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Edmans, Gosling, Jenter (2021)
UK Department for Business, Energy & Industrial Strategy (2021): "Executive Pay and Investment in the UK"
Gosling and Hayes Guymer (2021): "Paying Well by Paying for Good":
A joint report by London Business School’s Centre for Corporate Governance and PwC
Edmans, Gabaix, and Jenter (2017): “Executive Compensation: A Survey of Theory and Evidence”
Handbook of the Economics of Corporate Governance, Volume 1
Gabaix, Xavier, and Augustin Landier (2008): “Why Has CEO Pay Increased So Much?”
Quarterly Journal of Economics
Von Lilienfeld-Toal and Ruenzi (2014): “CEO Ownership, Stock Market Performance, and Managerial Discretion”
Journal of Finance
Edmans, Fang, and Lewellen (2017): “Equity Vesting and Investment”
Review of Financial Studies
Flammer and Bansal (2017): “Does a Long-Term Orientation Create Value? Evidence From a Regression Discontinuity”
Strategic Management Journal
Bennett et al. (2017): “Compensation Goals and Firm Performance”
Journal of Financial Economics
The Dangers of Taking Academic Evidence at Face Value (Alex Edmans and Tom Gosling)
- Examines study on remuneration consultants that was picked up by the mediaStop Paying Executives For Performance (Dan Cable and Freek Vermeulen)
- Argues that CEOs should be paid a flat salary rather than incentives, since CEOs should be intrinsically motivatedPerformance-Based Pay For Executives Still Works (Alex Edmans)
- Argues that incentives work even for intrinsically-motivated CEOs, by encouraging innovation rather than coastingSudden Deaths Suggest That Levels of CEO Pay Are Not As Mad As They Seem (Tom Gosling)
- When CEOs die, firm value falls by 2% on averageLink Executive Pay To Wider Societal Benefits (Alex Edmans)
- Pay reform should focus on “pie-enlarging” (encouraging the CEO to improve long-term firm value to the benefit of all stakeholders) rather than “pie-splitting” (reducing CEO pay to redistribute it to other stakeholders)Fairness matters. Pay ratios don’t (Tom Gosling)
- Reviews the academic evidence on pay ratios and argues that the focus should be on how companies treat employees rather than pay ratio statisticsEquality In Executive Pay Is Not Always Fair (Tom Gosling)
- Fair pay is pay that is merited by one’s contribution, not pay that is equal across individualsWhy We Need To Stop Obsessing Over CEO Pay Ratios (Alex Edmans)
- How the ratio of CEO pay to median worker pay is a misleading measure of pay fairness, and may lead to unintended consequences to manipulate the ratioSimplicity, Not Accuracy, Is What Is Needed in the Pay Ratio Definition (Tom Gosling)
- Now that pay ratios have to be disclosed in the US and UK, what’s the best way to measure them?The Purposeful Company Executive Remuneration Report
- Advocates lengthening the horizon of CEO pay and removing short-term targets