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Executive compensation
01 Jan 1959-
About: The article was published on 1959-01-01 and is currently open access. It has received 2719 citations till now. The article focuses on the topics: Executive compensation.
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5,084 citations
TL;DR: The authors showed that the large shocks that capital owners experienced during the Great Depression and World War II have had a permanent effect on top capital incomes and argued that steep progressive income and estate taxation may have prevented large fortunes from fully recovering from these shocks.
Abstract: This paper presents new homogeneous series on top shares of income and wages from 1913 to 1998 in the United States using individual tax returns data. Top income and wages shares display a U-shaped pattern over the century. Our series suggest that the large shocks that capital owners experienced during the Great Depression and World War II have had a permanent effect on top capital incomes. We argue that steep progressive income and estate taxation may have prevented large fortunes from fully recovering from these shocks. Top wage shares were flat before World War II, dropped precipitously during the war, and did not start to recover before the late 1960s but are now higher than before World War II. As a result, the working rich have replaced the rentiers at the top of the income distribution.
3,263 citations
TL;DR: This paper found that higher sensitivity of CEO wealth to stock volatility (vega) implements riskier policy choices, including relatively more investment in R&D, less investment in PPE, more focus, and higher leverage.
2,476 citations
TL;DR: Li et al. as mentioned in this paper provided empirical evidence on the incentive role of personnel control in post-reform China by employing the turnover data of top provincial leaders in China between 1979 and 1995.
2,249 citations