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Is There A Case For Regulating Executive Pay In The Financial Services Industry
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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 After the Crash by : Richard Herring
Download or read book After the Crash written by Richard Herring and published by Brookings Institution Press. This book was released on 2010 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Examines the ramifications of the 2007-08 financial crisis on the financial services industry and some of its practices and how these are likely to change in the future"--Provided by publisher.
Book Synopsis The Handbook of the Economics of Corporate Governance by : Benjamin Hermalin
Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. - Concentrates on underlying principles that change little, even as the empirical literature moves on - Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces - Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field's substantive findings, all of which help point the way forward
Book Synopsis The Regulatory Aftermath of the Global Financial Crisis by : Eilís Ferran
Download or read book The Regulatory Aftermath of the Global Financial Crisis written by Eilís Ferran and published by Cambridge University Press. This book was released on 2012-11-15 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU and the US responded to the global financial crisis by changing the rules for the functioning of financial services and markets and by establishing new oversight bodies. With the US Dodd–Frank Act and numerous EU regulations and directives now in place, this book provides a timely and thoughtful explanation of the key elements of the new regimes in both regions, of the political processes which shaped their content and of their practical impact. Insights from areas such as economics, political science and financial history elucidate the significance of the reforms. Australia's resilience during the financial crisis, which contrasted sharply with the severe problems that were experienced in the EU and the US, is also examined. The comparison between the performances of these major economies in a period of such extreme stress tells us much about the complex regulatory and economic ecosystems of which financial markets are a part.
Book Synopsis The SAGE Handbook of Corporate Governance by : Thomas Clarke
Download or read book The SAGE Handbook of Corporate Governance written by Thomas Clarke and published by SAGE. This book was released on 2012-04-16 with total page 681 pages. Available in PDF, EPUB and Kindle. Book excerpt: The urgent and sustained interest in corporate governance is unprecedented, with the connections between corporate governance and economic performance being emphasized by the World Bank, the IMF and others in the global economic community. In this timely and definitive intellectual analysis of a key discipline, The SAGE Handbook of Corporate Governance offers a critical overview of the key themes, theoretical controversies, current research and emerging concepts that frame the field. Consisting of original substantive chapters by leading international scholars, and examining corporate governance from an inter-disciplinary basis, the text highlights how governance issues are critical to the formation, growth, financing, structural development, and strategic direction of companies and how corporate governance institutions in turn influence the innovation and development of industrial and economic systems globally. Comprehensive, authoritative and presented in a highly-accessible framework, this Handbook is a significant resource to those with an interest in understanding this important emerging field.
Book Synopsis Corporate Governance in the Banking Sector in China by : Weikang Zou
Download or read book Corporate Governance in the Banking Sector in China written by Weikang Zou and published by Springer. This book was released on 2019-01-16 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on the dichotomous and comparative analysis of the legitimacy, paradigm, and operating frames of bank governance and its reproduction in the new financial regime following the global financial crisis, this book examines in depth how corporate governance in bank institutions is legitimized, justified, and delivered in diversified financial models and their influences on the Chinese banking industry. By combining this type of financial model analysis with the new institutionalism theory, the book lifts the mysterious veil from corporate governance in Chinese banking institutions with regard to its establishment and constant changes. Through a kaleidoscope lens and by conducting a “layer by layer” diagnosis, the book tells the “background stories” of the complex settings for Chinese financial institutions, asks and answers the paradigmatic question of for whom banks are actually run and governed, and mind-maps the main corporate governance mechanisms and practices prevalent in Chinese banks.
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 2019 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines whether and how the terms of CEO compensation contracts at large, publicly traded commercial banks between 1994 and 2006 influenced, and were influenced by, the risk-profiles of these firms. We find evidence linking contractual risk-taking incentives, which we proxy with standard measures of vega and delta, to risk-increasing business policy choices. Moreover, these linkages became stronger after 1999, when financial industry deregulation created new growth opportunities for commercial banks. Our results suggest that compensation committees provided new incentives for bank CEOs to exploit these growth opportunities, and also to shift from traditional on-balance sheet portfolio lending to less traditional investments (e.g., private-issue mortgage-backed securities) and nontraditional fee-generating activities. Apart from these strategic reallocations, our results also suggest that bank boards designed CEO compensation contracts to limit excessive risk taking, especially after deregulation.
