Finance and Economics Discussion Series: 2007-35 Screen Reader version ^♣

Full Data Appendix to Executive Compensation:
A New View from a Long-Term Perspective 1936-2005

Figure Data

Figure A1: Fractions of Exceutives 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

Return to Figure A1

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

Return to Figure A2

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

Return to Figure A3

Figure A4: Median Value of Salary & Bonus of CEOs

Firms Ranked < 100 by Market Value

year	Our sample	Hall-Liebman	Execucomp	Forbes
1960	0.9453547
1961	0.9180506
1962	0.9550828
1963	0.8759268
1964	1.001268
1965	0.984
1966	0.9407222
1967	0.9436457
1968	0.9896552
1969	1.026162
1970	0.9697483			1.056278
1971	0.9630445			1.062963
1972	0.9406446			1.029904
1973	1.039372			1.087885
1974	0.9247454			1.04787
1975	1.051924			1.069048
1976	0.9835677			1.150017
1977	1.002413			1.20199
1978	1.177984			1.265089
1979	1.270993			1.260665
1980	1.228695	1.214177		1.243434
1981	1.244772	1.291974		1.257875
1982	1.22318	1.222352		1.209861
1983	1.283716	1.396099		1.296687
1984	1.351707	1.466766		1.513172
1985	1.440335	1.338711		1.448336
1986	1.472529	1.555456		1.571168
1987	1.665526	1.588606		1.665914
1988	1.777692	1.783136		1.822438
1989	1.946084	1.817127		1.778243
1990	1.954507	1.673252		1.802369
1991	1.733478	1.775101		1.612004
1992	1.808836	1.749616	1.871739
1993	2.080278	2.059845	2.013489
1994	2.352935	2.281476	2.149595
1995	2.784387		2.346764
1996	2.724268		2.494025
1997	2.896822		2.785979
1998	3.222587		3.040307
1999	4.078798		3.157782
2000	4.055601		3.089916
2001	3.597628		2.714428
2002	3.86737		2.855999
2003	4.45704		3.648488
2004	4.892595		3.634628
2005	5.009698		3.967742

(Panel b) Firms Ranked between 100 and 300 by Market Value

year	Our sample	Hall-Liebman	Execucomp	Forbes
1960	0.7433397
1961	0.6983027
1962	0.7542303
1963	0.7597059
1964	0.7891204
1965	0.8932533
1966	0.9327499
1967	0.8934808
1968	0.8728759
1969	0.8328474
1970	0.8432474			0.6768171
1971	0.8078519			0.744074
1972	0.8703804			0.7868469
1973	0.9069588			0.7310743
1974	0.9350495			0.7719311
1975	0.9733461			0.8001859
1976	0.9944171			0.8746186
1977	0.92701			0.8794703
1978	1.104864			0.9085399
1979	1.044004			0.885905
1980	1.053611	0.9926578		0.8913022
1981	0.8892889	0.9699274		0.9168845
1982	0.9992954	0.8601078		0.8601078
1983	1.047903	1.037349		0.9906687
1984	1.358776	1.080601		1.03668
1985	1.32145	1.066648		1.081851
1986	1.412106	1.150095		1.190945
1987	1.409396	1.2915		1.2915
1988	1.699738	1.451254		1.383568
1989	1.846984	1.472032		1.312331
1990	1.833823	1.350459		1.301711
1991	1.541203	1.153057		1.249145
1992	1.593253	1.291807	1.282233
1993	1.651988	1.356149	1.341253
1994	1.868774	1.521565	1.503922
1995	1.868723		1.509388
1996	1.756023		1.534325
1997	1.755081		1.740776
1998	1.828965		1.858017
1999	2.616442		1.853348
2000	2.7		1.85
2001	2.296325		1.649714
2002	2.373693		1.929122
2003	2.461025		2.092849
2004	2.813889		2.297215
2005	2.417949		2.302973

(Panel c) Firms Ranked between 300 and 500 by Market Value

year	Our sample	Hall-Liebman	Execucomp	Forbes
1960	0.5419791
1961	0.6718104
1962	0.5701987
1963	0.6190196
1964	0.6540822
1965	0.590471
1966	0.643927
1967	0.644461
1968	0.6318948
1969	0.8487888
1970	0.6657217			0.6169021
1971	0.586543			0.5867556
1972	0.8683556			0.6179426
1973	1.004093			0.6321756
1974	0.9162961			0.6531724
1975	0.7988528			0.5985391
1976	0.836665			0.6809314
1977	0.8762238			0.7501782
1978	1.1951			0.7923313
1979	1.105728			0.8408388
1980	0.7825646	0.6906808		0.7815874
1981	1.154	0.7766997		0.7899604
1982	0.7591218	0.6959378		0.6941534
1983	1.106506	0.7555361		0.8039458
1984	1.175331	0.8444264		0.8386256
1985	1.574766	0.8169898		0.8946078
1986	1.128077	0.9159909		0.9159909
1987	1.321817	0.9807518		1.003489
1988	1.237278	1.03058		1.018935
1989	1.048015	1.13041		1.080416
1990	1.047504	1.054017		1.028984
1991	1.38326	1.112599		0.968467
1992	1.061298	1.08745	1.10445
1993	1.304907	1.181566	1.104583
1994	1.266244	1.297891	1.161943
1995	1.338378		1.188049
1996	1.481644		1.245503
1997	1.662991		1.239833
1998	1.657293		1.323281
1999	1.831705		1.339081
2000	1.89924		1.383107
2001	1.716762		1.461303
2002	2.107272		1.473957
2003	2.091201		1.713181
2004	2.087549		1.887268
2005	2.581237		2.061024

