Kevin Murphy

Kenneth L. Trefftzs Chair in Finance, Professor of Finance and Business Economics
Building
HOH
Room / Office
812

PhD, MA, University of Chicago; BA, UCLA

Kevin J. Murphy is an internationally known expert on executive compensation, and is the author of more than fifty articles, cases, books, or book chapters relating to compensation and incentives in organizations. Results from his research on executive compensation have appeared in the popular, business and professional press. From 2004 to 2007, he served as Vice Dean for Faculty and Academic Affairs at the Marshall School, and is currently serving as Chair of the Department of Finance and Business Economics. Before joining USC, Professor Murphy was on the faculty of the University of Rochester and Harvard Business School.

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Kevin Murphy, Joonil Lee, Peter Oh, Marshall Vance () "CEO Inside Debt Incentives and Corporate Investment ,".
Jay Dial, Kevin Murphy () "Downsizing and Value Creation at General Dynamics: A PE-like Solution for Industries that Must Shrink ,"  Journal of Applied Corporate Finance  33, 114-124.
Daniel Barron, Robert Gibbons, Ricard Gil, Kevin Murphy () "Relational Adaptation under Reel Authority ,"  Management Science  66, 1868-1889.
Kevin Murphy, Tatiana Sandino () "Compensation Consultants and the Level, Composition and Complexity of CEO Pay ,"  The Accounting Review  95, 311-341.
Kevin Murphy, Michael Jensen () "The Politics of Pay: The Unintended Consequences of Regulating Executive Compensation ,"  Journal of Law, Finance, and Accounting   3, 189-242.
Kevin Murphy, Jan Zabojnik () "Managerial Capital and the Market for CEOs ,".
Kevin Murphy () "Regulating Banking Bonuses in the European Union: A Case Study in Unintended Consequences ,"  European Financial Management  19, 631-657.
Kevin Murphy () "Executive Compensation: Where we are, and how we got there ,"  Handbook of the Economics of Finance  Elsevier Science North Holland, 4  2A, 211-356.
Nuno Fernandes, Miguel Ferreira, Pedro Matos, Kevin Murphy () "Are US CEOs Paid More? New International Evidence ,"  Review of Financial Studies  26, 323-367.
Tito Boeri, Claudio Lucifora, Kevin Murphy () "Executive Remuneration and Employee Performance-Related Pay: A Transatlantic Perspective ,"  Oxford University Press.
Martin Conyon, Nuno Fernandes, Miguel Ferreira, Pedro Matos, Kevin Murphy () "The Executive Compensation Controversy: A Transatlantic Analysis ,"  Executive Remuneration and Employee Performance-Related Pay: A Transatlantic Perspective  Oxford University Press, 1  Part I, 8-115.
Kevin Murphy () "Pay, Politics, and the Financial Crisis ,"  Rethinking the Financial Crisis  Russell Sage Foundation, 12.
Kevin Murphy () "The Politics of Pay: A Legislative History of Executive Compensation ,"  The Research Handbook on Executive Pay  Edward Elgar, 1.
Kevin Murphy () "CEO Bonus Plans and How to Fix Them ,".
George Baker, Robert Gibbons, Kevin Murphy () "Relational Adaptation ,".
Kevin Murphy () "Executive Pay Restrictions for TARP Recipients: An Assessment ,".
Kevin Murphy, Tatiana Sandino () "Executive Pay and "Independent" Compensation Consultants ,"  Journal of Accounting and Economics  49, 247-262.
Kevin Murphy () "Compensation Structure and Systemic Risk ,".
George Baker, Robert Gibbons, Kevin Murphy () "Strategic Alliances: Bridges Between 'Islands of Conscious Power' ,"  Journal of the Japanese and International Economies  22, 146-163.
Michelle Lowry, Kevin Murphy () "Executive Stock Options and IPO Underpricing ,"  Journal of Financial Economics  85, 39-65.
Kevin Murphy, Paul Oyer () "Discretion in Executive Incentive Contracts ,"  University of Southern California.
Kevin Murphy () "Explaining Executive Compensation: Managerial Power versus the Perceived Cost of Stock Options ,"  University of Chicago Law Review  69, 847-869.
Brian Hall, Kevin Murphy () "The Trouble with Stock Options ,"  Journal of Economic Perspectives  17, 49-70.
Kevin Murphy () "Stock-Based Pay in New Economy Firms ,"  Journal of Accounting and Economics  34, 129-147.
Brian Hall, Kevin Murphy () "Expensing will improve compensation decisions ,"  Boston Globe.
Kevin Murphy, Robert Gibbons, George Baker () "Relational Contracts and the Theory of the Firm ,"  Quarterly Journal of Economics  117, 39-84.
Kevin Murphy, Brian Hall () "Stock Options for Undiversified Executives ,"  Journal of Accounting and Economics  33, 3-42.
Kevin Murphy, Martin Conyon () "Stock-based executive compensation ,"  Corporate Governance Regimes: Convergence and Diversity  Oxford University Press , 26, 625-646.
George Baker, Robert Gibbons, Kevin Murphy () "Bringing the Market Inside the Firm ,"  American Economic Review Papers and Proceedings  92, 212-18.
