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Executive Remuneration and Employee Performance Related Pay A Transatlantic Perspective 1st Edition by Tito Boeri, Claudio Lucifora, Kevin J Murphy ISBN 0199669805 9780199669806

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Executive remuneration and employee performance related pay a transatlantic perspective 1st Edition Tito Boeri Digital Instant Download

Author(s): Tito Boeri, Claudio Lucifora, Kevin J. Murphy
ISBN(s): 9780199669806, 0199669805
Edition: 1
File Details: PDF, 1.25 MB
Year: 2013
Language: english
SKU: EB-6638624 Category: Tags: , ,

Executive Remuneration and Employee Performance Related Pay A Transatlantic Perspective 1st Edition by Tito Boeri, Claudio Lucifora, Kevin J Murphy – Ebook PDF Instant Download/Delivery: 0199669805, 9780199669806
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Product details:

ISBN 10: 0199669805 
ISBN 13: 9780199669806
Author: Tito Boeri, Claudio Lucifora, Kevin J Murphy

The recent financial crisis has created a public outcry over top-executive pay packages and has led to calls for reform of executive pay in Europe and the US. The current controversy is not the first – nor will it be the last – time that executive compensation has sparked outrage and led to regulation on both sides of the Atlantic. This volume compares US and European CEOs to trace the evolution of executive compensation, its controversies and its resulting regulations. It shows that many features of current executive compensation practices reflect the, often-unintended, consequences of regulatory responses to perceived abuses in top-executive pay, which frequently stem from relatively isolated events or situations. Regulation creates unintended (and usually costly) side effects and it is often driven by political agendas rather than shareholder value. Improvements in executive compensation are more likely to come from stronger corporate governance, and not through direct government intervention. The volume also examines the effects of incentive schemes and the patterns of performance related pay both within and across countries. It documents a number of empirical regularities and discusses whether government should intervene to support the implementation of incentive pay schemes. It argues that it makes little sense to undertake reform without detailed simulations of the effect on the economy under alternative economic scenarios, based on sound analysis and extensive discussion with labour, management, and government decision-makers.

Executive Remuneration and Employee Performance Related Pay A Transatlantic Perspective 1st Table of contents:

Part I. The Executive Compensation Controversy: A Transatlantic Analysis

  • Executive Summary

  • Introduction

1. The Evolution of Executive Compensation: The US Experience

1.1 The Evolution of US CEO Pay
1.2 The Evolution of US Disclosure Requirements
1.3 The Evolution of US Stock Options
1.4 The Financial Crisis and the Dodd-Frank Act

2. The Transatlantic Pay Divide: Is Europe Catching Up?

2.1 Introduction
2.2 Executive Compensation in Europe (versus the United States)
2.3 The Transatlantic Pay Divide
2.4 Equity-Based Incentives for European CEOs

3. Banking Bonuses and the Financial Crisis

3.1 The US Experience
3.2 The European Experience
3.3 How Incentive Pay Can Increase Risk (and How to Fix It)
3.4 Did Banking Bonuses Cause the Financial Crisis?
3.5 Should Compensation in Banks be Reformed?

4. Summary and Policy Implications

4.1 Putting the Pay Controversies in Context
4.2 Should Executive Pay be Regulated?

  • References

  • Comments

Part II. Paying for Performance: Incentive Pay Schemes and Employees’ Financial Participation

  • Executive Summary

  • Introduction

5. Forms of Incentive Pay

5.1 Individual Performance Pay
5.2 Group Performance Pay
5.3 Financial Participation

6. Performance Pay and Financial Participation

6.1 New Comparative Evidence
6.2 Empirical Regularities Within Countries
6.3 Empirical Regularities Between Countries

7. Theoretical Implications

7.1 Heterogeneity and Selection
7.2 Risk Aversion and Performance Measurement
7.3 Group Incentives and Monitoring
7.4 The Battle Against Free Riding
7.5 The Macro Issues
7.6 Conclusion

8. Empirical Literature

8.1 Individual Performance-Related Pay
8.2 Group Incentive Pay
8.3 Financial Participation
8.4 Summary

9. New Evidence on Performance-Related Pay

9.1 Incentive Effects of PRP in a Catering Services Company
9.2 Decentralized Bargaining and Firm Performance: Evidence from the Metal-Engineering Industry
9.3 Incentive Pay and Financial Participation in France

10. Should Governments Encourage Group Incentive Pay and Financial Participation?

10.1 Are Policy Interventions Justifiable?
10.2 Possible Policies to Encourage Group Incentives and Financial Participation

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Tags: Tito Boeri, Claudio Lucifora, Kevin J Murphy, Executive Remuneration, Employee