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The evolution of the market for corp...

Frydman, Carola.

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The evolution of the market for corporate executives across the 20th century.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	The evolution of the market for corporate executives across the 20th century./
作者:	Frydman, Carola.
面頁冊數:	167 p.
附註:	Source: Dissertation Abstracts International, Volume: 67-05, Section: A, page: 1855.
Contained By:	Dissertation Abstracts International67-05A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3217726
ISBN:	9780542692437

The evolution of the market for corporate executives across the 20th century.
Frydman, Carola.

The evolution of the market for corporate executives across the 20th century. - 167 p.

Source: Dissertation Abstracts International, Volume: 67-05, Section: A, page: 1855.

Thesis (Ph.D.)--Harvard University, 2006.

By studying the evolution of executive pay and the market for top managers throughout most of the twentieth century, this dissertation provides a historical perspective to the recent increase in CEO and other top management pay. Chapter one presents a new panel dataset following the remuneration of top executives in large firms and sets forth the trends in compensation from 1936 to the present. The average real value of pay experienced three distinct phases: a sharp decline during World War II, a modest increase from the mid-1940s to the 1970s, and a high and accelerating growth rate in the 1980s and 1990s. To explain these trends, the chapter investigates the contributions of tax policy and the growth in the market value of firms. We find that progressive taxation restrained managerial compensation from keeping pace with the growing size of firms in the 1950s and 1960s.

ISBN: 9780542692437Subjects--Topical Terms:

626650
Economics, Finance.

The evolution of the market for corporate executives across the 20th century.
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245 1 4 $a The evolution of the market for corporate executives across the 20th century.
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500 $a Source: Dissertation Abstracts International, Volume: 67-05, Section: A, page: 1855.
500 $a Advisers: Claudia Goldin; Caroline Hoxby; Lawrence Katz.
502 $a Thesis (Ph.D.)--Harvard University, 2006.
520 $a By studying the evolution of executive pay and the market for top managers throughout most of the twentieth century, this dissertation provides a historical perspective to the recent increase in CEO and other top management pay. Chapter one presents a new panel dataset following the remuneration of top executives in large firms and sets forth the trends in compensation from 1936 to the present. The average real value of pay experienced three distinct phases: a sharp decline during World War II, a modest increase from the mid-1940s to the 1970s, and a high and accelerating growth rate in the 1980s and 1990s. To explain these trends, the chapter investigates the contributions of tax policy and the growth in the market value of firms. We find that progressive taxation restrained managerial compensation from keeping pace with the growing size of firms in the 1950s and 1960s.
520 $a Since the 1950s, the structure of executive pay has undergone a major transformation. The use of equity-based pay may have important implications for managerial incentives, and so Chapter 2 provides consistent estimates of the responsiveness of an executive's wealth to firm performance. Controlling for growth in firm size, the amount of pay-for-performance has been sizable in every decade except the 1940s and the 1970s. However, the magnitude of this correlation is now about three times stronger than in any period since the 1930s.
520 $a The third chapter explores the hypothesis that a shift in the importance of skills from firm-specific to more general managerial skills may account for the documented changes in executive pay. In a simple framework, I show that this shift may lead to higher CEO pay, more inequality across top managers within the firm, and higher mobility of executives. To assess these implications, I use biographical sources to obtain information on the education and career paths of top executives from 1936 to 2003. The rapid increase in business education and greater occupational mobility within the firm provide suggestive evidence of the growing importance of general skills over time. The predictions of the model regarding managerial turnover are confirmed by the data.
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