We investigate the relation between the CEO Pay Slice (CPS)mdash;the fraction of the aggregate compensation of the top-five executive team captured by the Chief Executive Officermdash;and the value, performance, and behavior of public firms. The CPS could reflect the relative importance of the...

The analysis of this paper was subsequently combined with that of our companion paper ldquo;Lucky CEOs,rdquo; lt;a href=quot;http://ssrn.com/abstract=945392quot; target=quot;_blankquot;gt;http://ssrn.com/abstract=945392lt;/agt;. The combined paper, titled ldquo;Lucky CEOs and Lucky...

The analysis of this paper was subsequently combined with that of our companion paper ldquo;Lucky Directors,rdquo; lt;a href=quot;http://ssrn.com/abstract=952239quot; target=quot;_blankquot;gt;http://ssrn.com/abstract=952239lt;/agt;. The combined paper, titled ldquo;Lucky CEOs and Lucky...

Researchers and shareholder advisers have devoted much attention to developing metrics for assessing the governance of public companies around the world. These important and influential efforts, we argue, suffer from a basic shortcoming. The impact of many key governance arrangements depends...

This paper analyzes the history of federal intervention in corporate law and draws from it lessons for the future. We show that federal intervention has generally not alternated between tightening state law restrictions on corporate insiders and relaxing them. Rather, federal law has...

Despite the large infusion of capital into the financial sector and low interest rates, the flow of financing to operating firms has failed to return to normal levels. One explanation suggested is that banks still lack confidence because they need time to adjust to the new environment. Another...

We study the extent to which decisions to expand firm size are associated with increases in subsequent CEO compensation. Investigating a broad universe of firm-expansion choices, we find, controlling for performance and firm characteristics, a positive and economically meaningful correlation...

This paper presents evidence of the extent to which omitting the value of pension benefits has undermined the accuracy of existing estimates of executive pay, its variability, and its sensitivity to performance.We study the pension arrangements of CEOs of Samp;P 500 companies that (1) are now...

The Business Roundtable has played a key role in the opposition to the SEC shareholder access proposal. While the strong resistance to the proposal has been thus far successful in discouraging the SEC from adopting it, this paper considers the merits of the Business Roundtable's substantive...