The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
The Difference That CEOs Make: An Assignment Model Approach
Abstract
This paper presents an assignment model of CEOs and firms. The distributions of CEO pay levels and firms' market values are analyzed as the competitive equilibrium of a matching market where talents, as well as CEO positions, are scarce. It is shown how the observed joint distribution of CEO pay and market value can then be used to infer the economic value of underlying ability differences. The variation in CEO pay is found to be mostly due to variation in firm characteristics, whereas implied differences in managerial ability are small and make relatively little difference to shareholder value. (JEL G32, M12, M52)
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Citations
Cites
On the Size Distribution of Business Firms
Lucas, R. E. (1978) · The Bell Journal of Economics · doi:10.2307/3003596 · Cited by 3,236
Cited by
Power Laws in Economics and Finance
Gabaix, X. (2009) · Annual Review of Economics · doi:10.1146/annurev.economics.050708.142940 · Cited by 907
Frydman, C., & Jenter, D. (2010) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-120209-133958 · Cited by 542
Power Laws in Economics: An Introduction
Gabaix, X. (2016) · Journal of Economic Perspectives · doi:10.1257/jep.30.1.185 · Cited by 435
A Supply and Demand Framework for Two-Sided Matching Markets
Azevedo, E. M., & Leshno, J. D. (2016) · Journal of Political Economy · doi:10.1086/687476 · Cited by 312
Metadata
- Authors
- Terviö, M.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2008-05-01
- Volume
- 98
- Issue
- 3
- Pages
- 642-668
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2007872900
- Cited by
- 525
- References
- 1
- FWCI
- 95.43
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
