Wall Street and Main Street: what contributes to the rise in the highest incomes?
We consider how much of the top end of the income distribution can be attributed to four sectors -- top executives of non-financial firms (Main Street); financial service sector employees from investment banks, hedge funds, private equity funds, and mutual funds (Wall Street); corporate lawyers; and...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13270 |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | We consider how much of the top end of the income distribution can be attributed to four sectors -- top executives of non-financial firms (Main Street); financial service sector employees from investment banks, hedge funds, private equity funds, and mutual funds (Wall Street); corporate lawyers; and professional athletes and celebrities. Non-financial public company CEOs and top executives do not represent more than 6.5% of any of the top AGI brackets (the top 0.1%, 0.01%, 0.001%, and 0.0001%). Individuals in the Wall Street category comprise at least as high a percentage of the top AGI brackets as non-financial executives of public companies. While the representation of top executives in the top AGI brackets has increased from 1994 to 2004, the representation of Wall Street has likely increased even more. While the groups we study represent a substantial portion of the top income groups, they miss a large number of high-earning individuals. We conclude by considering how our results inform different explanations for the increased skewness at the top end of the distribution. We argue the evidence is most consistent with theories of superstars, skill biased technological change, greater scale and their interaction. |
| Beschreibung: | Literaturverz. S. 42 - 43 |
| Beschreibung: | 43, [23] S. graph. Darst. 22 cm |
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| 520 | 8 | |a We consider how much of the top end of the income distribution can be attributed to four sectors -- top executives of non-financial firms (Main Street); financial service sector employees from investment banks, hedge funds, private equity funds, and mutual funds (Wall Street); corporate lawyers; and professional athletes and celebrities. Non-financial public company CEOs and top executives do not represent more than 6.5% of any of the top AGI brackets (the top 0.1%, 0.01%, 0.001%, and 0.0001%). Individuals in the Wall Street category comprise at least as high a percentage of the top AGI brackets as non-financial executives of public companies. While the representation of top executives in the top AGI brackets has increased from 1994 to 2004, the representation of Wall Street has likely increased even more. While the groups we study represent a substantial portion of the top income groups, they miss a large number of high-earning individuals. We conclude by considering how our results inform different explanations for the increased skewness at the top end of the distribution. We argue the evidence is most consistent with theories of superstars, skill biased technological change, greater scale and their interaction. | |
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| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
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| spelling | Kaplan, Steven N. 1959- Verfasser (DE-588)128432160 aut Wall Street and Main Street what contributes to the rise in the highest incomes? Steven N. Kaplan ; Joshua Rauh Cambridge, Mass. National Bureau of Economic Research 2007 43, [23] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13270 Literaturverz. S. 42 - 43 We consider how much of the top end of the income distribution can be attributed to four sectors -- top executives of non-financial firms (Main Street); financial service sector employees from investment banks, hedge funds, private equity funds, and mutual funds (Wall Street); corporate lawyers; and professional athletes and celebrities. Non-financial public company CEOs and top executives do not represent more than 6.5% of any of the top AGI brackets (the top 0.1%, 0.01%, 0.001%, and 0.0001%). Individuals in the Wall Street category comprise at least as high a percentage of the top AGI brackets as non-financial executives of public companies. While the representation of top executives in the top AGI brackets has increased from 1994 to 2004, the representation of Wall Street has likely increased even more. While the groups we study represent a substantial portion of the top income groups, they miss a large number of high-earning individuals. We conclude by considering how our results inform different explanations for the increased skewness at the top end of the distribution. We argue the evidence is most consistent with theories of superstars, skill biased technological change, greater scale and their interaction. Rauh, Joshua Verfasser (DE-588)129335347 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13270 (DE-604)BV002801238 13270 http://papers.nber.org/papers/w13270.pdf kostenfrei Volltext |
| spellingShingle | Kaplan, Steven N. 1959- Rauh, Joshua Wall Street and Main Street what contributes to the rise in the highest incomes? |
| title | Wall Street and Main Street what contributes to the rise in the highest incomes? |
| title_auth | Wall Street and Main Street what contributes to the rise in the highest incomes? |
| title_exact_search | Wall Street and Main Street what contributes to the rise in the highest incomes? |
| title_exact_search_txtP | Wall Street and Main Street what contributes to the rise in the highest incomes? |
| title_full | Wall Street and Main Street what contributes to the rise in the highest incomes? Steven N. Kaplan ; Joshua Rauh |
| title_fullStr | Wall Street and Main Street what contributes to the rise in the highest incomes? Steven N. Kaplan ; Joshua Rauh |
| title_full_unstemmed | Wall Street and Main Street what contributes to the rise in the highest incomes? Steven N. Kaplan ; Joshua Rauh |
| title_short | Wall Street and Main Street |
| title_sort | wall street and main street what contributes to the rise in the highest incomes |
| title_sub | what contributes to the rise in the highest incomes? |
| url | http://papers.nber.org/papers/w13270.pdf |
| volume_link | (DE-604)BV002801238 |
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