NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Executive Compensation and Corporate Governance in the U.S.: Perceptions, Facts and Challenges

Steven N. Kaplan

NBER Working Paper No. 18395
Issued in September 2012

---- Acknowledgements -----

Kaplan serves on public company and mutual fund boards. Douglas Baird, Effi Benmelech, Carola Frydman, Austan Goolsbee, Jeff Miron, Lawrence Mishel, Raghu Rajan, Amir Sufi, Luke Taylor and Rob Vishny provided helpful comments. Wei Wu provided excellent research assistance. A version of this paper will appear in the Cato Papers on Public Policy. This paper also formed the basis for the 2012 Martin Feldstein Lecture at the NBER. I thank the Cato Institute, the Center for Research in Security Prices and the NBER for financial support. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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