Executive Compensation: A New View from a Long-Term Perspective, 1936-2005

Figure 1: Median Value of Total Compensation, 1936-2005

year	millions of $2000	relative to average earnings
1936	0.8052518	54.03159
1937	0.8267992	54.14252
1938	0.8553087	56.07205
1939	0.8818498	55.52496
1940	0.9010611	55.62415
1941	0.912673	53.36377
1942	0.7958176	43.56853
1943	0.7558386	38.48708
1944	0.7467218	35.8984
1945	0.7649985	36.21603
1946	0.7512777	35.7008
1947	0.7139345	35.3421
1948	0.706128	35.01953
1949	0.7307141	35.05484
1950	0.7373916	34.01469
1951	0.7304233	33.76748
1952	0.684378	30.45677
1953	0.7670187	32.64562
1954	0.735691	30.75328
1955	0.8081321	32.0112
1956	0.7832233	29.87557
1957	0.7756317	29.39373
1958	0.7917625	29.69386
1959	0.844212	30.51615
1960	0.7591301	27.06123
1961	0.8043485	28.11824
1962	0.7745066	26.33404
1963	0.7493345	24.91244
1964	0.7776774	24.95544
1965	0.82	25.82645
1966	0.8595052	26.69067
1967	0.9064732	27.86371
1968	0.8587153	25.68654
1969	0.9877419	29.12852
1970	0.8161215	23.74587
1971	0.8058552	22.9706
1972	0.8753157	24.17236
1973	0.8726351	24.13645
1974	0.9768039	27.93468
1975	0.8950445	25.86831
1976	0.8927768	25.47936
1977	0.9729128	27.69424
1978	1.066407	30.43668
1979	1.079215	31.63457
1980	1.047306	31.73241
1981	1.084521	33.19559
1982	1.032449	31.29993
1983	1.161136	34.59349
1984	1.286392	38.1578
1985	1.408418	41.32303
1986	1.500434	43.08116
1987	1.739658	49.61305
1988	1.814888	51.3578
1989	1.970646	56.68938
1990	1.859489	53.74132
1991	1.626016	47.06443
1992	1.631124	46.3504
1993	1.954023	55.68876
1994	2.304381	65.71935
1995	2.490166	71.01374
1996	2.977117	84.5389
1997	3.382819	94.14679
1998	3.330259	89.55244
1999	4.1762	109.9306
2000	4.623859	119.0305
2001	4.151995	107.6497
2002	3.991741	103.2389
2003	3.797421	97.11221
2004	3.972261	100.3198
2005	4.322586	109.2248

Figure 2: Structure of Total Compensation, 1936-2005

year	salary+bonus	sal+bonus+long-term pay	sal+bonus+ltp+options granted
1936	0.8052518	0.8052518	0.8052518
1937	0.8267992	0.8267992	0.8267992
1938	0.8553087	0.8553087	0.8553087
1939	0.8812875	0.8812875	0.8818498
1940	0.8971817	0.8971817	0.9010611
1941	0.912673	0.912673	0.912673
1942	0.793916	0.7958176	0.7958176
1943	0.7478259	0.7513594	0.7558386
1944	0.7467218	0.7467218	0.7467218
1945	0.7543316	0.7612005	0.7649985
1946	0.7506154	0.7506154	0.7512777
1947	0.702159	0.702159	0.7139345
1948	0.706128	0.706128	0.706128
1949	0.7256096	0.7307141	0.7307141
1950	0.7373887	0.7373887	0.7373916
1951	0.7004952	0.7061988	0.7304233
1952	0.6770839	0.6770839	0.684378
1953	0.7504437	0.7509661	0.7670187
1954	0.7213484	0.7213484	0.735691
1955	0.750927	0.7776758	0.8081321
1956	0.7520139	0.759326	0.7832233
1957	0.7321717	0.748929	0.7756317
1958	0.7291449	0.743618	0.7917625
1959	0.7531412	0.7825928	0.844212
1960	0.7271959	0.7336534	0.7591301
1961	0.703198	0.7187017	0.8043485
1962	0.6982653	0.7114084	0.7745066
1963	0.7034314	0.7202563	0.7493345
1964	0.722129	0.7499032	0.7776774
1965	0.7596152	0.7896299	0.82
1966	0.7706481	0.8091699	0.8595052
1967	0.7733533	0.8249102	0.9064732
1968	0.7585707	0.8003705	0.8587153
1969	0.7523075	0.8221025	0.9877419
1970	0.7101031	0.7378415	0.8161215
1971	0.6994721	0.7355704	0.8058552
1972	0.7358061	0.7708092	0.8753157
1973	0.7375628	0.7710216	0.8726351
1974	0.737533	0.7876508	0.9768039
1975	0.7201673	0.7841822	0.8950445
1976	0.7372203	0.8171178	0.8927768
1977	0.7884771	0.8317829	0.9729128
1978	0.8498995	0.9138657	1.066407
1979	0.8579165	0.9170291	1.079215
1980	0.8336131	0.8679883	1.047306
1981	0.8489232	0.9003606	1.084521
1982	0.7995558	0.8479672	1.032449
1983	0.866619	0.9041858	1.161136
1984	0.8949759	1.02279	1.286392
1985	0.9750609	1.115124	1.408418
1986	0.995118	1.118514	1.500434
1987	1.090886	1.215209	1.739658
1988	1.157006	1.288953	1.814888
1989	1.172771	1.376181	1.970646
1990	1.088043	1.298194	1.859489
1991	1.029453	1.20733	1.626016
1992	0.9788324	1.190025	1.631124
1993	1.11529	1.530286	1.954023
1994	1.224622	1.597672	2.304381
1995	1.29376	1.880798	2.490166
1996	1.304176	1.865878	2.977117
1997	1.312204	1.818561	3.382819
1998	1.352245	1.900507	3.330259
1999	1.44222	1.872812	4.1762
2000	1.466927	2.197187	4.623859
2001	1.366155	1.989485	4.151995
2002	1.550422	2.274495	3.991741
2003	1.572261	2.478183	3.797421
2004	1.717347	2.955738	3.972261
2005	1.794362	3.316731	4.322586