Kevin Murphy, Brian Hall () "Option Value Does Not Equal Option Cost ,"  WorldatWork Journal  10.
Kevin Murphy () "Performance Standards in Incentive Contracts ,"  Journal of Accounting and Economics  30, 245-78.
Martin Conyon, Kevin Murphy () "The Prince and the Pauper? CEO Pay in the US and UK ,"  Economic Journal  110, F640-71.
Brian Hall, Kevin Murphy () "Optimal Exercise Prices for Executive Stock Options ,"  American Economics Review Papers and Proceedings  90, 209-214.
George Baker, Robert Gibbons, Kevin Murphy () "Informal Authority in Organizations ,"  Journal of Law, Economics, and Organizations  15, 56-73.
Kevin Murphy () "Executive Compensation ,"  Handbook of Labor Economics  Elsevier Science North Holland.
Kevin Hallock, Kevin Murphy () "The Economics of Executive Compensation ,"  Edward Elgar Publishing.
George Baker, Michael Jensen, Kevin Murphy () "Compensation and Incentives: Practice vs. Theory ,"  Journal of Finance  43, 593-616.
Kevin Murphy () "Executive Stock Options: An Economist's Perspective ,"  American Compensation Association.
Kevin Murphy () "Executive Compensation and the Modern Industrial Revolution ,"  International Journal of Industrial Organization  15, 417-25.
Kevin Murphy () "Disney Offers a Model for Executive Compensation ,"  Los Angeles Business Journal.
Kevin Murphy () "CEO Pay and Downsizing: The Social Consequences ,"  American Compensation Association.
Kevin Murphy () "Reporting Choice and the 1992 Proxy Disclosure Rules ,"  Journal of Accounting, Auditing, and Finance  11, 497-515.
Jay Dial, Kevin Murphy () "Incentives, Downsizing, and Value Creation at General Dynamics ,"  Journal of Financial Economics  37, 261-314.
Kevin Murphy () "Politics, Economics, and Executive Compensation ,"  University of Cincinnati Law Review  63, 713-748.
George Baker, Robert Gibbons, Kevin Murphy () "Subjective Performance Measures in Optimal Incentive Contracts ,"  Quarterly Journal of Economics  109, 1125-56.
Kevin Murphy () "Governance, Behavior, and Performance of State and Corporate Pension Funds ,"  Harvard University.
Michael Jensen, Kevin Murphy () "Compensation at Lexerd Systems ,"  Harvard Business School Press.
Kevin Murphy () "Executive Compensation in Corporate America 1993 ,"  United Shareholders Association.
Kevin Murphy, Jay Dial () "Compensation and Strategy and General Dynamics (A) , (B) ,"  Harvard Business School Press.
Kevin Murphy, Jerold Zimmerman () "Financial Performance Surrounding CEO Turnover ,"  Journal of Accounting and Economics  16, 273-315.
Kevin Murphy () "Executive Compensation in Corporate America 1992 ,"  United Shareholders Association.
Robert Gibbons, Kevin Murphy () "Does Executive Compensation Affect Investment? ,"  Journal of Applied Corporate Finance  5.
Robert Gibbons, Kevin Murphy () "Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence ,"  Journal of Political Economy  100, 468-505.
Kevin Murphy () "Performance Measurement and Appraisal: Motivating Managers to Identify and Reward Performance ,"  Performance Measurement, Evaluation, and Incentives  Harvard Business School Press.
Kevin Murphy () "Merck & Co., Inc. (A), (B), (C) ,"  Harvard Business School Press.
Kevin Murphy, Michael Jensen () "A New Survey of Executive Compensation: Full Survey and Technical Appendix to 'CEO Incentives - It's Not How Much You Pay but How ,"  Simon School of Business, University of Rochester.
Michael Jensen, Kevin Murphy () "CEO Incentives: It's Not How Much You Pay, But How ,"  Harvard Business Review.
Michael Jensen, Kevin Murphy () "Performance Pay and Top-Management Incentives ,"  Journal of Political Economy  98, 225-64.
Robert Gibbons, Kevin Murphy () "Relative Performance Evaluation for Chief Executive Officers ,"  Industrial and Labor Relations Review  43, 30S-51S.
Kevin Murphy () "The Control and Performance of State-Owned Enterprises: Comment ,"  Privatization and State-Owned Enterprises  Kluwer Academic, 59-68.
Kevin Murphy () "Executive Compensation in Regulated Firms ,"  William E. Simon Graduate School of Business Administration.
Kevin Murphy () "Incentives, Learning, and Compensation: A Theoretical and Empirical Investigation of Managerial Labor Contracts ,"  Rand Journal of Economics  17, 59-76.
Kevin Murphy () "Top Executives Are Worth Every Nickel They Get ,"  Harvard Business Review  64.
Kevin Murphy () "Corporate Performance and Managerial Remuneration: An Empirical Investigation ,"  Journal of Accounting and Economics  7, 11-42.
Kevin Murphy () "Is Executive Compensation Related to Company Performance? ,"  Rochester Management Review.
Michael Jensen, Kevin Murphy () "Beware the Self-Serving Critics ,"  New York Times.