CEO Pay and the Lake Wobegon Effect

By Rachel M. Hayes, Scott Schaefer. 2009

124 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/53d4ca379d9e94de33569a0e6194962b0a35b3b7

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Michael W. Faulkender
2. Jun Yang
3. Scott Schaefer
4. Paul D. Oyer
5. Jarrad Harford
6. Xavier Gabaix
7. Alex Edmans
8. Murillo Campello

In Finance

1. Michael W. Faulkender
2. Jun Yang
3. Paul D. Oyer
4. Scott Schaefer
5. Jarrad Harford
6. Murillo Campello
7. Till M. von Wachter
8. Malcolm P. Baker

Citations in the corpus

• Inside the black box: The role and composition of compensation peer groups (2010, background): “In addition, Hayes and Schaefer (2009) offer a model of the ‘‘Lake Wobegon effect’’ in which firms distort CEO pay upward in an attempt to affect market perceptions of firm value.”
• Is Disclosure an Effective Cleansing Mechanism? The Dynamics of Compensation Peer Benchmarking (2013, unknown): “3 See, for example, Bizjak, Lemmon, and Naveen (2008).”
• Personnel Economics: Hiring and Incentives (2010, background): “Hayes and Schaefer (2009) further complicate the picture by offering a model in which CEO pay signals rents in the CEO-firm employment relationship.”