head, Harvard Business School and University of Southern California - Marshall School of Business
Downloads 62 (439,639)
Citation 12

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Optimal Exercise Prices for Executive Stock Options

Posted: 26 Jun 2001
Brian J. Hall and Kevin J. Murphy
NOM Unit Head, Harvard Business School and University of Southern California - Marshall School of Business

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21.

Executive Stock Options and IPO Underpricing

Number of pages: 39 Posted: 21 Jun 2005
Michelle Lowry and Kevin J. Murphy
Drexel University and University of Southern California - Marshall School of Business
Downloads 811 (38,044)
Citation 4

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Initial public offering; IPO underpricing; Executive compensation; Stock options

22.

Regulating Banking Bonuses in the European Union: A Case Study in Unintended Consequences

Downloads 656 ( 50,733)
Citation 8

Regulating Banking Bonuses in the European Union: A Case Study in Unintended Consequences

USC CLEO Research Paper No. C13-8, USC Law Legal Studies Paper No. 13-8
Number of pages: 40 Posted: 19 Mar 2013 Last Revised: 11 Nov 2013
Kevin J. Murphy
University of Southern California - Marshall School of Business
Downloads 656 (50,084)
Citation 11

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Executive compensation, CEO pay, Banking Bonuses, Financial Crisis, Regulation, European Union

Regulating Banking Bonuses in the European Union: A Case Study in Unintended Consequences

European Financial Management, Vol. 19, Issue 4, pp. 631-657, 2013
Number of pages: 27 Posted: 07 Sep 2013
Kevin J. Murphy
University of Southern California - Marshall School of Business
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executive compensation, CEO pay, banking bonuses, financial crisis, regulation, European Union

23.

Does Executive Compensation Affect Investment?

NBER Working Paper No. w4135
Number of pages: 23 Posted: 04 May 2007 Last Revised: 21 Oct 2021
Robert S. Gibbons and Kevin J. Murphy
Massachusetts Institute of Technology - Sloan School and Department of Economics and University of Southern California - Marshall School of Business
Downloads 638 (52,577)
Citation 1

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24.

Compensation Consultants and the Level, Composition and Complexity of CEO Pay

Harvard Business School Accounting & Management Unit Working Paper No. 18-027, Accepted and forthcoming at The Accounting Review
Number of pages: 58 Posted: 25 Sep 2017 Last Revised: 08 Mar 2019
Kevin J. Murphy and Tatiana Sandino
University of Southern California - Marshall School of Business and Harvard Business School - Accounting and Control
Downloads 576 (59,789)
Citation 14

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Consultants, Benchmarking, Incentive Pay, Governance, Executive Compensation

25.

Executive Pay Restrictions for TARP Recipients: An Assessment

Marshall School of Business Working Paper No. FBE 23-10
Number of pages: 27 Posted: 28 Oct 2010
Kevin J. Murphy
University of Southern California - Marshall School of Business
Downloads 410 (90,483)
Citation 6

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Executive Compensation, TARP, Regulation, CEO Pay, Financial Crisis

26.

Inside Debt and Corporate Investment

AAA 2015 Management Accounting Section (MAS) Meeting
Number of pages: 37 Posted: 19 Aug 2014 Last Revised: 26 Jan 2018
Joonil Lee, Kevin J. Murphy, Peter Oh and Marshall D. Vance
Kyung-Hee University, University of Southern California - Marshall School of Business, McGill University - Desautels Faculty of Management and Virginia Tech
Downloads 289 (133,222)
Citation 3

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inside debt holdings, deferred compensation, pension, investment efficiency

27.

Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence

NBER Working Paper No. w3792
Number of pages: 52 Posted: 19 Jun 2004 Last Revised: 14 May 2021
Robert S. Gibbons and Kevin J. Murphy
Massachusetts Institute of Technology - Sloan School and Department of Economics and University of Southern California - Marshall School of Business
Downloads 216 (177,626)
Citation 35

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28.

Implicit Contracts and the Theory of the Firm

NBER Working Paper No. w6177
Number of pages: 41 Posted: 30 Aug 2000 Last Revised: 20 May 2021
George P. Baker, Robert S. Gibbons and Kevin J. Murphy
HBS Negotiations, Organizations and Markets Unit, Massachusetts Institute of Technology - Sloan School and Department of Economics and University of Southern California - Marshall School of Business
Downloads 144 (252,610)

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29.