Download or read book Leveraged written by Moritz Schularick and published by University of Chicago Press. This book was released on 2022-12-14 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction : the new economics of debt and financial fragility /Moritz Schularik --Part 1. Finance unbound : the rise of finance and the economy.How to think about finance /Atif Mian ; comment by Karen Dynan --Reconsidering the costs and benefits of debt booms for the economy /Emil Verner ; comment by Holger Mueller --Part 2. Risk-taking : incentives, investors, institutions.Are bank CEO's to blame? /Rüdiger Fahlenbrach ; comment by Sameul G. Hanson --A new narrative of investors, subprime lending, and the 2008 crisis /Stefania Albanesi ; comment by Fernando Ferreira --Bank capital before and after financial crises /Òscar Jordà, Björn Richter, Moritz Schularick, and Alan M. Taylor ; comment by Anna Kovner --Part 3. Mispricing risks : credit booms and risk premia.Beliefs and risk-taking /Alessia de Stefani and Kaspar Zimmermann ; comment by Yueran Ma --A new approach to measuring banks' risk exposure /Juliane Begenau ; comment by Nina Boyarchenko --Is risk mispriced in credit booms? /Tyler Muir --Part 4. Financial crises : reconsidering the origins and consequences.Historical banking crises : a new database and a reassessment of their incidence and severity /Matthew Baron and Daniel Dieckelmann ; comment by Mark Carlson --Was the U.S. Great Depression a credit boom gone wrong? /Natascha Postel-Vinah ; comment by Eugene N. White --Sectoral credit booms and financial stability /Kärsten Muller ; comment by Orsola Costantini.
Book Synopsis Predictable and Avoidable by : Ivo Pezzuto
Download or read book Predictable and Avoidable written by Ivo Pezzuto and published by Routledge. This book was released on 2016-04-08 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much has been said and written about the 'financial tsunami' and subsequent economic dislocation that occurred in the opening decade of the 21st Century. Professor Ivo Pezzuto is described by business scholars as an expert on the global financial crisis. He has lectured about it at conferences and seminars; written some of the most read and quoted papers; contributed to what is considered the most authoritative book on the subject; and to one of the best known US-based blogs dealing with it. In Predictable and Avoidable, Dr Pezzuto offers business school students; academics; and industry experts in the fields of finance, risk management, audit, corporate governance, economics, and regulation, a truly independent and unbiased analysis of the financial crises starting in 2007 and one of the first fully considered expositions of the financial, governance and regulatory reforms needed for the future. Augmented with personal interviews involving selected global thought leaders and industry experts, the author's narrative focuses on the technical issues that led to the global crisis, but also addresses the human, cultural, and ethical aspects of the events from both sociological and managerial perspectives. The book exposes the root causes and contributes significantly to the debate about the change needed in the banking and finance industries and to supervisory frameworks and regulatory mechanisms. This analysis enables readers to understand that the crisis we have seen was predictable and should have been avoidable, and that a recurrence can be avoided, if lessons are learned and the right action taken.
Book Synopsis Advances in Management Accounting by : Laurie L. Burney
Download or read book Advances in Management Accounting written by Laurie L. Burney and published by Emerald Group Publishing. This book was released on 2019-07-16 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume of Advances in Management Accounting explores a variety of current issues through rigorous academic research. Topics include the link between CEO compensation and the 2008 financial crisis, the association between performance-based pay and employee honesty, and more.
