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CEO Pay for Performance: The Solution to "Managerial Power"
Beginning of article
I. INTRODUCTION
I believe that Pay without Performance by Professors Bebchuk and Fried is an important theory and a book that has some merit. ' But like many economic and human phenomena, I think that there are numerous factors that influence the CEO pay market; managerial power is only one such factor, and in my opinion, is not the most important factor.
I fundamentally believe, and this belief is supported by a large number of important economists,2 that the manner in which executives are paid in the United States is a major source of competitive advantage, and we fool with it at our peril. As I have asked a number of institutional investors over the course of the last …
