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SUMMARY:Equity Pay Beyond the C-Suite
DTSTART:20260522T110000
DTEND:20260522T121500
DTSTAMP:20260511T192553Z
UID:545818d1804ad5c99b0370f37f65512385526dde152aa8a3bb8926cb
CATEGORIES:Conferences - Seminars
DESCRIPTION:Mindy Z. Xiaolan - University of Texas at Austin\nEquity pay 
 is now widespread\, but levels vary dramatically across firms. Using hand-
 collected data on S&P 1500 firms over 1994–2019\, we show that firm-leve
 l equity pay is highly persistent: lagged values explain over 60% of cross
 -firm dispersion ten years out\, and initial values at IPO are the dominan
 t driver of long-run differences. Financial constraints and peer effects s
 hape these initial values\, and firms subsequently manage grants to partia
 lly offset stock-price moves. By contrast\, CEO equity pay is markedly les
 s persistent and is lower at younger high-growth firms. A dynamic model wi
 th financing and retention benefits from accumulated unvested grants ratio
 nalizes these patterns\, and a counterfactual decomposition attributes ove
 r 80% of the rise in\nequity-pay inequality to rising human capital intens
 ity and productivity volatility.\n \n 
LOCATION:UNIL\, Extranef\, room 126
STATUS:CONFIRMED
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