Economic Quarterly
نویسندگان
چکیده
E xecutive compensation is a topic that has received attention both in the media and the academic literature. This article discusses issues relevant to the construction and interpretation of compensation gures typically reported in both sources. First, it is not clear what precisely should be included within a measure of the chief executive o¢ cers (CEOs) income tied to his rm. Second, the study of executive compensation remains constrained by the availability of data. We discuss the main source of data used in most studies on the topic: Execucomp. We highlight where the lack of data requires a deviation between a theoretical idealmeasure of compensation and that which the researcher must use as an approximation. In this way, we hope our article will be a useful rst introduction for those looking to do further research on the topic. We propose a measure of realized annual pay, compare it to other measures used in the literature, and illustrate the di¢ culties in calculating it. Using data in Execucomp, we provide our pay measure for CEOs of large U.S. rms in the period 19932012 and use it to estimate sensitivity of pay to rm performance. The main di¢ culties in this exercise lie in the fact that compensation packages of most executives include stock and option grants on their own rms shares, which typically come with requirements that they be held by the executive for at least three or four years.1 This implies two important
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