companies Based on 510 executive job-hopping events from 1993 to 2011, we find that companies dramatically raise pay for their
incumbent executives after losing executives in a job-hopping event. From the year prior to the job-hopping event to the
year afterwards, the median total compensation for these incumbent executives increases from $1.40 million to $2.04
million (an increase of 46%). Moreover, this pay raise is mainly allotted in the form of equity-based compensation