CEO Compensation, Compensation Risk, and Corporate Governance: Evidence from Technology Firms

Literature suggests that CEOs of technology firms earn higher pay than CEOs of non-technology firms. I investigate whether compensation risk explains the difference in compensation between technology firms and non-technology firms. Controlling for firm size and performance, I find that CEOs in technology firms have higher pay, but also have much higher compensation risk compared to non-technology firms. Compensation risk explains the major part of the difference in CEO pay. My study is consistent with the labor market economics view that CEOs earn competitive risk-adjusted total compensation.

Grant of Permission for lease of military lands from Sir Robert Prescott to Thomas Clark, 1798-1801.

Transcript (original spelling and grammar retained): By His Excellency Robert Prescott Esquire, Captain General and Governor in Chief in and over His Majestys Provinces of Upper and Lower Canada, General and Commander in Chief of all His Majesty’s forces in the Provinces of Upper and Lower Canada, Nova Scotia, New Brunswick and their several Dependencies and in the Island of Newfoundland &ca. &ca. &ca. I do hereby authorise and permit Thomas Clark of Queenstown in the County of Lincoln in the Province of Upper Canada merchant to take possession of all that Lot, piece and parcel of Land (being part of the land reserved by his Majesty for Military purposes) situate, lying and being at Queenstown in the Township of Newark, in the Home District in the said Province of Upper Canada, bounded and abutted as follows, that is to say beginning at the Distance of two Chains and ninety links from the South East End of his Majesty’s Store House, the said distance being measured along the Bank up Stream, thence South thirty nine degrees and an half West one Chain and fifty links thence south fifty degrees and an half East one Chain and thirty links thence North thirty nine degrees and an half East to the Edge of the Bank and from thence along the Bank to the place of beginning, containing thirty one perches and one hundred and twenty five square links and to occupy and hold the said Lot, piece and parcel of Land during pleasure subject nevertheless to the provisoes and Conditions herein after contained, that is to say. First on condition that it shall and may be lawful to and for His Majesty his Heirs and Successors and to and for the Commander in Chief of His Majesty Forces for the time being and to and for the Officer commanding his Majesty’s Forces in Upper Canada for the time being and to and for either of them to determine and make void this present permission to occupy during pleasure the said Lot, Piece or Parcel of Land above described at any time hereafter whenever he or they shall see fit so to do without any compensation or indemnification to the said Thomas Clark or any other Person or Persons whosoever for any Loss Injury or Damage which he the said Thomas Clark or any other Person or Persons whosoever may thereby sustain. Secondly on this further Condition that it shall and may be lawful to and for His Majesty his Heirs and Successors and to and for his and their Officers, Soldiers and Servants at any time hereafter by order of the Commander in Chief of His Majesty’s Forces for the time being or by order of the Officer commanding his Majesty’s forces in Upper Canada for the time being or by order of the Officer of His Majesty’s Corps of Royal Engineers commanding in the said Province of Upper Canada for the time being to enter upon the said Lot Piece and parcel of Land which the said Thomas Clark is hereby permitted to occupy during pleasure or upon any part thereof and to take down and from the said Lot piece and parcel of Land or from any part thereof to remove any dwelling House Store or other Buildings on the said Lot, piece or Parcel of Land or any part thereof erected and to remove any goods or Chattels on the said Lot piece and parcel of Land or on any part thereof or on any such dwelling House Store or other building found or being and that His Majesty his Heirs and Successors or any other Person or Persons whosoever shall not be liable or responsible to the said Thomas Clark or to any other Person or Persons whosoever for any Loss, Injury or Damage which he or they shall or may in such case sustain. Thirdly on this further Condition that the said Thomas Clark shall not erect on the said Lot Piece or Parcel of Land which the said Thomas Clark is hereby permitted to occupy during pleasure or upon any part thereof at any time or times hereafter any dwelling House store or other Building whatsoever of Stone or brick or of any other materials wood only exccepted and that if any dwelling House or Store or other building of Stone or brick or of any other materials except wood shall at any time be erected on the said Lot, piece or parcel of Land or upon any part thereof, then and in such case, this present permission and every Clause and Article thereof shall from thenceforth cease and determine and be absolutely and entirely null and void. And lastly on this further Condition that the said Thomas Clark or any other Person whosoever shall not assign this permission to occupy the said Lot, Piece or Parcel of Land above described to any Person of Persons whosoever, and if any such assignment shall be made by the said Thomas Clark or by any other Person in his right, or on his behalf, that then and in such case such assignment and this permission to occupy during pleasure the said Lot piece and parcel of Land above described, and every Clause and Article thereof shall from thenceforth cease and determine and be absolutely and entirely null and void. Given under my hand at the Castle of St. Lewis in the City of Quebec in the Province of Lower Canada this Ninth day of July in the year of our Lord one thousand seven hundred and ninety eight and in the thirty eighth year of His Majesty’s Reign. [Signed here by Robert Prescott] By Order of the Commander in Chief [Signed here by James Green (Illegible signature)] I the said Thomas Clark above named do hereby accept the above written Permission to occupy during pleasure the said Lot piece and parcel of Land above described upon and subject to the several Provisioes and Conditions above written and each and every of them severally and respectively. In witness whereof I have hereunto set my hand the Sixteenth day of August in the year of our Lord one thousand seven hundred and ninety eight and in the thirty eighth year of His Majesty’s Reign. [Signed here by Thomas Clark] Signed in the presence of [Illegible signature – looks like J. M Donell Lt. Col.] [Illegible – looks like 2d. Battn R. C. Sm?] [Signed here by C. Anderson] Whereas Inconveniences did arise from the peculiar situation of the Ground contiguous to the above described Lot of Land and the occupation thereof, if estimated by the above Limits would prove highly disadvantageous to Mr. Thomas Clark be it known that in consideration thereof we do permit the above Lot to extend one half Chain more in length up stream so as to comprehend the space allowed for the Road between Lots Two + Three, and we do hereby appropriate the said additional space wholly to the use of the said Thomas Clark. In witness whereof we have hereunto subscribed this Thirteenth Day of October in the Year of our Lord one thousand Eight Hundred and one. [Signed here by J. M’Donell Lt. Col] 2d. Battn. R. C. [in?] Com of Fort George + Dependencies Robt. Pilkington Captain Royal Engineers

Pay roll voucher #12 from the Engineer Department of Port Dalhousie and Thorold Railway Extension for the office approved by F. Shanly, chief engineer, April, 1857

Pay roll voucher #12 from the Engineer Department of Port Dalhousie and Thorold Railway Extension for the office approved by F. Shanly, chief engineer, April, 1857.

Pay roll voucher #13 from the Engineer Department of Port Dalhousie and Thorold Railway Extension for the Northern Division for the month of April, 1857 approved by F. Shanly, chief engineer and W.G. Thompson, assistant engineer, April 27, 1857

Pay roll voucher #13 from the Engineer Department of Port Dalhousie and Thorold Railway Extension for the Northern Division for the month of April, 1857 approved by F. Shanly, chief engineer and W.G. Thompson, assistant engineer, April 27, 1857.

Pay roll voucher #14 from the Engineer Department of Port Dalhousie and Thorold Railway Extension for the Southern Division for the month of April, 1857 approved by F. Shanly, chief engineer and Francis A. Doyle, assistant engineer, April 28, 1857

Pay roll voucher #14 from the Engineer Department of Port Dalhousie and Thorold Railway Extension for the Southern Division for the month of April, 1857 approved by F. Shanly, chief engineer and Francis A. Doyle, assistant engineer, April 28, 1857.

Pay roll voucher # 17 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Northern Division for the month of May, 1857, approved by F. Shanly, chief engineer and W.G. Thompson, assistant engineer, May 27, 1857

Pay roll voucher # 17 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Northern Division for the month of May, 1857, approved by F. Shanly, chief engineer and W.G. Thompson, assistant engineer, May 27, 1857.

Pay roll voucher #16 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the office approved by F. Shanly, chief engineer, May 30, 1857

Pay roll voucher #16 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the office approved by F. Shanly, chief engineer, May 30, 1857.

Pay roll voucher #18 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Southern Division approved by F. Shanly, chief engineer and F.A. Doyle assistant engineer, May 31, 1857

Pay roll voucher #18 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Southern Division approved by F. Shanly, chief engineer and F.A. Doyle assistant engineer, May 31, 1857.

Pay roll voucher #20 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Northern Division approved by F. Shanly, chief engineer and W.G. Thompson, assistant engineer (copy) June 1857

Pay roll voucher #20 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Northern Division approved by F. Shanly, chief engineer and W.G. Thompson, assistant engineer (copy) June 1857.

Pay roll voucher #21 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Southern Division approved by F. Shanly, chief engineer and Francis A. Doyle, assistant engineer (copy) June 29, 1857

Pay roll voucher #21 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Southern Division approved by F. Shanly, chief engineer and Francis A. Doyle, assistant engineer (copy) June 29, 1857.

Pay roll voucher #19 from the Port Dalhousie and Thorold Railway Extension, for the office approved by F. Shanly, chief engineer (copy), July 1, 1857

Pay roll voucher #19 from the Port Dalhousie and Thorold Railway Extension, for the office approved by F. Shanly, chief engineer (copy), July 1, 1857.

Pay roll voucher #26 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Southern Division, for the month of July, 1857 approved by F. Shanly, chief engineer and Francis A. Doyle (copy), July 28, 1857

Pay roll voucher #26 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Southern Division, for the month of July, 1857 approved by F. Shanly, chief engineer and Francis A. Doyle (copy), July 28, 1857.

Pay roll voucher #24 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the office, for the month of July, 1857 approved by F. Shanly, chief engineer (copy), July 31, 1857

Pay roll voucher #24 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the office, for the month of July, 1857 approved by F. Shanly, chief engineer (copy), July 31, 1857.

Pay roll voucher #25 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Northern Division, for the month of July, 1857 approved by F. Shanly, chief engineer and W. G. Thompson (copy), July 30, 1857

Pay roll voucher #25 from the Engineer Department of Port Dalhousie and Thorold Railway Extension, for the Northern Division, for the month of July, 1857 approved by F. Shanly, chief engineer and W. G. Thompson (copy), July 30, 1857.

Copy of a report of a Committee of the Honorable and Executive Council dated May 6, 1859 approved by His Excellency the Governor General in Council

Copy of a report of a Committee of the Honorable and Executive Council dated May 6, 1859 approved by His Excellency the Governor General in Council. This is in regard to charges made by Joshua Manly of Port Colborne against Mr. Woodruff, the superintendent and other persons connected with the Welland Canal. The accusations have been substantiated by the committee. This is accompanied by a petition accusing Mr. Woodruff of gross corruption and jobbery [the practice of using a public office or position of trust for one's own advantage]. This was signed by a number of petitioners on July 2, 1858 (2 pages, handwritten), 1859.