NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Stock-Based Compensation and CEO (Dis)Incentives

Efraim Benmelech, Eugene Kandel, Pietro Veronesi

NBER Working Paper No. 13732
Issued in January 2008

---- Acknowledgements -----

We would like to thank Mary Barth, Joseph Beilin, Dan Bernhardt, Jennifer Carpenter, Ilan Guttman, Ohad Kadan, Simi Kedia, Holger Muller, Andrei Shleifer, Lucian Taylor, as well as seminar participants at the 2006 ESSFM Conference in Gerzensee, 2006 Finance and Accounting Conference in Atlanta, NYU Stern, University of Chicago, Hebrew University, University of Illinois at Urbana Champaign, Michigan State, Oxford, Stanford, Tel Aviv and Washington University for helpful comments and suggestions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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