2010
DOI: 10.2139/ssrn.1691154
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CEO Bonuses, Relative Performance Evaluation, and Pay-for-Luck

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Cited by 3 publications
(5 citation statements)
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“…Thus, we support our expectations regarding the impacts of the specific Anglo‐American and Euro‐Continental institutional features on CEOs pay sensitivity to luck. Indeed, we rely on previous evidences of pay for luck (Bertrand and Mullainathan, 2001; Garvey and Milbourn, 2003, 2006) and pay‐for‐firm relative performance (Farmer et al , 2010; Gopalan et al , 2009; Jiménez‐Angueira and Stuart, 2010).…”
Section: Empirical Results and Robustness Checksmentioning
confidence: 99%
See 3 more Smart Citations
“…Thus, we support our expectations regarding the impacts of the specific Anglo‐American and Euro‐Continental institutional features on CEOs pay sensitivity to luck. Indeed, we rely on previous evidences of pay for luck (Bertrand and Mullainathan, 2001; Garvey and Milbourn, 2003, 2006) and pay‐for‐firm relative performance (Farmer et al , 2010; Gopalan et al , 2009; Jiménez‐Angueira and Stuart, 2010).…”
Section: Empirical Results and Robustness Checksmentioning
confidence: 99%
“…Whereas the authors have failed to find strong evidence of a pay response to performance[2], rival studies conducted post the increase in equity‐based compensation of the 1990s find a much stronger relationship. These studies cover the USA (Hall and Liebman, 1998; Core et al , 1999; Harford and Li, 2007; Zheng and Zhou, 2009; Jiménez‐Angueira and Stuart, 2010), Canada (Zhou, 2000; Park et al , 2001; Craighead et al , 2004; Swan and Zhou, 2006; Chourou et al , 2008; Kalyta and Magnan, 2008; Geremia et al , 2010), France (Alcouffe and Alcouffe, 2000; Llense, 2010), the UK (Ozkan, 2009; Guest, 2009a; Conyon and Sadler, 2010; Voulgaris et al , 2010; Renneboog and Zhao, 2011), Allemande (Elston and Goldberg, 2003), Australia (Evans and Evans, 2001; Merhebi et al , 2006; Heaney et al , 2010), Japan (Abe et al , 2005; Kato and Kubo, 2006), Chine (Conyon and He, 2011; Chen et al , 2011), Hong Kong (Cheung et al , 2005), Sweden (Oxelheim et al , 2010), Italy (Brunello et al , 2001), Denmark (Eriksson, 2000), The Netherlands (Jansen et al , 2009), Slovenia (Gregoric et al , 2010), and Portugal (Fernandes, 2008). A contrario, results from “neighbor” studies by Tosi et al (2000) and Gabaix and Landier (2008) may seem surprising.…”
Section: Theoretical Background and Hypothesis Developmentmentioning
confidence: 99%
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“…Thus, we support our expectations regarding the impacts of the specific Anglo-American and Euro-Continental institutional features on CEO pay sensitivity to luck. Indeed, we rely on previous evidences of pay-for-luck (Bertrand and Mullainathan, 2001;Garvey and Milbourn, 2003;2006) and pay-for-firm relative performance (Farmer et al, 2010;Gopalan et al, 2010;Jiménez-Angueira and Stuart, 2010).…”
Section: Regression Resultsmentioning
confidence: 99%