Why CEOs Haven't Earned Their Pay

Of course CEOs rake in the dough. But a study says the beefier paychecks can't be explained by increases in their companies' market cap or anything else. In other words, the bosses didn't earn those hikes. The study--done by two professors, one from Harvard law, the other from Cornell's business school--found that among S&P 500 companies, the compensation of CEOs soared 146%, on average, from 1993 to 2003.

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