Return to Figure A4

Figure A5: Median Salary & Bonus Reweighted by Firm Size

year	unweighted	weighted to reflect top 300	weighted 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

Return to Figure A5

Figure A6: Median Value of Stock Option Grants to CEOs

(Panel a) Firms Ranked < 100 by Market Value

year	Our Sample	Hall-Liebman	Execucomp
1970	0
1971	0
1972	0.0571542
1973	0.0167342
1974	0.1588076
1975	0
1976	0.0687879
1977	0.0702986
1978	0.2026385
1979	0.207393
1980	0.2064193	0.1401243
1981	0.2150758	0.3259725
1982	0.2190875	0.1403731
1983	0.2499712	0.3317702
1984	0.3037409	0.3510965
1985	0.3200558	0.4114683
1986	0.3977783	0.4692864
1987	0.5095769	0.5065797
1988	0.7488809	0.500323
1989	0.7497165	0.5828201
1990	0.8612349	0.6566034
1991	0.6718633	1.018466
1992	0.7992157	0.8706717	0.8487889
1993	0.7884619	0.9574026	0.9431019
1994	1.344012	1.409133	1.537335
1995	1.682095		1.688269
1996	1.993323		2.16847
1997	3.351959		2.971955
1998	4.057998		4.217733
1999	7.185429		8.453051
2000	10.27713		9.152101
2001	7.696208		8.675817
2002	7.04055		6.776961
2003	3.728489		4.949746
2004	3.901804		4.657929
2005	2.635022		3.894086

(Panel b) Firms Ranked between 100 and 300 by Market Value

year	Our Sample	Hall-Liebman	Execucomp
1970	0.0197345
1971	0
1972	0
1973	0.0411741
1974	0.108005
1975	0.0443155
1976	0.0207957
1977	0
1978	0.0745888
1979	0.1002015
1980	0.0826336	0
1981	0.1506807	0
1982	0.2111167	0.0316791
1983	0.2448777	0
1984	0.1903549	0.0345885
1985	0.2474543	0.1004488
1986	0.2888766	0.2152559
1987	0.6381272	0.403172
1988	0.4480804	0.0517787
1989	0.4177837	0.1685494
1990	0.3873076	0.1612551
1991	0.4183803	0.3633841
1992	0.324842	0.4719015	0.3166958
1993	0.5336579	0.4908376	0.420628
1994	0.6600649	0.7725663	0.6874789
1995	0.8458782		0.5413306
1996	1.451411		0.835496
1997	1.210511		1.256992
1998	1.870218		2.414849
1999	3.018863		3.405483
2000	3.904535		3.902839
2001	4.09437		4.786327
2002	1.772721		3.233345
2003	2.214963		2.423658
2004	2.572502		2.612212
2005	2.037013		2.46853

(Panel c) Firms Ranked between 300 and 500 by Market Value

year	Our Sample	Hall-Liebman	Execucomp
1970	0.0431309
1971	0
1972	0.0760061
1973	0.0151511
1974	0.3150666
1975	0.0023821
1976	0
1977	0.3312026
1978	0.1044112
1979	0.0311469
1980	0.0528383	0
1981	0.075034	0
1982	0.0820362	0.034805
1983	0.0852866	0
1984	0.2389477	0.0678502
1985	0.5890767	0.0072348
1986	1.647796	0
1987	1.060863	0.1345976
1988	0.5565116	0.1225756
1989	0.5623426	0.1256203
1990	0.1303306	0.1280341
1991	0.4019325	0.3167948
1992	0.6168132	0.340019	0.076162
1993	0.5518533	0.3822207	0.2924444
1994	0.3650168	0.5242608	0.3912019
1995	0.9991224		0.3975605
1996	0.6321139		0.7883666
1997	4.240774		0.9280341
1998	2.206262		1.034046
1999	2.097367		1.846956
2000	2.062107		2.848215
2001	2.499742		2.475484
2002	3.024636		2.233742
2003	1.38414		1.438151
2004	0.8353139		1.488604
2005	2.237852		1.598694

Return to Figure A6

Figure A7: Median Total Compensation

year	unweighted, 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

Return to Figure A7