Figure 3: Fraction of Top Executives Granted and Holding Stock Options

year	fraction grants > 0	fraction holdings > 0
1936	0	0
1937	0	0
1938	0	0
1939	0.0052356	0
1940	0.010101	0.010101
1941	0	0.004902
1942	0.005	0.01
1943	0.0140187	0.0233645
1944	0.0186047	0.0372093
1945	0.0136986	0.0365297
1946	0.0361991	0.0497738
1947	0.0043668	0.0524017
1948	0.004386	0.0482456
1949	0	0.0442478
1950	0.021645	0.0649351
1951	0.1883408	0.2421525
1952	0.092511	0.3083701
1953	0.127193	0.3245614
1954	0.1228814	0.3220339
1955	0.2317597	0.3862661
1956	0.1518987	0.4008439
1957	0.1623932	0.482906
1958	0.220339	0.529661
1959	0.2510822	0.6233766
1960	0.1826087	0.626087
1961	0.3118812	0.6386139
1962	0.2317597	0.6480687
1963	0.1659751	0.6473029
1964	0.1888412	0.5665236
1965	0.2631579	0.627193
1966	0.2921811	0.6337448
1967	0.3696682	0.6777251
1968	0.353211	0.6513761
1969	0.4660194	0.7427185
1970	0.4611872	0.7031963
1971	0.4509804	0.7098039
1972	0.5121951	0.6910569
1973	0.5468165	0.6666667
1974	0.6268657	0.7126865
1975	0.5390335	0.732342
1976	0.5888889	0.7481481
1977	0.5955056	0.7490637
1978	0.6569343	0.7518248
1979	0.6235741	0.7376426
1980	0.6404495	0.7378277
1981	0.6590909	0.8143939
1982	0.7380952	0.8055556
1983	0.7777778	0.8253968
1984	0.7686275	0.8117647
1985	0.8252032	0.8170732
1986	0.7656904	0.8451883
1987	0.8033473	0.8284519
1988	0.8016878	0.8523207
1989	0.8138528	0.8571429
1990	0.8075117	0.8591549
1991	0.8138528	0.8658009
1992	0.75	0.875
1993	0.8016878	0.9156118
1994	0.7510548	0.9029536
1995	0.8481013	0.9156118
1996	0.8270042	0.9198312
1997	0.8484849	0.9047619
1998	0.8447489	0.9315069
1999	0.915493	0.9624413
2000	0.8958333	0.96875
2001	0.8655914	0.9408602
2002	0.7795699	0.9193549
2003	0.852459	0.9562842
2004	0.811828	0.9301075
2005	0.779661	0.9039548

