Executive Remuneration and Employee Performance-Related Pay A Transatlantic Perspective

Introduction

Part I: The Executive Compensation Controversy: A Transatlantic AnalysisMartin J. Conyon, Nuno Fernandes, Miguel A. Ferreira, Pedro Matos, and Kevin J. Murphy: 
Executive Summary
Introduction
1: The Evolution of Executive Compensation: The US Experience
2: The Transatlantic Pay Divide: Is Europe Catching Up?
3: Banking Bonuses and the Financial Crisis
4: Summary and Policy Implications
Comment by John Van Reenen

Part II: Paying for Performance: Incentive Pay Schemes and Employees' Financial ParticipationAlex Bryson, Richard Freeman, Claudio Lucifora, Michele Pellizzari, and Virginie Pérotin: 
Executive summary
Introduction
5: Forms of Incentive Pay
6: Performance Pay and Financial Participation
7: Theoretical Implications
8: Empirical Literature
9: New Evidence on Performance Related Pay
10: Should Governments Encourage Group Incentive Pay and Financial Participation?
Comment by Oriana Bandiera

Edited by Tito Boeri, Fondazione Rodolfo Debenedetti and Bocconi University, Claudio Lucifora, Università Cattolica del Sacro Cuore, and Kevin J. Murphy, University of Southern California

Tito Boeri is Professor of Economics at Bocconi University, Milan and Scientific Director of the Fondazione Rodolfo Debenedetti (www.frdb.org). His papers have been published in the American Economic Review, the Journal of Economic Perspectives, the Economic Journal, the Journal of the European Economic Association, Economic Policy, the European Economic Review, the Journal of Labour Economics, the Journal of Development Economics and the NBER Macroeconomics Annual. He has published 11 books with Oxford University Press, MIT Press, and Princeton University Press. He is the founder of the economic policy watchdog website www.lavoce.info and the scientific director of the Festival of Economics in Trento.

Claudio Lucifora is Professor of Economics at the Università Cattolica in Milan and research fellow at IZA. He has been visiting scholar at the University of Warwick, Université de Paris 2, London School of Economics, Universitat Autonoma Barcelona, Australian National University, and University of New South Wales. He has been elected member of the executive committee and Treasurer of EALE (European Association of Labour Economists). He has published books on low pay employment, the economics of education, and the shadow economy, as well as articles in refereed journals on earnings mobility, wage determination, unemployment, labour market institutions, education, and health.

Kevin J. Murphy is the Kenneth L. Trefftzs Chair in Finance at the USC Marshall School of Business, Professor of Business and Law in the USC Law School, and Professor of Economics in the USC Economics Department. He is an internationally known expert on executive compensation, and is the author of nearly 50 articles, cases, books, or book chapters relating to compensation and incentives in organizations. He has have offered testimony relating to executive compensation to the US Congress and has given speeches on compensation and incentives to the Conference Board, the American Compensation Association, and the Board of Governors of the Federal Reserve. Professor Murphy received his M.A. and Ph.D. degrees in Economics from the University of Chicago.

Contributors: 

1. Oriana Bandiera, London School of Economics
2. Tito Boeri, Fondazione Rodolfo Debenedetti and Bocconi University
3. Alex Bryson, NIESR and Cep-LSE
4. Martin J. Conyon, The Wharton School, University of Pennsylvania
5. Nuno Fernandes, IMD International
6. Miguel A. Ferreira, Universidade Nova de Lisboa
7. Richard Freeman, Harvard University and Cep-LSE
8. Claudio Lucifora, Cattolica University and IZA
9. Pedro Matos, University of Virginia
10. Kevin J. Murphy, University of Southern California
11. Michele Pellizzari, Bocconi University
12. Virginie Pérotin, Leeds University Business School and ERMES Paris-II
13. John van Reenen, Cep-LSE