Narrow search
Showing 1 - 10 of 90
Cover Image
Bankers' compensation: Sprint swimming in short bonus pools?
Jokivuolle, Esa; Keppo, Jussi - Suomen Pankki - 2014
The global financial crisis of 2007–2008 has given rise to new regulatory initiatives to put restrictions on the size and the term of bankers' pay. We revisit both theoretically and empirically the question of whether these regulations are justified. We model bonuses as a series of sequential...
Persistent link: https://www.econbiz.de/10010734434
Cover Image
How do family ties, boards and regulation affect pay at the top? Evidence for Indian CEOs
Fagernäs, Sonja - ESRC Centre for Business Research - 2006
performance and both CEO and firm specific fixed effects. The hypothesis is that corporate governance, ownership structures and … component and the performance-related component of pay. In contrast, the presence of outside representatives on the board - non … lowers the level of pay and that of non-executives ties pay more to firm performance. A further timely finding is that the …
Persistent link: https://www.econbiz.de/10005162824
Cover Image
Determinants of the use of financial incentives in investment banking
Nash, David - ESRC Centre for Business Research - 2003
This paper examines the use of incentive pay schemes within the financial services sector in London. Various theories of wage determination are reviewed with particular attention placed on the principal-agent literature as a framework for analysing the use of incentive pay. This is combined with...
Persistent link: https://www.econbiz.de/10005688017
Cover Image
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
Cover Image
The Impact of Foreign Corporate Ownership on Downsizing and Labour Cost
Chai, D.H. - ESRC Centre for Business Research - 2010
related to labour cost but this positive effect is significantly weaker for firms with weak financial performance than those … with strong financial performance. These results provide support to the view that foreign investors take both monitoring …
Persistent link: https://www.econbiz.de/10010614658
Cover Image
The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom
Guest, Paul - ESRC Centre for Business Research - 2007
We examine the impact of acquisitions on executive pay in UK acquirers over 1984-2001. For the overall sample, which includes foreign, domestic, public and private targets, there is a significant transitory pay increase. Pay changes are not affected by target nationality or organizational form,...
Persistent link: https://www.econbiz.de/10005813000
Cover Image
Central counterparty clearing: constructing a framework for evaluation of risks and benefits
Ripatti, Kirsi - Suomen Pankki - 2004
A Central Counterparty (CCP) is an entity that interposes itself between transacting counterparties – a seller vis-à-vis the original buyer and a buyer vis-à-vis the original seller – to guarantee execution of the transaction. Thus, the original transacting parties substitute their...
Persistent link: https://www.econbiz.de/10005419682
Cover Image
Law and Financial Development: What we are learning from time-series evidence
Armour, J.; Deakin, S.; Mollica, V.; Siems, M.M. - ESRC Centre for Business Research - 2010
The legal origins hypothesis is one of the most important and influential ideas to emerge in the social sciences in the past decade. However, the empirical base of the legal origins claim has always been contestable, as it largely consists of cross-sectional datasets which provide evidence on...
Persistent link: https://www.econbiz.de/10010614655
Cover Image
An End to Consensus? The Selective Impact of Corporate Law Reform on Financial Development
Deakin, S.; Sarkar, P.; Singh, A. - ESRC Centre for Business Research - 2011
Legal origins theory suggests that law reform, strengthening shareholder and creditor rights, should enhance financial development. We use recently created datasets measuring legal change over time in a sample of 25 developing, developed and transition countries to test this claim. We find that...
Persistent link: https://www.econbiz.de/10010548032
Cover Image
Rethinking Receivership
Armour, John; Frisby, Sandra - ESRC Centre for Business Research - 2000
A popular perception is that administrative receivers and their appointors hold 'too much' power in relation to troubled companies. Consideration of this issue is timely, because insolvency law is currently under review. We argue although the law's formal structure is imbalanced, this can...
Persistent link: https://www.econbiz.de/10005687971