Figure 4: Median Total Compensation by Firm Size

year	rank<=100	100<rank<=300	300<rank
1936	0.9313666	0.5363904	0.2477698
1937	0.9167055	0.5487089	0.1973125
1938	0.9280112	0.611371	0.2014984
1939	0.9579012	0.5375056
1940	0.9657082	0.6752496	0.4050759
1941	0.984	0.7935257	1.073029
1942	0.8025207	0.7923313	0.6491306
1943	0.7963006	0.7714182	0.6112105
1944	0.7569544	0.7338068	0.6013208
1945	0.8131667	0.7478741	0.5874411
1946	0.7868215	0.7317396	0.4945231
1947	0.7721973	0.696522	0.3743768
1948	0.7297779	0.6949449	0.3694083
1949	0.7366253	0.7483103	0.4446096
1950	0.750249	0.779723	0.4808721
1951	0.7754497	0.6998672	0.4967308
1952	0.7566403	0.5198491	0.5575571
1953	0.8319775	0.6325936	0.5190043
1954	0.8138211	0.5706583	0.6337792
1955	0.9528424	0.658254	0.5489743
1956	0.8704963	0.5719477	0.4748162
1957	0.868942	0.6210431	0.4442883
1958	0.8683665	0.6136783	0.6109851
1959	0.9123611	0.7168461	0.5339235
1960	0.87758	0.6282973	0.4683957
1961	0.8814452	0.6880419	0.4937072
1962	0.8990948	0.6842384	0.4749346
1963	0.8646578	0.6888338	0.5135049
1964	0.914232	0.6495277	0.4791048
1965	0.9373599	0.697	0.6012018
1966	1.015755	0.7953088	0.5217247
1967	1.031138	0.7779335	0.464012
1968	1.103096	0.7874018	0.4878505
1969	1.108692	0.7966172	0.8533228
1970	0.9985825	0.7243052	0.5477543
1971	1.024054	0.6964533	0.5776566
1972	1.125891	0.7576429	0.6982027
1973	1.067921	0.7725558	0.6656754
1974	1.117515	0.9233812	0.7385424
1975	1.102593	0.7954706	0.5929663
1976	1.050411	0.774798	0.6361993
1977	1.173144	0.9420221	0.6842587
1978	1.282512	0.9612901	0.7333238
1979	1.322585	0.9589023	0.7224734
1980	1.315285	0.9818326	0.741092
1981	1.323299	0.9006041	0.7853552
1982	1.298364	0.897243	0.6741959
1983	1.421468	0.9385762	0.7781588
1984	1.58016	1.078641	0.860286
1985	1.681482	1.324287	0.7497101
1986	1.710582	1.331974	0.7961375
1987	2.083067	1.532437	1.137307
1988	2.28131	1.557008	1.169852
1989	2.339002	1.662319	1.350964
1990	2.223339	1.879482	1.013415
1991	2.067479	1.487655	1.134599
1992	2.038592	1.585779	0.7314984
1993	2.45173	1.857748	1.120514
1994	3.228177	1.884402	1.281007
1995	3.93938	2.193567	1.476283
1996	4.485865	2.43047	1.48912
1997	5.253772	2.592002	1.951198
1998	5.896056	2.808612	1.762537
1999	9.114567	3.444609	2.031255
2000	11.67719	4.272578	2.054462
2001	8.377877	4.302779	1.640182
2002	7.710382	2.617028	2.158422
2003	5.502067	3.760243	1.691724
2004	7.566226	3.648502	2.233623
2005	7.367876	2.869159	2.634125

Figure 5: Total Compensation and the S&P Index

year	median compensation	S & P index
1936	0.8052518	0.1587968
1937	0.8267992	0.099014
1938	0.8553087	0.1164448
1939	0.8818498	0.1151417
1940	0.9010611	0.0973146
1941	0.912673	0.0771018
1942	0.7958176	0.0755661
1943	0.7558386	0.0858565
1944	0.7467218	0.0963022
1945	0.7649985	0.1245672
1946	0.7512777	0.100388
1947	0.7139345	0.0872031
1948	0.706128	0.0815489
1949	0.7307141	0.0899158
1950	0.7373916	0.1060297
1951	0.7304233	0.1164946
1952	0.684378	0.1271372
1953	0.7670187	0.1203214
1954	0.735691	0.1681981
1955	0.8081321	0.219034
1956	0.7832233	0.2209026
1957	0.7756317	0.1856947
1958	0.7917625	0.2394707
1959	0.844212	0.2625899
1960	0.7591301	0.2482757
1961	0.8043485	0.3104329
1962	0.7745066	0.2683628
1963	0.7493345	0.3136061
1964	0.7776774	0.3504196
1965	0.82	0.3767719
1966	0.8595052	0.3247756
1967	0.9064732	0.369168
1968	0.8587153	0.3958826
1969	0.9877419	0.3212015
1970	0.8161215	0.3002822
1971	0.8058552	0.3168129
1972	0.8753157	0.3636966
1973	0.8726351	0.2761921
1974	0.9768039	0.1760188
1975	0.8950445	0.2133138
1976	0.8927768	0.2379831
1977	0.9729128	0.200309
1978	1.066407	0.190721
1979	1.079215	0.1920787
1980	1.047306	0.2095881
1981	1.084521	0.1761973
1982	1.032449	0.1868559
1983	1.161136	0.2135087
1984	1.286392	0.2048213
1985	1.408418	0.2492159
1986	1.500434	0.2934795
1987	1.739658	0.2744323
1988	1.814888	0.3024194
1989	1.970646	0.3637043
1990	1.859489	0.3254372
1991	1.626016	0.3690653
1992	1.631124	0.401742
1993	1.954023	0.4172005
1994	2.304381	0.397391
1995	2.490166	0.5217531
1996	2.977117	0.6129004
1997	3.382819	0.7757872
1998	3.330259	0.9446166
1999	4.1762	1.109526
2000	4.623859	0.9999999
2001	4.151995	0.83644
2002	3.991741	0.6466843
2003	3.797421	0.7598696
2004	3.972261	0.8213743
2005	4.322586	0.836102

