Harvard Business Review

JUNE 3, 2011

Every spring, the Wall Street Journal publishes a CEO Salary Report , using a Hay Group survey to break down compensation levels for the CEOs of the 350 biggest publicly traded US companies. Yes, the market is rebounding; the S&P 500 was up 13% over 2010. Black-Scholes Valuation based on stock price at issue. 04 Jan 2010.

Black-Scholes 15

Black-Scholes CEO Price Bottom-up 15

Harvard Business Review

SEPTEMBER 17, 2012

Any fool, or mortgage banker, can use a spreadsheet and calculate a Black-Scholes equation. Tufte's analysis appeared in the Columbia Accident Investigation Board's Report blaming PowerPoint for missteps leading to the space shuttle disaster. Although data does give rise to information and insight, they are not the same.

Black-Scholes 15

Black-Scholes Software Tools Information 15

Harvard Business Review

DECEMBER 22, 2016

The SEC’s new disclosure requirement implements a section of the Dodd-Frank Act of 2010 that seeks to expose extreme pay gaps within corporations and to permit cross-company comparisons of CEO-worker pay inequality. The ARG numbers are reported in a subsidiary table in the proxy statement, where they typically go unnoticed.

CEO 8

CEO Black-Scholes Price Merton 8