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    1. How Well Does Agency Theory Explain Executive Compensation? by George-Levi Gayle, Chen Li, and Robert A. Miller

      How Well Does Agency Theory Explain Executive Compensation? by George-Levi Gayle, Chen Li, and Robert A. Miller

      As the share of all income going to the top 1 percent has risen over the past four decades, so has the share of top incomes coming from labor income relative to capital income. The rise in labor income is mainly due to the explosion in executive compensation over the same period—mostly because of the increase in executives being paid with stocks, options, and bonuses...

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