Figure 6: Unadjusted and Size-Adjusted Indexes of Pay-to-Performance

decade	Jensen-Murphy index	size-adjusted J-M	equity at stake index	size-adjusted equity at stake
1936-40	1	1	1	1
1941-49	0.3343319	0.390184	0.4281225	0.4139439
1950-59	0.3155032	0.7584505	1.293367	1.265881
1960-69	0.2571009	1.13934	2.22789	1.642493
1970-79	0.1123907	0.6661559	1.262606	0.8850891
1980-89	0.2274004	1.015704	2.051769	1.377537
1990-99	0.6812428	3.580317	7.497883	4.280042
2000-05	0.4170244	3.679362	8.382039	5.560596

Figure A1: Fraction of Executives Granted Stock Options

year	incl. imputed options	excl. imputed options
1936	0	0
1937	0	0
1938	0	0
1939	0.0052356	0.0052356
1940	0.010101	0.010101
1941	0	0
1942	0.005	0.005
1943	0.0140187	0.0140187
1944	0.0186047	0.0186047
1945	0.0136986	0.0136986
1946	0.0361991	0.0361991
1947	0.0043668	0.0043668
1948	0.004386	0.004386
1949	0	0
1950	0.021645	0.021645
1951	0.1883408	0.1883408
1952	0.092511	0.092511
1953	0.127193	0.127193
1954	0.1228814	0.1228814
1955	0.2446352	0.2317597
1956	0.1518987	0.1518987
1957	0.1623932	0.1581197
1958	0.220339	0.2161017
1959	0.2510822	0.2510822
1960	0.1826087	0.1826087
1961	0.3118812	0.3069307
1962	0.2317597	0.2274678
1963	0.1659751	0.1369295
1964	0.1888412	0.1373391
1965	0.2631579	0.2105263
1966	0.2921811	0.218107
1967	0.3696682	0.2606635
1968	0.353211	0.1743119
1969	0.4660194	0.3058252
1970	0.4657534	0.2648402
1971	0.4509804	0.2156863
1972	0.5121951	0.300813
1973	0.5505618	0.329588
1974	0.6268657	0.4179105
1975	0.5390335	0.2936803
1976	0.5888889	0.3
1977	0.5955056	0.3445693
1978	0.6532847	0.3540146
1979	0.6235741	0.4144487
1980	0.6516854	0.3857678
1981	0.6704546	0.3939394
1982	0.7420635	0.4563492
1983	0.7777778	0.5515873
1984	0.772549	0.5960785
1985	0.8252032	0.5772358
1986	0.7573222	0.5146443
1987	0.8158996	0.5606695
1988	0.8016878	0.5864979
1989	0.8138528	0.5497835
1990	0.7840375	0.6431925
1991	0.8268398	0.6753247
1992	0.75	0.7041667
1993	0.8016878	0.8016878
1994	0.7552742	0.7552742
1995	0.8481013	0.8481013
1996	0.8270042	0.8270042
1997	0.8614718	0.8614718
1998	0.8447489	0.8447489
1999	0.915493	0.915493
2000	0.8958333	0.8958333
2001	0.8655914	0.8655914
2002	0.7956989	0.7956989
2003	0.852459	0.852459
2004	0.811828	0.811828
2005	0.779661	0.779661

Figure A2: Median Value of Total Compensation Including and Excluding Imputed Stock Option Grants

year	incl. imputed options	excl. imputed options
1936	0.8052518	0.8052518
1937	0.8267992	0.8267992
1938	0.8553087	0.8553087
1939	0.8818498	0.8818498
1940	0.9010611	0.9010611
1941	0.912673	0.912673
1942	0.7958176	0.7958176
1943	0.7558386	0.7558386
1944	0.7467218	0.7467218
1945	0.7649985	0.7649985
1946	0.7512777	0.7512777
1947	0.7139345	0.7139345
1948	0.706128	0.706128
1949	0.7307141	0.7307141
1950	0.7373916	0.7373916
1951	0.7304233	0.7304233
1952	0.684378	0.684378
1953	0.7670187	0.7670187
1954	0.735691	0.735691
1955	0.8081321	0.8081321
1956	0.7832233	0.7832233
1957	0.7756317	0.7756317
1958	0.7917625	0.7917625
1959	0.844212	0.844212
1960	0.7591301	0.7591301
1961	0.8043485	0.8043485
1962	0.7745066	0.7745066
1963	0.7493345	0.7493345
1964	0.7776774	0.7740168
1965	0.82	0.8187672
1966	0.8595052	0.8503703
1967	0.9064732	0.8961463
1968	0.8587153	0.8209937
1969	0.9877419	0.959563
1970	0.8161215	0.7922088
1971	0.8058552	0.7619318
1972	0.8753157	0.8239235
1973	0.8726351	0.8597229
1974	0.9768039	0.9313324
1975	0.8950445	0.8241946
1976	0.8927768	0.8501377
1977	0.9729128	0.9469209
1978	1.066407	1.031789
1979	1.079215	1.058233
1980	1.047306	0.9898915
1981	1.084521	0.9982512
1982	1.032449	0.9640875
1983	1.161136	1.111844
1984	1.286392	1.231943
1985	1.408418	1.320593
1986	1.500434	1.486609
1987	1.739658	1.517818
1988	1.814888	1.667772
1989	1.970646	1.728066
1990	1.859489	1.735233
1991	1.626016	1.542802
1992	1.631124	1.631124
1993	1.954023	1.954023
1994	2.304381	2.304381
1995	2.490166	2.490166
1996	2.977117	2.977117
1997	3.382819	3.382819
1998	3.330259	3.330259
1999	4.1762	4.1762
2000	4.623859	4.623859
2001	4.151995	4.151995
2002	3.991741	3.991741
2003	3.797421	3.797421
2004	3.972261	3.972261
2005	4.322586	4.322586

