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Average compensation among corporate America’s 200 highest-paid chief executive officers fell by 15% in 2015, according to a recently released study commissioned by The New York Times — and I am terrified.

Some may see the decline in pay as befitting, given the declining profitability of the nation’s top corporations and last year’s mediocre stock market performance. But I think the drop in pay sends an ominous signal about the future performance of top companies, including their stock price and ability to pay dividends.

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