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Bank CEO Incentives and the Credit Crisis
Fahlenbrach, Rüdiger; Stulz, René M. - Swiss National Centre of Competence in Research North … - 2009
accounting return on equity (ROE). Further, banks with higher option compensationand with a larger fraction of compensation given …
Persistent link: https://www.econbiz.de/10009305118
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The Executive Turnover Risk Premium
Peters, Florian S.; Wagner, Alexander F. - Institut für Schweizerisches Bankwesen <Zürich> - 2009
CEO compensation has increased substantially over the past 15 years, but so has forcedturnover. Motivated by this …, on average, associated with about 4% more in terms of total compensation.[...] …
Persistent link: https://www.econbiz.de/10005868976
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Bankers' compensation: Sprint swimming in short bonus pools?
Jokivuolle, Esa; Keppo, Jussi - Suomen Pankki - 2014
that regulating leverage would be more effective than regulating bankers' compensation. …
Persistent link: https://www.econbiz.de/10010734434
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Bank Pay Caps, Bank Risk, and Macroprudential Regulation
Thanassoulis, John - Department of Economics, Oxford University - 2012
This paper studies the consequences of a regulatory pay cap in proportion to assets onbank risk, bank value, and bank asset allocations. The cap is shown to lower banks' riskand raise banks' values by acting against a competitive externality in the labour market.The risk reduction is achieved...
Persistent link: https://www.econbiz.de/10010604980
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Bonus caps, deferrals and bankers' risk-taking
Jokivuolle, Esa; Keppo, Jussi; Yuan, Xuchuan - Suomen Pankki - 2015
We model a banker's future bonuses as a series of call options on the bank's profits and show that bonus caps and deferrals reduce risk-taking. However, the banker's optimal risk-taking also depends on the costs of risk-taking. We calibrate the model to US banking data and show that lengthening...
Persistent link: https://www.econbiz.de/10011207862
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Seven Pillars of Wisdom
Barone-Adesi, Giovanni - Swiss National Centre of Competence in Research North … - 2009
The persistence of financial instability calls into question the adequacy of the current regulatory regime. Acritical review of the three pillars at the core of current financial regulation exposes some structural flaws.[...]
Persistent link: https://www.econbiz.de/10005868715
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Managerial Risk-Taking Incentives and the Systemic Risk of Financial Institutions
Iqbal, Jamshed - 2020
generated by executive compensation. We measure managerial risk-taking incentives with the sensitivities of chief executive … officer (CEO) and chief financial officer (CFO) compensation to changes in stock prices (pay-performance sensitivity) and …–2010, we document a negative association between systemic risk and the sensitivities of CEO and CFO compensation to stock …
Persistent link: https://www.econbiz.de/10012853910
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Managerial Incentives to Innovate During Crises : The Schumpeterian View
Sinagl, Petra; Wang, Jiawei (Brooke) - 2021
compensation mechanism that firms use to motivate managers to innovate during crises, as an important driver that improves firm … able to innovate by compensating managers with options. We identify exogenous variation in option compensation using …
Persistent link: https://www.econbiz.de/10013243305
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Is size everything?
Antill, Samuel; Sarkar, Asani - 2018
We examine sources of systemic risk (threshold size, complexity, and interconnectedness) with factors constructed from equity returns of large financial firms, after accounting for standard risk factors. From the factor loadings and factor returns, we estimate the implicit government subsidy for...
Persistent link: https://www.econbiz.de/10011894404
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Systemic Risk and Bank Size
Varotto, Simone - 2017
In this paper we analyse firm level systemic risk for US and European banks from 2004 to 2012. We observe that common systemic risk indicators are primarily driven by firm size which implies an overriding concern for “too-big-to-fail” institutions. However, smaller banks may still pose...
Persistent link: https://www.econbiz.de/10012974040