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«Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Executive ...»

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Annual stock option grants are imputed for cases when only the cumulative number of options granted in a multi-year period is disclosed in proxy statements. See Appendix Section 2.3 for details of this imputation procedure.

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Note: Based on the three highest-paid executives in the largest 50 firms in 1940, 1960, and 1990.

Total compensation is composed of salary, bonuses, long-term bonus payments, and stock option grants. Annual stock option grants are imputed for cases when only the cumulative number of options granted in a multi-year period is disclosed in proxy statements. See Appendix Section 2.3 for details of this imputation procedure.

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Note: Based on the three highest-paid executives in the largest 50 firms in 1940, 1960, and 1990.

Total compensation is composed of salary, bonuses, long-term bonus payments, and stock option grants. Annual stock option exercises are imputed for cases when only the cumulative number of options exercised in a multi-year period is disclosed. See Appendix Section 2.3 for details of this imputation procedure.

Figure A4 Median Value of Salary & Bonus of CEOs

Note: Our sample is based on the CEOs of the largest 50 firms in 1940, 1960, and 1990. The Hall and Liebman sample is based on the CEOs of a random sample of 478 firms from Forbes’s top 500 rankings from 1980 to 1994 (see Hall and Liebman 1998 for details). The Forbes sample is based on the CEOs of the 500 largest corporations listed in the Forbes compensation surveys from 1970 to 1992. ExecuComp is based on the CEOs of the 500 largest publicly-traded corporations. Rankings by size are determined by market value based on all firms appearing in the CRSP database, which includes all publicly-traded firms in the NYSE, AMEX and NASDAQ stock markets. The measure of compensation is the sum of salaries and current bonuses (granted in cash and in stock).

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Note: Salary and bonus is defined as the amount received in salary + current bonuses in stock or cash. Based on the three highest-paid executives in the largest 50 firms in 1940, 1960, and 1990. Firms receive a weight inversely proportional to their probability of being in our sample, where this probability is defined as the number of sampled firms in each firm’s size category (rank=50, 50rank=100, 100rank=200 and 200rank=500) divided by the total number of firms in each category. Ranks are defined by market value based on all firms in CRSP. See Appendix Section 3.1 for details.

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Note: Based on the three highest-paid executives in the largest 50 firms in 1940, 1960, and

1990. Option grants are valued using the Black-Scholes formula. See the notes to Figure A4 for the source of each sample.

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Note: Based on the three highest-paid executives in the largest 50 firms in 1940, 1960, and 1990.

Total compensation is composed of salary, bonuses, long-term bonus payments, and stock option grants. The alternative option scenario weights the fraction of options in total compensation using the relationship between firm size and the share of grants relative to total compensation in the Hall-Liebman data (see Appendix Sections 3.2 and 3.3 for details). For the weighted level of compensation, each firm is assigned a weight inversely proportional to its probability of being in our sample, where the weights are scaled to be representative to the 300 largest publicly-traded

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