Executive Compensation and Shareholder Value

1. Front Matter

   Pages i-ix

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2. Part One

   1. Front Matter

      Pages 1-1

      PDF

   2. Top executive incentives in Germany, Japan and the USA: a comparison

      • Steven N. Kaplan

      Pages 3-12

   3. Corporate governance, executive pay and performance in Europe

      • Martin J. Conyon, Joachim Schwalbach

      Pages 13-33

   4. A better way to pay CEOs?

      • Brian J. Hall

      Pages 35-46

   5. The winner-takes-all: an alternative view of CEO incentives

      • Todd T. Milbourn

      Pages 47-52

3. Part Two

   1. Front Matter

      Pages 53-53

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   2. Dual agency: corporate boards with reciprocally interlocking relationships

      • Kevin F. Hallock

      Pages 55-75

   3. Discussion of Hallock paper on reciprocal interlocks

      • Arthur H. Rosenbloom

      Pages 77-79

4. Part Three

   1. Front Matter

      Pages 81-81

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   2. The rise and fall of executive share options in Britain

      • Brian G. M. Main

      Pages 83-113

   3. Patterns of stock option exercise in the United States

      • Steven Huddart

      Pages 115-142

   4. Discussant comments

      • Steve Matsunaga

      Pages 143-146

   5. Discussant comments

      • John Samuels

      Pages 147-148

5. Back Matter

   Pages 149-159

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Executive compensation has gained widespread public attention in recent years, with the pay of top U.S. executives reaching unprecedented levels compared either with past levels, with the remuneration of top executives in other countries, or with the wages and salaries of typical employees. The extraordinary levels of executive compensation have been achieved at a time when U.S. public companies have realized substantial gains in stock market value. Many have cited this as evidence that U.S. executive compensation works well, rewarding managers who make difficult decisions that lead to higher shareholder values, while others have argued that the overly generous salaries and benefits bear little relation to company performance. Recent conceptual and empirical research permits for the first time a truly rigorous debate on these and related issues, which is the subject of this volume.

• CEO
• Shareholder
• Shareholder Value
• performance

• Stern School of Business, New York University, USA

  Jennifer Carpenter, David Yermack

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