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| Tekijä: | Fahlenbrach, R. Stulz, R.M. |
| Otsikko: | Bank CEO incentives and the credit crisis |
| Lehti: | Journal of Financial Economics
2011 : JAN, VOL. 99:1, p. 11-26 |
| Asiasana: | financial crises banking insider trading executive remuneration management compensation incentives pay |
| Kieli: | eng |
| Tiivistelmä: | This paper explores whether bank performance during the recent credit crisis is related to chief executive officer (CEO) incentives (here as: incs.) before the crisis. There is found some evidence that banks with CEOs with incs. better aligned with the interests of shareholders performed worse. Yet, there is no evidence of better performance. Banks with higher option compensation (as: cmpsn.) and a larger fraction of cmpsn. for their CEO cash bonuses did not perform worse. Bank CEOs did not reduce their share holdings in anticipation of the (or during) the crisis. Thus, they suffered extremely large wealth losses in the wake of the crisis. |
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