Today's post brought a copy of Research Handbook on Executive Pay, edited by two outstanding legal scholars Randall Thomas and Jennifer Hill.
Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay.
The authors analyze the two dominant theoretical approaches - managerial power theory and optimal contracting theory - and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed.
On a quick scan, many of the articles look quite useful. Todd Henderson's chapter on insider trading and executive compensation looks typically excellent. I'm already deep into Kevin Murphy's chapter on the politics of pay and his expertise and clarity make it a great read. In sum, this looks like an essential addition to the library of toilers in the compensaton vineyard.