Figure A3: Fraction of Executives Exercising Stock Options

year	incl. imputed options	excl. imputed options
1936	0	0
1937	0	0
1938	0	0
1939	0.0052356	0.0052356
1940	0.0050505	0.0050505
1941	0.0098039	0.0098039
1942	0	0
1943	0	0
1944	0	0
1945	0.0228311	0.0228311
1946	0.0180995	0.0180995
1947	0.0262009	0.0262009
1948	0.0087719	0.0087719
1949	0.0176991	0.0176991
1950	0.025974	0.025974
1951	0.044843	0.044843
1952	0.0220264	0.0220264
1953	0.1447368	0.1447368
1954	0.1864407	0.1864407
1955	0.2360515	0.2360515
1956	0.2320675	0.2320675
1957	0.1709402	0.1709402
1958	0.2372881	0.2372881
1959	0.2597403	0.2597403
1960	0.2565217	0.2565217
1961	0.3366337	0.3366337
1962	0.2875536	0.2875536
1963	0.2572614	0.2448133
1964	0.3218884	0.3133047
1965	0.3333333	0.3114035
1966	0.3045267	0.2510288
1967	0.2843602	0.1895735
1968	0.3256881	0.2110092
1969	0.3543689	0.223301
1970	0.2511415	0.109589
1971	0.3843137	0.2470588
1972	0.3577236	0.2113821
1973	0.2696629	0.164794
1974	0.2723881	0.1231343
1975	0.2639405	0.1635688
1976	0.3037037	0.2222222
1977	0.2883895	0.1835206
1978	0.3175182	0.1605839
1979	0.3269962	0.1711027
1980	0.4456929	0.2808989
1981	0.3863636	0.1969697
1982	0.3650794	0.1865079
1983	0.4603175	0.3174603
1984	0.372549	0.2901961
1985	0.4593496	0.3170732
1986	0.4769875	0.3891214
1987	0.4853556	0.3723849
1988	0.3586498	0.2658228
1989	0.4199134	0.3636364
1990	0.314554	0.2769953
1991	0.3506494	0.2813853
1992	0.4875	0.4763949
1993	0.4303797	0.4322034
1994	0.4345992	0.4420601
1995	0.4599156	0.4618644
1996	0.4852321	0.4935622
1997	0.5108225	0.5244445
1998	0.5205479	0.5327103
1999	0.4507042	0.4549763
2000	0.4322917	0.4391534
2001	0.4032258	0.4166667
2002	0.4032258	0.4098361
2003	0.442623	0.45
2004	0.6129032	0.6229508
2005	0.5762712	0.5762712