Subjective Performance Measures in Optimal Incentive Contracts

NBER Working Paper No. w4480
Number of pages: 39 Posted: 14 Jan 2001 Last Revised: 07 Oct 2021
George P. Baker, Robert S. Gibbons and Kevin J. Murphy
HBS Negotiations, Organizations and Markets Unit, Massachusetts Institute of Technology - Sloan School and Department of Economics and University of Southern California - Marshall School of Business
Downloads 131 (271,879)
Citation 65

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30.

Relative Performance Evaluation for Chief Executive Officers

NBER Working Paper No. w2944
Number of pages: 40 Posted: 18 Jul 2007 Last Revised: 19 Jul 2021
Robert S. Gibbons and Kevin J. Murphy
Massachusetts Institute of Technology - Sloan School and Department of Economics and University of Southern California - Marshall School of Business
Downloads 115 (298,939)
Citation 34

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31.

Relational Adaptation Under Reel Authority

Johns Hopkins Carey Business School Research Paper No. 18-06, USC CLASS Research Papers Series No. CLASS18-9, USC Legal Studies Research Papers Series No. 18-9
Number of pages: 64 Posted: 16 Apr 2018 Last Revised: 23 Jul 2018
Daniel Barron, Robert S. Gibbons, Ricard Gil and Kevin J. Murphy
Northwestern University Kellogg School of Management, Massachusetts Institute of Technology - Sloan School and Department of Economics, Queen's University (Canada) - Smith School of Business and University of Southern California - Marshall School of Business
Downloads 88 (356,651)
Citation 2

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adaptation, renegotiation, relational contracts

32.

Compensating with Style? The Role of Compensation-Committee Experience on CEO Pay

Number of pages: 46 Posted: 28 Aug 2021
Joonil Lee, Sam (Sunghan) Lee, Kevin J. Murphy and Peter Oh
Kyung-Hee University, Iowa State University, University of Southern California - Marshall School of Business and McGill University - Desautels Faculty of Management
Downloads 14 (685,577)

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compensation committee, director style, CEO pay

33.

Stock-Based Pay in New Economy Firms

Posted: 05 Feb 2003
Kevin J. Murphy
University of Southern California - Marshall School of Business

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executive compensation, stock options, new economy

34.

The Prince and the Pauper: CEO Pay in the Us and UK

Posted: 30 Aug 2000
Kevin J. Murphy and Martin J. Conyon
University of Southern California - Marshall School of Business and Bentley University

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35.

Incentives, Downsizing, and Value Creation at General Dynamics

Posted: 27 Oct 1999
Jay Dial and Kevin J. Murphy
Ohio State University (OSU) - Human Resource Research and University of Southern California - Marshall School of Business

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36.

Informal Authority in Organizations

Posted: 17 May 1999
George P. Baker, Robert S. Gibbons and Kevin J. Murphy
HBS Negotiations, Organizations and Markets Unit, Massachusetts Institute of Technology - Sloan School and Department of Economics and University of Southern California - Marshall School of Business

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37.

Executive Compensation and Corporate Strategy at General Dynamics

Harvard Business School Working Paper Series 94-064
Posted: 20 Dec 1998
Jay Dial and Kevin J. Murphy
Ohio State University (OSU) - Human Resource Research and University of Southern California - Marshall School of Business

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38.

Reporting Choice and the 1992 Proxy Disclosure Rules

Downloads 0 (809,433)

Reporting Choice and the 1992 Proxy Disclosure Rules

JOURNAL OF ACCOUNTING, AUDITING AND FINANCE, Vol 11, No 3, Summer 1996
Posted: 12 Feb 1998
Kevin J. Murphy
University of Southern California - Marshall School of Business

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Reporting Choice and the 1992 Proxy Disclosure Rules

Posted: 30 Oct 1995
Kevin J. Murphy
University of Southern California - Marshall School of Business

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Other Papers (1)

Total Downloads: 261
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1.

Beware the Self-Serving Critics

New York Times, May 20, 1984
Number of pages: 4 Posted: 28 Nov 2003
Kevin J. Murphy and Michael C. Jensen
University of Southern California - Marshall School of Business and Harvard Business School
Downloads 261

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CEO Compensation, executive compensation, corruption, fraud