An edition of Wall Street and Main Street (2007)

Wall Street and Main Street

what contributes to the rise in the highest incomes?

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Wall Street and Main Street
Steven N. Kaplan
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Last edited by MARC Bot
December 19, 2020 | History
An edition of Wall Street and Main Street (2007)

Wall Street and Main Street

what contributes to the rise in the highest incomes?

  • 0 Ratings
  • 0 Want to read
  • 0 Currently reading
  • 0 Have read

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.

Publish Date
Language
English
Pages
43

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Edition Availability
Cover of: Wall Street and Main Street

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Book Details


Edition Notes

"July 2007"

Includes bibliographical references (p. 42-43).

Also available in PDF from the NBER world wide web site (www.nber.org).

Published in
Cambridge, Mass
Series
NBER working paper series -- no. 13270., Working paper series (National Bureau of Economic Research) -- working paper no. 13270.

Classifications

Library of Congress
HB1

The Physical Object

Pagination
43, [23] p. :
Number of pages
43

ID Numbers

Open Library
OL17634801M
LCCN
2007616410
OCLC/WorldCat
163572689

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December 19, 2020 Edited by MARC Bot import existing book
December 3, 2010 Edited by Open Library Bot Added subjects from MARC records.
December 10, 2009 Created by WorkBot add works page