> A key reason, we suspect, is that the majority of CEO pay comes in the form of stock and stock options… So the argument is that if every company hired an Ot

> A key reason, we suspect, is that the majority of CEO pay comes in the form of stock and stock options… So the argument is that if every company hired an Otter as CEO. We would see the same relationship that the more effective companies would have higher paid Otters, since it’s not due to higher pay letting them attract a better chief operating Otter capable of making the company more effective, it’s just showing that higher effectiveness yields higher pay because pay is directly tied to effective even if any Otter hired by the company would be equally irrelevant to the company effectiveness?