Contents

Chapters in this book

1. Frontmatter i
2. Contents vii
3. Preface ix
4. Introduction 1
5. Part I The Official View and Its Shortcomings
6. 1 The Official Story 13
7. 2 Have Boards Been Bargaining at Arm’s Length? 23
8. 3 Shareholders’ Limited Power to Intervene 45
9. 4 The Limits of Market Forces 53
10. Part II Power and Pay
11. 5 The Managerial Power Perspective 59
12. 6 The Relationship between Power and Pay 80
13. 7 Managerial Influence on the Way Out 87
14. 8 Retirement Benefits 95
15. 9 Executive Loans 112
16. Part III Decoupling Pay from Performance
17. 10 Non-Equity-Based Compensation 119
18. 11 Windfalls in Conventional Options 137
19. 12 Excuses for Conventional Options 147
20. 13 More on Windfalls in Equity-Based Compensation 159
21. 14 Freedom to Unwind Equity Incentives 174
22. Part IV Going Forward
23. 15 Improving Executive Compensation 187
24. 16 Improving Corporate Governance 201
25. Notes 217
26. References 257
27. Index 271