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Topic
Industry Tournament Incentives
Resource type
Authors/contributors
- Coles, Jeffrey L (Author)
- Li, Zhichuan (Author)
- Wang, Albert Y (Author)
Title
Industry Tournament Incentives
Abstract
We empirically assess industry tournament incentives for CEOs, as measured by the compensation gap between a CEO at one firm and the highest-paid CEO among similar (industry, size) firms. We find that firm performance, firm risk, and the riskiness of firm investment and financial policies are positively associated with the external industry pay gap. The industry tournament effects are stronger when industry, firm, and executive characteristics indicate high CEO mobility and a higher probability of the aspirant executive winning.
Publication
Review of Financial Studies
Volume
31
Issue
4
Pages
1418-1459
Date
2018
Citation
Coles, J. L., Li, Z., & Wang, A. Y. (2018). Industry Tournament Incentives. Review of Financial Studies, 31, 1418–1459.
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