TY  - JOUR
AU  - Clementi,Gian Luca
AU  - Cooley,Thomas F.
TI  - Executive Compensation: Facts
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 15426
PY  - 2009
Y2  - October 2009
UR  - http://www.nber.org/papers/w15426
L1  - http://www.nber.org/papers/w15426.pdf
N1  - Author contact info:
Gian Luca Clementi
Department of Economics
Stern School of Business
New York University
44 West Fourth Street
New York, NY 10012
Tel: 212/998-0268
Fax: 212/995-4218
E-Mail: clem@nyu.edu

Thomas F. Cooley
Department of Economics
Stern School of Business
44 West 4th Street, Room 7-88
New York, NY  10012-1126
Tel: 212/998-0870
Fax: 212/995-4218
E-Mail: tcooley@stern.nyu.edu
AB  - In this paper we describe the important features of executive compensation in the US from 1993 to 2006. Some confirm what has been found for earlier periods and some are novel. Important facts about compensation are that: the compensation distribution is highly skewed;  each year, a sizeable fraction of chief executives lose money; the use of equity grants has increased; the income accruing to CEOs from the sale of stock has increased; regardless of the measure we adopt, compensation responds strongly to innovations in shareholder wealth; measured as dollar changes in compensation, incentives have strengthened over time, measured as percentage changes in wealth, they  have not changed in any appreciable way.
ER  -