- Title Pages
-
Chapter 1 The Health Care Reform Legislation -
Chapter 2 The Simple Economics of Health Reform -
Chapter 3 The Economics, Opportunities, and Challenges of Health Insurance Exchanges -
Chapter 4 Can the ACA Improve Population Health? -
Chapter 5 Systemic Reform of Health Care Delivery and Payment -
Chapter 6 How Stable Are Insurance Subsidies in Health Reform? -
Chapter 7 Financial Regulatory Reform -
Chapter 8 Government Guarantees -
Chapter 9 How Little We Know -
Chapter 10 Finding the Sweet Spot for Effective Regulation -
Chapter 11 A Recipe for Ratings Reform -
Chapter 12 Should Banker Pay Be Regulated? -
Chapter 13 Fixing Bankers’ Pay -
Chapter 14 It Works for Mergers, Why Not for Finance? -
Chapter 15 Hedge Fund Wizards -
Chapter 16 Investment Banking Regulation After Bear Stearns -
Chapter 17 Why Paulson Is Wrong -
Chapter 18 Dr. StrangeLoan -
Chapter 19 Questioning the Treasury’s $700 Billion Blank Check -
Chapter 20 Auction Design Critical for Rescue Plan -
Chapter 21 A Better Plan for Addressing the Financial Crisis -
Chapter 22 Please Think This Over -
Chapter 23 Is Macroeconomics Off Track? -
Chapter 24 If It Were a Fight, They Would Have Stopped It in December of 2008 -
Chapter 25 Comment on Barbera -
Chapter 26 Pension Security Bonds -
Chapter 27 Carbon Taxes to Move Toward Fiscal Sustainability -
Chapter 28 Net Neutrality Is Bad Broadband Regulation -
Chapter 29 Trills Instead of T-Bills -
Chapter 30 The Google Book Settlement -
Chapter 31 The Stakes in the Google Book Search Settlement -
Chapter 32 The NFL Should Auction Possession in Overtime Games - Index
Fixing Bankers’ Pay
Fixing Bankers’ Pay
- Chapter:
- (p.103) Chapter 13 Fixing Bankers’ Pay
- Source:
- The Economists' Voice 2.0
- Author(s):
Lucian A. Bebchuk
- Publisher:
- Columbia University Press
In the wake of the financial crisis of 2008–2009, there are widespread concerns that the compensation structures of financial firms have provided excessive risk-taking incentives. This chapter looks into the normative case for regulation of pay in financial firms, the relationship between such regulation and the standard prudential regulation of finance, and what financial regulators should do in this area. It begins by describing two distinct sources of risk-taking incentives: the insulation of executives from long-term losses to shareholders and insulation from losses to capital suppliers other than shareholders. It then discusses changes in pay arrangements that would curtail incentives to take excessive risks in banks as well as in other firms. Next, it considers the question of what role, if any, the government should play in bringing about such changes.
Keywords: banking regulation, financial regulation, compensation structure, bankers, pay regulation, risk-taking
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- Title Pages
-
Chapter 1 The Health Care Reform Legislation -
Chapter 2 The Simple Economics of Health Reform -
Chapter 3 The Economics, Opportunities, and Challenges of Health Insurance Exchanges -
Chapter 4 Can the ACA Improve Population Health? -
Chapter 5 Systemic Reform of Health Care Delivery and Payment -
Chapter 6 How Stable Are Insurance Subsidies in Health Reform? -
Chapter 7 Financial Regulatory Reform -
Chapter 8 Government Guarantees -
Chapter 9 How Little We Know -
Chapter 10 Finding the Sweet Spot for Effective Regulation -
Chapter 11 A Recipe for Ratings Reform -
Chapter 12 Should Banker Pay Be Regulated? -
Chapter 13 Fixing Bankers’ Pay -
Chapter 14 It Works for Mergers, Why Not for Finance? -
Chapter 15 Hedge Fund Wizards -
Chapter 16 Investment Banking Regulation After Bear Stearns -
Chapter 17 Why Paulson Is Wrong -
Chapter 18 Dr. StrangeLoan -
Chapter 19 Questioning the Treasury’s $700 Billion Blank Check -
Chapter 20 Auction Design Critical for Rescue Plan -
Chapter 21 A Better Plan for Addressing the Financial Crisis -
Chapter 22 Please Think This Over -
Chapter 23 Is Macroeconomics Off Track? -
Chapter 24 If It Were a Fight, They Would Have Stopped It in December of 2008 -
Chapter 25 Comment on Barbera -
Chapter 26 Pension Security Bonds -
Chapter 27 Carbon Taxes to Move Toward Fiscal Sustainability -
Chapter 28 Net Neutrality Is Bad Broadband Regulation -
Chapter 29 Trills Instead of T-Bills -
Chapter 30 The Google Book Settlement -
Chapter 31 The Stakes in the Google Book Search Settlement -
Chapter 32 The NFL Should Auction Possession in Overtime Games - Index
