Melanie Cao is with the Schulich School of Business, York University, and Rong Wang is with the Lee Kong Chian School of Business, Singapore Management University. An earlier version of the paper was circulated under the title “Search for Optimal CEO Compensation: Theory and Empirical Evidence.” This paper has been presented at Carnegie Mellon University, Central University of Finance and Economics, Fudan University, Queen's University, Shanghai University of Finance and Economics, the University of Toronto, the 2006 Southern Ontario Finance Symposium, the 2007 Northern Finance Association annual meeting, the 2008 Financial Intermediation Research Society annual meeting, the 2008 North American Econometric Society Summer Meeting, the 2008 Chinese International Finance Conference, the 2008 Financial Management Association meeting, the third annual conference on Asia-Pacific Financial Market, the 2009 European Financial Management Association meeting, and the 2011 meeting of Society for the Advancement of Economic Theory. We wish to thank the Editor, Campbell R. Harvey, an Associate Editor, and two anonymous referees for their thoughtful comments that have improved the paper significantly. We also thank Sugato Bhattacharyya, Douglas Blackburn, Neil Brisley, Douglas Cumming, Alex Edmans, Yaniv Grinstein, Brian Henderson, S. H. Seog, Shouyong Shi, Yisong Tian, Jan Zabojnik, and the seminar and conference participants for valuable comments and suggestions. Melanie Cao gratefully acknowledges financial support from the Social Sciences and Humanities Research Council of Canada.
Optimal CEO Compensation with Search: Theory and Empirical Evidence
Article first published online: 10 SEP 2013
© 2013 the American Finance Association
The Journal of Finance
Volume 68, Issue 5, pages 2001–2058, October 2013
How to Cite
CAO, M. and WANG, R. (2013), Optimal CEO Compensation with Search: Theory and Empirical Evidence. The Journal of Finance, 68: 2001–2058. doi: 10.1111/jofi.12069
- Issue published online: 10 SEP 2013
- Article first published online: 10 SEP 2013
- Accepted manuscript online: 27 MAY 2013 10:32AM EST
- Manuscript Accepted: 10 MAY 2013
- Manuscript Received: 13 MAY 2010
- Social Sciences and Humanities Research Council of Canada
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