Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?
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University of Chicago Graduate School of Business and NBER. This research has been supported by the Center for Research in Security Prices, the Stigler Center for the Study of the Economy and the State, and the Global Financial Markets Initiative. We are grateful to Emmanuel Saez for useful discussions and help with tax data. We thank David Autor, Lucian Bebchuk, Austan Goolsbee, Adam Looney, Andrew Metrick, Berk Sensoy, Amir Sufi, Robert Topel, Mike Weisbach, and seminar participants at Berkeley, the Duke-UNC Corporate Finance Conference, Stanford, and the University of Chicago for helpful discussions and comments. We thank Sol Garger, Cristina Iftimie, James Wang, Michael Wong, and Jaclyn Yamada for research assistance. Address correspondence to Steven Kaplan, University of Chicago Graduate School of Business, 5807 South Woodlawn Avenue, Chicago, IL 60637 or e-mail at email@example.com. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.