Review Article: Pay Without Performance. The Unfulfilled by Lucian Bebchuk and Jesse Fried

Niamh Moloney

University of Nottingham

jcls Vol 5 Issue 2 (October 2005)

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Abstract

This is an important book. Pay Without Performance contains a devastating, highly readable, and frequently breathtaking critique of the current executive pay excesses which are dominating the corporate governance debate. It sets out a new and compelling framework, with far-reaching implications for the received wisdom that the board acts as guardian of shareholders’ interests, for how to think about the burgeoning executive pay problem.

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