Book Synopsis The Oxford Handbook of Capitalism by : Dennis C. Mueller
Download or read book The Oxford Handbook of Capitalism written by Dennis C. Mueller and published by Oxford University Press. This book was released on 2012-03-01 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis that began in 2008 and its lingering aftermath have caused many intellectuals and politicians to question the virtues of capitalist systems. The 19 original essays in this Handbook, written by leading scholars from Asia, North America, and Europe, analyze both the strengths and weaknesses of capitalist systems. The volume opens with essays on the historical and legal origins of capitalism. These are followed by chapters describing the nature, institutions, and advantages of capitalism: entrepreneurship, innovation, property rights, contracts, capital markets, and the modern corporation. The next set of chapters discusses the problems that can arise in capitalist systems including monopoly, principal agent problems, financial bubbles, excessive managerial compensation, and empire building through wealth-destroying mergers. Two subsequent essays examine in detail the properties of the "Asian model" of capitalism as exemplified by Japan and South Korea, and capitalist systems where ownership and control are largely separated as in the United States and United Kingdom. The handbook concludes with an essay on capitalism in the 21st century by Nobel Prize winner Edmund Phelps.
Book Synopsis The Executive Remuneration Review by : Arthur H. Kohn
Download or read book The Executive Remuneration Review written by Arthur H. Kohn and published by . This book was released on 2012 with total page 0 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 News Media and the Financial Crisis by : Adam Cox
Download or read book News Media and the Financial Crisis written by Adam Cox and published by Taylor & Francis. This book was released on 2022-05-25 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores how leading news media responded to the 2008 financial crisis and its aftermath, showing how journalists regularly framed discussions about post-crisis regulatory reform in ways that reinforced the same market liberal policy paradigm that had ushered in the crisis. Drawing on an analysis of nearly three years of news coverage and on interviews with journalists who covered the financial crash for major media groups, Adam Cox demonstrates how this framing of issues, often focusing on the costs of tighter regulation rather than the preventive benefits, formed the basis of a post-crisis narrative in the United States that undermined the role of the state, despite the wreckage that had just occurred. He looks at how state actors, think tanks and the financial industry worked in concert to encourage such a narrative, ultimately lending support to a market liberal worldview that was being seriously challenged for the first time in decades. While highlighting journalists’ ability to resist agenda-building efforts by powerful actors, this book offers a methodology for considering media narratives based on quantitative analysis of framing patterns. News Media and the Financial Crisis is aimed at students and researchers working at the intersection of communications, journalism, political economy and public policy.
Book Synopsis The Future of Financial Regulation by : Iain G MacNeil
Download or read book The Future of Financial Regulation written by Iain G MacNeil and published by Bloomsbury Publishing. This book was released on 2010-03-12 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Future of Financial Regulation is an edited collection of papers presented at a major conference at the University of Glasgow in spring 2009, co-sponsored by the Economic and Social Research Council World Economy and Finance Programme and the the Australian Research Council Governance Research Network. It draws together a variety of different perspectives on the international financial crisis which began in August 2007 and later turned into a more widespread economic crisis following the collapse of Lehman Brothers in the autumn of 2008. Spring 2009 was in many respects the nadir since valuations in financial markets had reached their low point and crisis management rather than regulatory reform was the main focus of attention. The conference and book were deliberately framed as an attempt to re-focus attention from the former to the latter. The first part of the book focuses on the context of the crisis, discussing the general characteristics of financial crises and the specific influences that were at work this time round. The second part focuses more specifically on regulatory techniques and practices implicated in the crisis, noting in particular an over-reliance on the capacity of regulators and financial institutions to manage risk and on the capacity of markets to self-correct. The third part focuses on the role of governance and ethics in the crisis and in particular the need for a common ethical framework to underpin governance practices and to provide greater clarity in the design of accountability mechanisms. The final part focuses on the trajectory of regulatory reform, noting the considerable potential for change as a result of the role of the state in the rescue and recuperation of the financial system and stressing the need for fundamental re-appraisal of business and regulatory models.
Download or read book The Hastings Law Journal written by and published by . This book was released on 2014-04 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
