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.

Contents: Introduction PART I: HISTORY AND THEORY 1. The Politics of Pay: A Legislative History of Executive Compensation Kevin J. Murphy 2. U.S. Executive Compensation in Historical Perspective Harwell Wells 3. Executive Pay and Corporate Governance Reform in the UK: What Has Been Achieved? Steve Thompson 4. Governance Codes, Managerial Remuneration and Disciplining in the UK: A History of Governance Reform Failure? Luc Renneboog and Grzegorz Trojanowski 5. Agency Theory and Incentive Compensation William Bratton PART II: THE STRUCTURE OF EXECUTIVE PAY 6. Bankers’ Compensation and Prudential Supervision: The International Principles Guido Ferrarini 7. Reforming Financial Executives’ Compensation for the Long Term Sanjai Bhagat and Roberta Romano 8. How to Avoid Compensating the CEO for Luck: The Case of Macroeconomic Fluctuations Lars Oxelheim, Clas Wihlborg and Jianhua Zhang 9. CEO Compensation and Stock Options in IPO Firms Salim Chahine and Marc Goergen 10. Corporate Governance Going Astray: Executive Remuneration Built to Fail Jaap Winter PART III: CORPORATE GOVERNANCE AND EXECUTIVE COMPENSATION 11. Regulating Executive Remuneration After the Global Financial Crisis: Common Law Perspectives Jennifer G. Hill 12. Institutional Investor Preferences and Executive Compensation Joseph A. McCahery and Zacharias Sautner 13. Say on Pay and the Outrage Constraint Kym Sheehan 14. Taxing Executive Compensation Glen Loutzenhiser 15. Insider Trading and Executive Compensation: What We Can Learn from the Experience with Rule 10b5-1 M. Todd Henderson 16. Executive Compensation Consultants Ruth Bender PART IV: INTERNATIONAL PERSPECTIVES ON EXECUTIVE PAY 17. Lessons from the Rapid Evolution of Executive Remuneration Practices in Australia: Hard Law, Soft Law, Boards and Consultants Randall S. Thomas 18. Presidents’ Compensation in Japan Katsuyuki Kubo 19. Top Executive Pay in China Michael Firth, Tak Yan Leung and Oliver M. Rui 20. Executive Compensation and Pay for Performance in China Martin J. Conyon and Lerong He 21. Executive Compensation in India Rajesh Chakrabarti, Krishnamurthy Subramanian, Pradeep K. Yadav and Yesha Yadav 22. The EU and Executive Pay: Managing Harmonization Risks Niamh Moloney 23. Executive Compensation under German Corporate Law: Reasonableness, Managerial Incentives and Sustainability in Order to Enhance Optimal Contracting and to Limit Managerial Power Brigitte Haar 24. Director and Executive Compensation Regulations for Italian Listed and Closed Corporations Carlo Amatucci and Manlio Lubrano di Scorpaniello Index

‘. . . A controversial and endlessly debatable topic on which this book sheds considerable light and is a most welcome commentary. . . Rather than a collection of learned essays gleaned from various academic journals worldwide, the articles contained within this quite fascinating work of reference - all extensively footnoted - have all been specially commissioned by the editors to provide a wealth of informed, up-to-date commentary on the latest contributions to this debate worldwide from top scholars in this field. . . The book does provide copious resources for further research in the form of footnotes, extensive bibliographies at the end of each article and a detailed index at the back. With its global perspective and erudite approach, this book would certainly be an asset to anyone involved professionally or academically in any matters relating to executive pay.’