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Executive Compensation And Business Policy Choices At U S Commercial Banks
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Book Synopsis Executive Compensation and Business Policy Choices at U. S. Commercial Banks by : Robert DeYoung
Download or read book Executive Compensation and Business Policy Choices at U. S. Commercial Banks written by Robert DeYoung and published by DIANE Publishing. This book was released on 2010-08 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines whether and how the terms of CEO compensation contracts at large commercial banks between 1994 and 2006 influenced, or were influenced by, the risky business policy decisions made by these firms. The authors find strong evidence that bank CEOs responded to contractual risk-taking incentives by taking more risk; bank boards altered CEO compensation to encourage executives to exploit new growth opportunities; and bank boards set CEO incentives in a manner designed to moderate excessive risk-taking. These relationships are strongest during the second half of the author¿s sample, after deregulation and technological change had expanded banks' capacities for risk-taking. Charts and tables.
Book Synopsis Executive Compensation and Business Policy Choices at U.S. Commercial Banks by : Robert DeYoung
Download or read book Executive Compensation and Business Policy Choices at U.S. Commercial Banks written by Robert DeYoung and published by . This book was released on 2015 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines whether and how the terms of CEO compensation contracts at large commercial banks between 1994 and 2006 influenced, or were influenced by, the risky business policy decisions made by these firms. We find strong evidence that bank CEOs responded to contractual risktaking incentives by taking more risk; systematic evidence that bank boards altered CEO compensation to encourage executives to exploit new growth opportunities; and more limited evidence that bank boards set CEO incentives in a manner designed to moderate excessive risk-taking. These relationships are strongest during the second half of our sample, after deregulation and technological change had expanded banks' capacities for risk-taking, and for the largest banking companies, which are better strategically positioned to exploit these opportunities.
Download or read book Bank CEOs written by Claudia Curi and published by Springer. This book was released on 2018-05-31 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book thoroughly explores the characteristics and importance of bank CEOs against the backdrop of growing awareness of the social implications of CEO behavior for the performance and stability of the financial and economic system. After an introductory section on the relevance of CEOs in the banking industry, the connections between the bank CEO labor market, contractual incentives, and compensation structures are examined. The focus then turns to empirical findings concerning the impact that bank CEO compensation has on various firm-level outcomes, such as bank performance and strategies. In addition, the relation between CEO turnover and changes in compensation policies since the financial crisis is discussed. A concluding section presents some fresh empirical evidence deriving from an up-to-date database of traits of CEOs operating in the largest European banks. For PhD students and academics, the surveys offer detailed roadmaps on the empirical research landscape and provide suggestions for future work. The writing style ensures that the content will be readily accessible to all industry practitioners.
Book Synopsis The Influence of the Board of Directors on the Executive Compensation in the Banking Industry by : Nesrine Ayadi
Download or read book The Influence of the Board of Directors on the Executive Compensation in the Banking Industry written by Nesrine Ayadi and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to examine the effect of the attributes of the board of directors on the compensation of the CEO of thirty European commercial banks. This research uses a technique of static panel data over the period 2004-2009. The study was conducted on a sample of thirty banks in four European countries. The results of our study suggest that the relationship between the size of the Board and the CEO's compensation is positive and statistically significant. Similarly, our results show that the presence of a proportion of independent directors in the Board improves the compensation of the CEO. They also indicate that improving the compensation of the CEO is also due to his power in the Board since he is its chairman. This study shows that the Board of directors acts as the primary mechanism of internal control designed to align the shareholders and managers' conflicting interests. However, the Board has an important role in defining the executives' compensation; therefore, its power depends on the members that compose it. This study also indicates that the independence quality of the board's members affects the compensation policy to improve the CEO's compensation depending on the banking performance. Moreover, this study suggests that the banking performance is related to the CEO's compensation through the attributes of the board. It therefore gives an overview of the impact of a complementary relationship between the board mechanism and that of the CEO's compensation. This study provides an overview on the complementary between the mechanism of the board and the CEO's compensation.
Book Synopsis Executive Compensation and Shareholder Value by : Jennifer Carpenter
Download or read book Executive Compensation and Shareholder Value written by Jennifer Carpenter and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Executive compensation has gained widespread public attention in recent years, with the pay of top U.S. executives reaching unprecedented levels compared either with past levels, with the remuneration of top executives in other countries, or with the wages and salaries of typical employees. The extraordinary levels of executive compensation have been achieved at a time when U.S. public companies have realized substantial gains in stock market value. Many have cited this as evidence that U.S. executive compensation works well, rewarding managers who make difficult decisions that lead to higher shareholder values, while others have argued that the overly generous salaries and benefits bear little relation to company performance. Recent conceptual and empirical research permits for the first time a truly rigorous debate on these and related issues, which is the subject of this volume.
