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Diane Publishing Books
CEO Pay and the Market for CEOs
Antonio Falato (au); Dan Li (au); Todd Milbourn (au)
Competitive sorting models of the CEO labor market predict that differences in CEO productive abilities, or "talent", should be an important determinant of CEO pay. However, measuring CEO talent empirically represents a major challenge. This report documents reliable evidence of pay for CEO credentials and argues that the evidence is consistent with models of the CEO labor market. The main finding is that boards' compensation decisions reward several reputational, career, and educational credentials of CEOs, with newly-appointed CEOs earning a 5% ($280,000) total pay premium for each decile improvement in the distribution of these credentials. The results also suggest that the rise in CEO pay over the last decades may owe at least in part to a rise in the CEO talent premium. Tables and figures. This is a print on demand report.
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