CHAPTER 6

International Comparisons

One of the most widely accepted stylized facts in the executive compensation literature is that chief executive officers (CEOs) in the United States are paid significantly more than their foreign counterparts.

—Nuno Fernandes, Miguel Ferreira, Pedro Matos, and Kevin Murphy

Executive compensation in the United States may be outrageous by any measure, including the relative compensation paid in other countries. Descriptive comparisons seem to bear this out, but as with the last chapter, it is still complicated. The first problem is comparable data. U.S. generally accepted accounting principles (GAAP) and disclosure rules are based on accounting standards set by the Financial Accounting Standards Board (FASB) ...

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