# Professor Thomas Philippon comments on the impact of Nobel Prize winners Oliver Hart and Bengt Holmstrom's research

1 Faculty News October 11, 2016 ![Wall Street Journal logo](/sites/default/files/styles/246w/public/assets/images/wsjlogo.jpg?itok=5Qt0z3WX)>

Excerpt from [The Wall Street Journal](http://blogs.wsj.com/economics/2016/10/10/nobel-prize-in-economics-who-are-oliver-hart-and-bengt-holmstrom/) -- "Their research suggests CEO performance incentives should be set relative to performance of managers in similar industries, so as not to reward them for events beyond their control that affect all industries. 'That we do not see \[this\] more in practice is often a failure of governance,' Mr. [Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon) said in an interview."

[Read more](http://blogs.wsj.com/economics/2016/10/10/nobel-prize-in-economics-who-are-oliver-hart-and-bengt-holmstrom/)