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DESCRIPTION:'Are Managers Paid for Market Power?'\n\nJan Eeckhout (Pompeu F
 abra University)\n	Host: Francesco Amodio\n	Field: Macro/Labour\n	Date: April
  29\, 2022\, 10:30 AM via Zoom\n\nAbstract:\n	To answer the question whethe
 r managers are paid for market power\, we propose a theory of executive co
 mpensation in an economy where firms have market power\, and the market fo
 r managers is competitive. We identify two distinct channels that contribu
 te to manager pay in the model: market power and firm size. Both increase 
 the profitability of the firm\, which makes managers more valuable as it i
 ncreases their marginal product. Using data on executive compensation from
  Compustat\, we quantitatively analyze how market power affects Manager Pa
 y and how it changes over time. We attribute on average 45.8% of Manager P
 ay to market power\, from 38.0% in 1994 to 48.8% in 2019. Over this period
 \, market power accounts for 57.8% of growth. We also find there is a lot 
 of heterogeneity within the distribution of managers. For the top managers
 \, 80.3% of their pay in 2019 is due to market power. Top managers are hir
 ed disproportionately by firms with market power\, and they get rewarded f
 or it\, increasingly so.\n
DTSTART:20220429T143000Z
DTEND:20220429T160000Z
SUMMARY:Jan Eeckhout (Pompeu Fabra University)\, 'Are Managers Paid for Mar
 ket Power?'
URL:/economics/channels/event/jan-eeckhout-pompeu-fabr
 a-university-are-managers-paid-market-power-332497
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