Book Synopsis Pay Without Performance by : Lucian A. Bebchuk
Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Book Synopsis Research Handbook on Executive Pay by : John S. Beasley
Download or read book Research Handbook on Executive Pay written by John S. Beasley and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches – managerial power theory and optimal contracting theory – and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, the Handbook will be an essential resource for students, scholars and practitioners of law, finance, business and accounting.
Book Synopsis An Introduction to Executive Compensation by : Steven Balsam
Download or read book An Introduction to Executive Compensation written by Steven Balsam and published by Academic Press. This book was released on 2002 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: General readers have no idea why people should care about what executives are paid and why they are paid the way they are. That's the reason that The Wall Street Journal, Fortune, Forbes, and other popular and practitioner publications have regular coverage on them. This book not only proposes a reason - executives need incentives in order to maximize firm value (economists call this agency theory) - it also describes the nature and design of executive compensation practices. Those incentives can take the form of benefits (salary, stock options), or prerquisites (reflecting the status of the executive within the organizational culture.
Book Synopsis Executive Compensation Best Practices by : Frederick D. Lipman
Download or read book Executive Compensation Best Practices written by Frederick D. Lipman and published by John Wiley & Sons. This book was released on 2008-04-04 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Executive Compensation Best Practices demystifies the topic of executive compensation, with a hands-on guide providing comprehensive compensation guidance for all members of the board. Essential reading for board members, CEOs, and senior human resources leaders from companies of every size, this book is the most authoritative reference on executive compensation.
Book Synopsis Executive Pay and Performance by : R. Glenn Hubbard
Download or read book Executive Pay and Performance written by R. Glenn Hubbard and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines an effect of deregulating the market for corporate control on CEO compensation in the banking industry. Given that each state's banking regulation defines the competitiveness of its corporate control market, we examine the effect of a state's interstate banking regulation on the level and structure of bank CEO compensation. Using panel data on 147 banks over the decade of the 1980s, we find evidence supporting the hypothesis that competitive corporate control markets (i.e., where interstate banking is permitted) require talented managers whose levels of compensation are higher. We also find that the compensation-performance relationship is stronger than for managers in markets where interstate banking is not permitted. Further, CEO turnover increases substantially after deregulation, as does the proportion in performance-related compensation. These results suggest strong evidence of a managerial talent market -- that is, one which matches the level and structure of compensation with the competitiveness of the banking environment.
Book Synopsis Bank Strategy, Governance and Ratings by : P. Molyneux
Download or read book Bank Strategy, Governance and Ratings written by P. Molyneux and published by Springer. This book was released on 2015-12-11 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text comprises a selection of papers that provide state-of-the-art insights into research focusing on dimensions of bank strategy, governance and the role of credit rating agencies that were presented at the European Association of University Teachers of Banking and Finance Conference, September 2010.
Book Synopsis A Study of the Relationship Between Firm Performance and CEO Compensation in the U.S. Commercial Banking Industry by : Chris R. Crumley
Download or read book A Study of the Relationship Between Firm Performance and CEO Compensation in the U.S. Commercial Banking Industry written by Chris R. Crumley and published by . This book was released on 2006 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Palgrave Handbook of European Banking by : Thorsten Beck
Download or read book The Palgrave Handbook of European Banking written by Thorsten Beck and published by Springer. This book was released on 2017-01-12 with total page 691 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook presents a timely collection of original studies on relevant themes, policies and developments in European banking. The contributors analyse how the crisis years have had a long lasting impact on the structure of European banking and explore the regulatory architecture that has started to take form in their wake. Academic experts and senior policy makers have contributed to this volume, which is organized in five main parts. The first part presents an overview of European banking through the crisis and beyond. The second part analyses performance and innovation in EU banking markets. The third part discusses the key regulatory changes aimed at fostering financial stability. Part four looks at the relevance of cross-border banking and part five presents a detailed analysis of the main EU banking markets. This is a highly informative and carefully presented handbook, which provides thought-provoking insights into the past, present and future landscapes of European banking. It will appeal to a wide readership, from scholars and students, through to researchers, practitioners and policy-makers.