Figure A4: Median Value of Salary & Bonus of CEOs

year	Our sample, Firms Ranked < 100 by Market Value	Hall-Liebman, Firms Ranked < 100 by Market Value	Execucomp, Firms Ranked < 100 by Market Value	Forbes, Firms Ranked < 100 by Market Value	Our sample, Firms Ranked between 100 and 300 by Market Value	Hall-Liebman, Firms Ranked between 100 and 300 by Market Value	Execucomp, Firms Ranked between 100 and 300 by Market Value	Forbes, Firms Ranked between 100 and 300 by Market Value	Our sample, Firms Ranked between 300 and 500 by Market Value	Hall-Liebman, Firms Ranked between 300 and 500 by Market Value	Execucomp, Firms Ranked between 300 and 500 by Market Value	Forbes, Firms Ranked between 300 and 500 by Market Value
1960	0.9453547				0.7433397				0.5419791
1961	0.9180506				0.6983027				0.6718104
1962	0.9550828				0.7542303				0.5701987
1963	0.8759268				0.7597059				0.6190196
1964	1.001268				0.7891204				0.6540822
1965	0.984				0.8932533				0.590471
1966	0.9407222				0.9327499				0.643927
1967	0.9436457				0.8934808				0.644461
1968	0.9896552				0.8728759				0.6318948
1969	1.026162				0.8328474				0.8487888
1970	0.9697483			1.056278	0.8432474			0.6768171	0.6657217			0.6169021
1971	0.9630445			1.062963	0.8078519			0.744074	0.586543			0.5867556
1972	0.9406446			1.029904	0.8703804			0.7868469	0.8683556			0.6179426
1973	1.039372			1.087885	0.9069588			0.7310743	1.004093			0.6321756
1974	0.9247454			1.04787	0.9350495			0.7719311	0.9162961			0.6531724
1975	1.051924			1.069048	0.9733461			0.8001859	0.7988528			0.5985391
1976	0.9835677			1.150017	0.9944171			0.8746186	0.836665			0.6809314
1977	1.002413			1.20199	0.92701			0.8794703	0.8762238			0.7501782
1978	1.177984			1.265089	1.104864			0.9085399	1.1951			0.7923313
1979	1.270993			1.260665	1.044004			0.885905	1.105728			0.8408388
1980	1.228695	1.214177		1.243434	1.053611	0.9926578		0.8913022	0.7825646	0.6906808		0.7815874
1981	1.244772	1.291974		1.257875	0.8892889	0.9699274		0.9168845	1.154	0.7766997		0.7899604
1982	1.22318	1.222352		1.209861	0.9992954	0.8601078		0.8601078	0.7591218	0.6959378		0.6941534
1983	1.283716	1.396099		1.296687	1.047903	1.037349		0.9906687	1.106506	0.7555361		0.8039458
1984	1.351707	1.466766		1.513172	1.358776	1.080601		1.03668	1.175331	0.8444264		0.8386256
1985	1.440335	1.338711		1.448336	1.32145	1.066648		1.081851	1.574766	0.8169898		0.8946078
1986	1.472529	1.555456		1.571168	1.412106	1.150095		1.190945	1.128077	0.9159909		0.9159909
1987	1.665526	1.588606		1.665914	1.409396	1.2915		1.2915	1.321817	0.9807518		1.003489
1988	1.777692	1.783136		1.822438	1.699738	1.451254		1.383568	1.237278	1.03058		1.018935
1989	1.946084	1.817127		1.778243	1.846984	1.472032		1.312331	1.048015	1.13041		1.080416
1990	1.954507	1.673252		1.802369	1.833823	1.350459		1.301711	1.047504	1.054017		1.028984
1991	1.733478	1.775101		1.612004	1.541203	1.153057		1.249145	1.38326	1.112599		0.968467
1992	1.808836	1.749616	1.871739		1.593253	1.291807	1.282233		1.061298	1.08745	1.10445
1993	2.080278	2.059845	2.013489		1.651988	1.356149	1.341253		1.304907	1.181566	1.104583
1994	2.352935	2.281476	2.149595		1.868774	1.521565	1.503922		1.266244	1.297891	1.161943
1995	2.784387		2.346764		1.868723		1.509388		1.338378		1.188049
1996	2.724268		2.494025		1.756023		1.534325		1.481644		1.245503
1997	2.896822		2.785979		1.755081		1.740776		1.662991		1.239833
1998	3.222587		3.040307		1.828965		1.858017		1.657293		1.323281
1999	4.078798		3.157782		2.616442		1.853348		1.831705		1.339081
2000	4.055601		3.089916		2.7		1.85		1.89924		1.383107
2001	3.597628		2.714428		2.296325		1.649714		1.716762		1.461303
2002	3.86737		2.855999		2.373693		1.929122		2.107272		1.473957
2003	4.45704		3.648488		2.461025		2.092849		2.091201		1.713181
2004	4.892595		3.634628		2.813889		2.297215		2.087549		1.887268
2005	5.009698		3.967742		2.417949		2.302973		2.581237		2.061024

