The difference that CEOs make:: An assignment model approach

被引：224

作者：

Tervio, Marko ^{[1
]}

机构：

[1] Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA

来源：

AMERICAN ECONOMIC REVIEW | 2008年 / 98卷 / 03期

关键词：

D O I：

10.1257/aer.98.3.642

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper presents an assignment model of CEOs and firms. The distributions of CEO pay levels and firms' market values are analyzed as the competitive equilibrium of a matching market where talents, as well as CEO positions, are scarce. It is shown how the observed joint distribution of CEO pay and market value can then be used to infer the economic value of underlying ability differences. The variation in CEO pay is found to be mostly due to variation in firm characteristics, whereas implied differences in managerial ability are small and make relatively little difference to shareholder value.

引用

页码：642 / 668

页数：27

共 34 条

[11]

Himmelberg C.P., 2000, Incentive pay and the market for CEOs: an analysis of pay-for-performance sensitivity

[12]

JENSEN MC, 1986, AM ECON REV, V76, P323

[13] ASSIGNMENT PROBLEMS AND THE LOCATION OF ECONOMIC-ACTIVITIES [J].

KOOPMANS, TC ;

BECKMANN, M .

ECONOMETRICA, 1957, 25 (01) :53-76

[14] FIRM SIZE AND EXECUTIVE-COMPENSATION [J].

KOSTIUK, PF .

JOURNAL OF HUMAN RESOURCES, 1990, 25 (01) :90-105

[15] SIZE DISTRIBUTION OF BUSINESS FIRMS [J].

LUCAS, RE .

BELL JOURNAL OF ECONOMICS, 1978, 9 (02) :508-523

[16] MERGERS AND THE MARKET FOR CORPORATE-CONTROL [J].

MANNE, HG .

JOURNAL OF POLITICAL ECONOMY, 1965, 73 (02) :110-120

[17] THE DISTRIBUTION OF ABILITY AND EARNINGS [J].

MAYER, T .

REVIEW OF ECONOMICS AND STATISTICS, 1960, 42 (02) :189-195

[18] DIVERSIFICATION, RICARDIAN RENTS, AND TOBIN-Q [J].

MONTGOMERY, CA ;

WERNERFELT, B .

RAND JOURNAL OF ECONOMICS, 1988, 19 (04) :623-632

[19]

Murphy K. J., 1999, Handbook of Labor Economics, V3, P2485

[20] New developments in human-capital theory -: CEO pay and appointments:: A market-based explanation for recent trends [J].

Murphy, KJ ;

Zábojník, J .

AMERICAN ECONOMIC REVIEW, 2004, 94 (02) :192-196

← 1 2 3 4 →