Graham, John R.; Li, Si; Qiu, Jiaping - In: Review of Financial Studies 25 (2012) 1, pp. 144-186
We study the role of firm- and manager-specific heterogeneities in executive compensation. We decompose the variation in executive compensation and find that time-invariant firm and, especially, manager fixed effects explain a majority of the variation in executive pay. We then show that in many...
