题目: “经济学系列讲座”第52期CEO Compensation: Evidence From the Field
主讲人：Alex Edmans MIT金融学博士、伦敦商学院金融学教授
主讲人：Review of Finance主编、Journal of Financial Economics副主编
线上：Zoom会议号：894 4490 6360
We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would sacrifice shareholder value to avoid controversy on CEO pay, implying that they face significant constraints other than participation and incentive compatibility. These constraints lead to lower pay levels and more one-size-fits-all structures. Shareholders are the main source of constraints, suggesting that directors and investors disagree on how to maximize value. Respondents view intrinsic motivation and reputation as stronger motivators than incentive pay. They believe that pay matters to CEOs not to finance consumption, but because of CEOs' perceptions of fairness. The need to fairly recognize the CEO's contribution explains why flow pay responds to performance, even though CEOs' equity holdings already provide substantial consumption incentives, and why peer firm pay matters beyond retention. Fairness also matters to investors, who expect CEOs to share their gains and losses. This causes CEO pay to be affected by external risks, in contrast to optimal risk sharing.
Key words: Executive Compensation, Contract Theory, CEO Incentives, Fairness, Survey
Alex Edmans is Professor of Finance at London Business School. He graduated from Oxford University and then worked for Morgan Stanley in investment banking (London) and fixed income sales and trading (New York). After a PhD in Finance from MIT Sloan as a Fulbright Scholar, he joined Wharton in 2007 and was tenured in 2013 shortly before moving to LBS.
His research interests are in corporate finance, responsible business and behavioural finance. He is a Director of the American Finance Association and a Fellow of the Financial Management Association. From 2017-2022 he was Managing Editor of the Review of Finance.
Alex has spoken at the World Economic Forum in Davos, testified in the UK Parliament, presented to the World Bank Board of Directors as part of the Distinguished Speaker Series, and given the TED talk What to Trust in a Post-Truth World and the TEDx talks The Pie-Growing Mindset and The Social Responsibility of Business with a combined 2.5 million views. He has written for the Wall Street Journal, Financial Times, Harvard Business Review and World Economic Forum and been interviewed by Bloomberg, BBC, CNBC, CNN, ESPN, Fox, ITV, NPR, Reuters, Sky News, and Sky Sports.
Alex serves as a Non-Executive Director of The Investor Forum, which promotes collaborative engagement between investors and companies, on Royal London Asset Management's Responsible Investment Advisory Committee, and on the Steering Group of The Purposeful Company, a UK consortium of leaders in responsible business. The UK government appointed him (jointly with PwC) to study the alleged misuse of share buybacks and the link between executive pay and investment.
Alex was named Professor of the Year by Poets & Quants in 2021. He has won 24 teaching awards at Wharton and LBS, won the Finance for the Future award for Driving Change in the finance community, and featured in Thinkers50 Radar.