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Regulation Subordinated Debt And Incentive Features Of Ceo Compensation In The Banking Industry
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Book Synopsis Regulation, Subordinated Debt, and Incentive Features of CEO Compensation in the Banking Industry by : Kose John
Download or read book Regulation, Subordinated Debt, and Incentive Features of CEO Compensation in the Banking Industry written by Kose John and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study CEO compensation in the banking industry by considering banks' unique claim structure in the presence of two types of agency problems: the standard managerial agency problem and the risk-shifting problem between shareholders and debt holders. We empirically test two hypotheses derived from this framework: that the pay-for-performance sensitivity of bank CEO compensation (1) decreases with the total leverage ratio and (2) increases with the intensity of monitoring provided by regulators and non-depository (subordinated) debt holders. We construct an index of the intensity of outsider monitoring based on four variables: the subordinated debt ratio, subordinated debt rating, nonperforming loan ratio, and BOPEC rating (regulators' assessment of a bank's overall health and financial condition). We find supporting evidence for both hypotheses. Our results hold after controlling for the endogeneity among compensation, leverage, and monitoring; they are robust to various regression specifications and sample criteria.
Book Synopsis Incentive Features in CEO Compensation by : Kose John
Download or read book Incentive Features in CEO Compensation written by Kose John and published by . This book was released on 2008 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study CEO compensation in the banking industry by taking into account banks unique claim structure in the presence of two types of agency problems: the standard managerial agency problem as well as the risk-shifting problem between shareholders and debtholders. We empirically test two hypotheses derived from this framework: (1) the pay-for-performance sensitivity of bank CEO compensation decreases with the total leverage ratio; and (2) the pay-for-performance sensitivity of bank CEO compensation increases with the intensity of monitoring provided by regulators and nondepository (subordinated) debtholders. We construct an index of the intensity of outsider monitoring based on four variables: subordinated debt ratio, subordinated debt rating, non performing loan ratio and BOPEC rating assigned by regulators. We findsupporting evidence for both hypotheses. Our results hold after controlling for the endogeneity among compensation, leverage and monitoring. They are robust to various regression specifications and sample criteria.
Book Synopsis Incentive Features in CEO Compensation in the Banking Industry by : Kose John
Download or read book Incentive Features in CEO Compensation in the Banking Industry written by Kose John and published by . This book was released on 2006 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the incentive features of top-management compensation in the banking industry. Economic theory suggests that the compensation structures for bank management should have low pay-performance sensitivity because of the high leverage of banks and the fact that banks are regulated institutions. In accordance with this school of thought, the authors find that the pay-performance sensitivity for bank CEOs is lower than it is for CEOs of manufacturing firms. This difference is attributable largely to the difference in debt ratios. The authors also find that banks' pay-performance sensitivity declines with bank size.
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.
Download or read book Bank CEOs written by Claudia Curi and published by Springer. This book was released on 2018-05-22 with total page 61 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 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.
Book Synopsis Risk-Shifting and the Regulation of Bank CEOs' Compensation by : Pierre Chaigneau
Download or read book Risk-Shifting and the Regulation of Bank CEOs' Compensation written by Pierre Chaigneau and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effects of two regulatory mechanisms, namely a regulation of the structure of bank CEOs incentive pay and sanctions for the CEOs of failed banks, on bank risk shifting. We extend a standard model of CEO compensation by incorporating leverage and an investment decision. To the extent that bank depositors and creditors are even partially protected by public guarantees, we show that it is in the interests of bank shareholders to choose more risky investments than would be socially optimal, and therefore to design a CEO contract with excessive risk taking incentives. Thus, we argue that current corporate governance arrangements in the banking sector are not efficient. In this setting, we show that putting in place one of the aforementioned mechanisms could yield the socially optimal outcome at no cost. We also identify some limitations and potential perverse effects of these mechanisms.
Book Synopsis Corporate Payout Policy by : Harry DeAngelo
Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Book Synopsis Federal Reserve Bank of New York by :
Download or read book Federal Reserve Bank of New York written by and published by . This book was released on 2003 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Policy Review written by and published by . This book was released on 2003 with total page 756 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Journal of international money and finance by : ScienceDirect (Service en ligne)
Download or read book Journal of international money and finance written by ScienceDirect (Service en ligne) and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Journal of Financial Intermediation by :
Download or read book Journal of Financial Intermediation written by and published by . This book was released on 2004 with total page 586 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The fundamental principles of financial regulation by : Markus Konrad Brunnermeier
Download or read book The fundamental principles of financial regulation written by Markus Konrad Brunnermeier and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reforming the Governance of the Financial Sector by : David G. Mayes
Download or read book Reforming the Governance of the Financial Sector written by David G. Mayes and published by Routledge. This book was released on 2013 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume argues that good governance is crucial to the success of any regulatory regime, and explores how better governance of the financial sector can be achieved.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Consumer Protection Publisher : ISBN 13 : Total Pages :60 pages Book Rating :4.:/5 (319 download)
Book Synopsis Pay for Performance by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Consumer Protection
Download or read book Pay for Performance written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Consumer Protection and published by . This book was released on 2013 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis NCUA Examiner's Guide by : United States. National Credit Union Administration
Download or read book NCUA Examiner's Guide written by United States. National Credit Union Administration and published by . This book was released on 1997 with total page 602 pages. Available in PDF, EPUB and Kindle. Book excerpt:
