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CEO Pay and Firm Size: an Update after the Crisis
Full text linkIn the `size of stakes' view quantitatively formalised in Gabaix and Landier (2008), CEO\ud
compensation reflects the size of rms aected by talent in a competitive market. The years\ud
2004-2011 were not part of the initial study and oer a laboratory to examine the theory\ud
with new positive and negative shocks. Executive compensation (measured ex ante) did closely track the evolution of average firm value, supporting the `size of stakes' view out of\ud
sample. During 2007 - 2009, rm value decreased by 17%, and CEO pay by 28%. During\ud
2009-2011, firm value increased by 19% and CEO pay by 22%
Consortium Impact: The Effects of Buyout Group Composition on Leveraged Buyout Deal Success Probability
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