Book Synopsis Mergers and Acquisitions and Executive Compensation by : Virginia Bodolica
Download or read book Mergers and Acquisitions and Executive Compensation written by Virginia Bodolica and published by Routledge. This book was released on 2015-06-26 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decades, the total value of executive compensation packages has been rising dramatically, contributing to a wider pay gap between the chief executive officer and the average worker. In the midst of the financial turmoil that brought about a massive wave of corporate failures, the lavish executive compensation package has come under an intense spotlight. Public pressure has mounted to revise the levels and the structure of executive pay in a way that will tie more closely the executive wealth to that of shareholders. Merger and acquisition (M&A) activities represent an opportune setting for gauging whether shareholder value creation or managerial opportunism guides executive compensation. M&As constitute major examples of high-profile events prompted by managers who typically conceive them as a means for achieving higher levels of pay, even though they are frequently associated with disappointing returns to acquiring shareholders. Mergers and Acquisitions and Executive Compensation reviews the existing empirical evidence and provides an integrative framework for the growing body of literature that is situated at the intersection of two highly debated topics: M&A activities and executive compensation. The proposed framework structures the literature along two dimensions, such as M&A phases and firm’s role in a M&A deal, allowing readers to identify three main streams of research and five different conceptualizations of causal relationships between M&A transactions and executive compensation. The book makes a comprehensive review of empirical studies conducted to date, aiming to shed more light on the current and emerging knowledge in this field of investigation, discuss the inconsistencies encountered within each stream of research, and suggest promising directions for further exploration. This book will appeal to researchers and students alike in the fields of organizational behavior and governance as well as accounting and accountability.
Book Synopsis Executive Remuneration and Employee Performance-Related Pay by : Tito Boeri
Download or read book Executive Remuneration and Employee Performance-Related Pay written by Tito Boeri and published by OUP Oxford. This book was released on 2013-03-28 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent financial crisis has created a public outcry over top-executive pay packages and has led to calls for reform of executive pay in Europe and the US. The current controversy is not the first - nor will it be the last - time that executive compensation has sparked outrage and led to regulation on both sides of the Atlantic. This volume compares US and European CEOs to trace the evolution of executive compensation, its controversies and its resulting regulations. It shows that many features of current executive compensation practices reflect the, often-unintended, consequences of regulatory responses to perceived abuses in top-executive pay, which frequently stem from relatively isolated events or situations. Regulation creates unintended (and usually costly) side effects and it is often driven by political agendas rather than shareholder value. Improvements in executive compensation are more likely to come from stronger corporate governance, and not through direct government intervention. The volume also examines the effects of incentive schemes and the patterns of performance related pay both within and across countries. It documents a number of empirical regularities and discusses whether government should intervene to support the implementation of incentive pay schemes. It argues that it makes little sense to undertake reform without detailed simulations of the effect on the economy under alternative economic scenarios, based on sound analysis and extensive discussion with labour, management, and government decision-makers.
Book Synopsis Is Capping Executive Bonuses Useful? by : Kentaro Asai
Download or read book Is Capping Executive Bonuses Useful? written by Kentaro Asai and published by International Monetary Fund. This book was released on 2016-09-29 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a theoretical framework to study the impact of bonus caps on banks’ risk taking. In the model, labor market price adjustments can offset the direct effects of bonus caps. The calibrated model suggests that bonus caps are only effective when bank executives’ mobility is restricted. It also suggests, irrespective of the degree of labor market mobility, bonus caps simultaneously reduce risk shifting by bank executives (too much risk taking because of limited liability), but aggravate underinvestment (bank executives foregoing risky but productive projects). Hence, the welfare effects of bonus caps critically depend on initial conditions, including the relative importance of risk shifting versus underinvestment.
Book Synopsis Responsible Finance and Digitalization by : Panu Kalmi
Download or read book Responsible Finance and Digitalization written by Panu Kalmi and published by Taylor & Francis. This book was released on 2022-09-30 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aftermath of the 2008 crisis has substantially increased the regulation of banks and insurance companies and curtailed their risk taking, which has shifted much of the risk to their clients: firms and consumers. At the same time, digitalization has encouraged the entry of new firms combining finance and technological innovation, a phenomenon known as FinTech. The emergence of non-bank financial entities has contributed to the fragmentation of financial services, and also opened up new markets. Furthermore, the growing emphasis on corporate social responsibility has made it increasingly important for financial organizations to care about their public image. Drawing together these diverse strands, this book examines how the financial sector is evolving and how the existing actors are adapting to the institutional change and to the challenges from new actors and competitors. It also addresses the issue of how financial organizations are providing fixes to the challenges at the systemic level and how a healthier, more diverse and socially responsible financial sector is beneficial to the operations of the market economy as a whole. While there are books that address each of these issues, and also books that look at organizational diversity, there are few that investigate their interconnectedness. Responsible Finance and Digitalization offers a topical overview of the changes that are taking place in the financial sector and how the financial sector itself can contribute to solving global challenges. It equips both students (at MBA and other levels) and practitioners with analytical tools to reflect on this change and to take appropriate action to ensure that their organization can successfully navigate it and create value.
