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But David Schwartz has found that the truth about executive pay is even more startling. In 18 of the 30 sectors, shares of companies run by the highest-paid executive in the sector disappointed orchard books (ny) investors, rising by less than the sector average. There was no systematic benefit associated with paying executives above the odds. In fact, a hypothetical investor who bought shares in all 30 sectors would have gained higher profits by steadily avoiding the fat-cat company and flipping orchard books (ny) a coin to select another company from the same orchard books (ny) sector. . . . Just 11 high-pay companies outperformed their low-pay competitor. Last week, Trade and Industry Secretary Patricia Hewitt announced that the government would not be introducing legislation to curb excessive executive pay, say that she was: "clear that the best way forward is through the application and development of best practice in negotiating contracts which deal with performance issues effectively."
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