Yesterday's Heroes: Compensation and Risk at Financial Firms
نویسندگان
چکیده
منابع مشابه
Financial Distress Risk and Initial CEO Compensation Contracts
We examine the association between a firm’s ex ante risk of financial distress and the compensation and incentives provided to newly hired CEOs. Our findings are as follows. First, new CEOs at firms with higher bankruptcy risk receive substantially less compensation than new CEOs at low-risk firms. Second, while pay-performance sensitivity is higher for new CEOs at high-risk firms, the semi-ela...
متن کاملFirms, Shareholders, and Financial Markets
We study the influence of the financial market on the decisions of firms in the real market. To that end, we present a model in which the shareholders portfolio selection of assets and the decisions of the publicly-traded firms are integrated through the market process. Financial access alters the objective function of the firms, and the market interaction of shareholders substantially influenc...
متن کاملRisk Compensation in Cities at Risk
Advances in Natural and Technological Hazards Research 33, DOI 10.1007/978-94-007-6184-1_3, © Springer Science+Business Media Dordrecht 2013 Abstract Cities face many risks. This book focuses mainly on natural hazards. This chapter explores what perceptions of, and responses to, natural hazards have in common with society’s way of coping with risk more generally. It proffers four framing device...
متن کاملDefault risk and corporate governance in financial vs. non-financial firms
This study explores the relation between credit risks of financial and non-financial firms and their corporate governance structures from the perspective of creditors. US based CDS spreads are used to measure firms’ risk taking behavior. Governance attributes have differential effects across firm types: Board independence and financial transparency have a greater impact on the default risk of f...
متن کاملTaxing Firms Facing Financial Frictions∗
In the U.S. business income is taxed several times at different sources, including corporate income, dividends, capital gains, and interest payments. We investigate how the different rates above affect firm investment and the allocation of capital in the economy. To do so, we construct and calibrate a model with heterogeneous firms, borrowing constraints, costly equity issuance and endogenous e...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2015
ISSN: 0022-1082
DOI: 10.1111/jofi.12225