Figure A5: Median Salary & Bonus Reweighted by Firm Size

year	unweighted	weighted to reflect top 300	weighed to reflect top 500
1936	0.8052518	0.7442385	0.485494
1937	0.8267992	0.5979167	0.5979167
1938	0.8553087	0.7405821	0.368337
1939	0.8812875	0.7757672	0.7757672
1940	0.8971817	0.7703121	0.623487
1941	0.912673	0.8021032	0.9681857
1942	0.793916	0.7923313	0.6499758
1943	0.7478259	0.7465318	0.6484873
1944	0.7467218	0.7338068	0.6849845
1945	0.7543316	0.7385486	0.686297
1946	0.7506154	0.6900363	0.6451234
1947	0.702159	0.6394005	0.5455299
1948	0.706128	0.6859419	0.564473
1949	0.7256096	0.6985604	0.5574071
1950	0.7373887	0.7175238	0.5716183
1951	0.7004952	0.6690964	0.5707304
1952	0.6770839	0.5978264	0.5676749
1953	0.7504437	0.6797708	0.6052669
1954	0.7213484	0.6274098	0.6079559
1955	0.750927	0.6425374	0.6016977
1956	0.7520139	0.6123283	0.5616885
1957	0.7321717	0.6212375	0.6128114
1958	0.7291449	0.5988217	0.5958478
1959	0.7531412	0.6623072	0.5964866
1960	0.7271959	0.6362984	0.5377352
1961	0.703198	0.6113849	0.5759197
1962	0.6982653	0.6926773	0.5701987
1963	0.7034314	0.6681867	0.5627451
1964	0.722129	0.6943548	0.5835469
1965	0.7596152	0.6833333	0.576061
1966	0.7706481	0.6930252	0.5979167
1967	0.7733533	0.6561438	0.6107789
1968	0.7585707	0.7422414	0.6432759
1969	0.7523075	0.6898501	0.6367177
1970	0.7101031	0.7101031	0.6368737
1971	0.6994721	0.6964533	0.5912115
1972	0.7358061	0.7271125	0.6899371
1973	0.7375628	0.7347587	0.6984959
1974	0.737533	0.7569259	0.6773398
1975	0.7201673	0.7332615	0.6456076
1976	0.7372203	0.714397	0.7048457
1977	0.7884771	0.8062995	0.7336004
1978	0.8498995	0.8272652	0.7749264
1979	0.8579165	0.8870909	0.7280561
1980	0.8336131	0.8463546	0.7670403
1981	0.8489232	0.7898297	0.7146584
1982	0.7995558	0.7617414	0.7215751
1983	0.866619	0.801617	0.7852165
1984	0.8949759	0.8568947	0.8568947
1985	0.9750609	0.947777	1.102336
1986	0.995118	0.9794661	0.9138399
1987	1.090886	1.083006	0.8717064
1988	1.157006	1.142663	0.9853159
1989	1.172771	1.120389	0.9942856
1990	1.088043	1.185288	1.047504
1991	1.029453	1.030861	1.020936
1992	0.9788324	1.05026	0.8847299
1993	1.11529	1.077053	0.9891073
1994	1.224622	1.161943	1.045768
1995	1.29376	1.235343	1.158169
1996	1.304176	1.292785	1.0816
1997	1.312204	1.227287	1.086456
1998	1.352245	1.259807	1.152401
1999	1.44222	1.594349	1.227416
2000	1.466927	1.5985	1.432538
2001	1.366155	1.461707	1.240596
2002	1.550422	1.340078	1.297917
2003	1.572261	1.589825	1.403804
2004	1.717347	1.785204	1.536855
2005	1.794362	1.628273	1.432796

Figure A6: Median Value of Stock Option Grants to CEOs

year	Our sample, Firms Ranked < 100 by Market Value	Hall-Liebman, Firms Ranked < 100 by Market Value	Execucomp, Firms Ranked < 100 by Market Value	Our sample, Firms Ranked between 100 and 300 by Market Value	Hall-Liebman, Firms Ranked between 100 and 300 by Market Value	Execucomp, Firms Ranked between 100 and 300 by Market Value	Our sample, Firms Ranked between 300 and 500 by Market Value	Hall-Liebman, Firms Ranked between 300 and 500 by Market Value	Execucomp, Firms Ranked between 300 and 500 by Market Value
1970	0			0.0197345			0.0431309
1971	0			0			0
1972	0.0571542			0			0.0760061
1973	0.0167342			0.0411741			0.0151511
1974	0.1588076			0.108005			0.3150666
1975	0			0.0443155			0.0023821
1976	0.0687879			0.0207957			0
1977	0.0702986			0			0.3312026
1978	0.2026385			0.0745888			0.1044112
1979	0.207393			0.1002015			0.0311469
1980	0.2064193	0.1401243		0.0826336	0		0.0528383	0
1981	0.2150758	0.3259725		0.1506807	0		0.075034	0
1982	0.2190875	0.1403731		0.2111167	0.0316791		0.0820362	0.034805
1983	0.2499712	0.3317702		0.2448777	0		0.0852866	0
1984	0.3037409	0.3510965		0.1903549	0.0345885		0.2389477	0.0678502
1985	0.3200558	0.4114683		0.2474543	0.1004488		0.5890767	0.0072348
1986	0.3977783	0.4692864		0.2888766	0.2152559		1.647796	0
1987	0.5095769	0.5065797		0.6381272	0.403172		1.060863	0.1345976
1988	0.7488809	0.500323		0.4480804	0.0517787		0.5565116	0.1225756
1989	0.7497165	0.5828201		0.4177837	0.1685494		0.5623426	0.1256203
1990	0.8612349	0.6566034		0.3873076	0.1612551		0.1303306	0.1280341
1991	0.6718633	1.018466		0.4183803	0.3633841		0.4019325	0.3167948
1992	0.7992157	0.8706717	0.8487889	0.324842	0.4719015	0.3166958	0.6168132	0.340019	0.076162
1993	0.7884619	0.9574026	0.9431019	0.5336579	0.4908376	0.420628	0.5518533	0.3822207	0.2924444
1994	1.344012	1.409133	1.537335	0.6600649	0.7725663	0.6874789	0.3650168	0.5242608	0.3912019
1995	1.682095		1.688269	0.8458782		0.5413306	0.9991224		0.3975605
1996	1.993323		2.16847	1.451411		0.835496	0.6321139		0.7883666
1997	3.351959		2.971955	1.210511		1.256992	4.240774		0.9280341
1998	4.057998		4.217733	1.870218		2.414849	2.206262		1.034046
1999	7.185429		8.453051	3.018863		3.405483	2.097367		1.846956
2000	10.27713		9.152101	3.904535		3.902839	2.062107		2.848215
2001	7.696208		8.675817	4.09437		4.786327	2.499742		2.475484
2002	7.04055		6.776961	1.772721		3.233345	3.024636		2.233742
2003	3.728489		4.949746	2.214963		2.423658	1.38414		1.438151
2004	3.901804		4.657929	2.572502		2.612212	0.8353139		1.488604
2005	2.635022		3.894086	2.037013		2.46853	2.237852		1.598694

Figure A7: Median Total Compensation

year	unweighed, actual options	unweighted, alt. options	weighted to reflect top 300, alt. options
1936	0.8052518	0.8331259	0.7442385
1937	0.8267992	0.8370829	0.5979167
1938	0.8553087	0.8838073	0.7405821
1939	0.8818498	0.8965549	0.7757672
1940	0.9010611	0.9029637	0.7703121
1941	0.912673	0.919246	0.8021032
1942	0.7958176	0.7961345	0.7923313
1943	0.7558386	0.7580782	0.7465318
1944	0.7467218	0.7470642	0.7371585
1945	0.7649985	0.7630996	0.7385486
1946	0.7512777	0.7584937	0.6998742
1947	0.7139345	0.723761	0.6394005
1948	0.706128	0.706128	0.6870415
1949	0.7307141	0.7350046	0.6985604
1950	0.7373916	0.7373902	0.7175238
1951	0.7304233	0.7256626	0.6854078
1952	0.684378	0.6770839	0.5980281
1953	0.7670187	0.7613043	0.6815315
1954	0.735691	0.735691	0.6401487
1955	0.8081321	0.8031717	0.6435654
1956	0.7832233	0.7682779	0.6204568
1957	0.7756317	0.7660142	0.6235824
1958	0.7917625	0.7645817	0.6224341
1959	0.844212	0.8041918	0.7098072
1960	0.7591301	0.7590104	0.6742619
1961	0.8043485	0.7380872	0.6516014
1962	0.7745066	0.7365085	0.6927914
1963	0.7493345	0.7315686	0.6879615
1964	0.7776774	0.7913159	0.7063755
1965	0.82	0.8129316	0.7216
1966	0.8595052	0.8509018	0.7844692
1967	0.9064732	0.8302462	0.7671267
1968	0.8587153	0.8513919	0.8119241
1969	0.9877419	0.9194199	0.7745866
1970	0.8161215	0.7869625	0.7410814
1971	0.8058552	0.7914124	0.7547039
1972	0.8753157	0.8301935	0.8000297
1973	0.8726351	0.8448923	0.8138926
1974	0.9768039	0.9456954	0.9451828
1975	0.8950445	0.8544417	0.8433959
1976	0.8927768	0.8744357	0.7946304
1977	0.9729128	0.9282246	0.9032472
1978	1.066407	1.026729	0.9877414
1979	1.079215	1.040434	0.9961984
1980	1.047306	1.004398	0.9891741
1981	1.084521	1.017678	0.9346179
1982	1.032449	0.9492956	0.8855761
1983	1.161136	1.055692	0.936258
1984	1.286392	1.194723	1.026814
1985	1.408418	1.321214	1.270742
1986	1.500434	1.415947	1.415947
1987	1.739658	1.643535	1.506243
1988	1.814888	1.656438	1.650306
1989	1.970646	1.765585	1.639618
1990	1.859489	1.666892	1.623964
1991	1.626016	1.626016	1.604979
1992	1.631124	1.631124	1.63307
1993	1.954023	1.954023	1.907897
1994	2.304381	2.304381	2.11339
1995	2.490166	2.490166	2.372045
1996	2.977117	2.977117	3.00568
1997	3.382819	3.382819	2.961754
1998	3.330259	3.330259	3.330259
1999	4.1762	4.1762	4.548233
2000	4.623859	4.623859	4.62046
2001	4.151995	4.151995	4.899941
2002	3.991741	3.991741	3.286553
2003	3.797421	3.797421	4.042189
2004	3.972261	3.972261	4.163121
2005	4.322586	4.322586	4.02329

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