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1、ExecutiveCompensationandBusinessPolicyChoicesatU.S.CommercialBanks1.IntroductionAsthefinancialcrisisof2008-2009unfolded,andasgovernmentexpenditurestostabilizelargefinancialinstitutionsmounted,politiciansandpolicymakersintheU.S.tookactionstolimitthecompensat
2、ionofexecutivesatthefirmsthatreceivedtaxpayersupport.InMarch2009,additionalcapitalinjectionsfromtheTroubledAssetReliefProgram(TARP)weremadecontingentonexecutivepaylimits.AlsoinMarch,PresidentObamainstructedtheTreasuryDepartmentto"pursueeverylegalavenue"tobl
3、ockbonusesduetoexecutivesandotherfinancialprofessionalsatAIG.2.ExecutiveCompensationAsmallbutgrowingnumberofstudieshaveexaminedtherelationshipbetweenbankrisk-takingandbankCEOpay-performanceandpay-risksensitivities.Aclearpatternhasyettodevelopinthisliteratur
4、e.Chen,Steiner,andWhyte(2006)findthatoption-basedcompensationwaspositivelyrelatedtomarket-basedriskmeasuresatU.S.banksduringthe1990s.Cheng,HongandScheinkman(2010)findpositiveassociationsbetweenresidualpay(i.e.,theportionoftotalcompensationnotattributabletof
5、irmsize)oftopbankexecutivesandmarketmeasuresofrisksuchassystematicrisk,returnvolatilityandtailreturn,evenaftercontrollingforinsiderownership.Minnick,UnalandYang(2009)studyacquisitionsmadebyU.S.bankingcompaniesbetween1991and2005,andfindthatmergersaremorelike
6、lytobevalue-enhancing,andpost-acquisitionoperatingperformancemorelikelytobestrong,whenCEOshavehighpay-performancecompensation.FahlenbrachandStulz(2010)findnosystematicrelationshipbetweenCEOstockoptioncompensationandU.S.bankingcompanyperformanceduringthefina
7、ncialcrisisin2008,butdofindanegativecross-sectionalrelationshipbetweenperformanceandCEOstockgrantcompensation.3.modelOurformaleconometricmodelinghasfourdistinctbutrelatedobjectives.Theinitialobjectiveistoestablishstatisticallinksbetweentherisk-takingincenti
8、vesfacingbankCEOsandthelevelofriskthatthesebanksactuallytakeThesecondobjectiveistoestablishstatisticalevidencelinkingvegaanddeltatoriskybusinesspolicies(noninterestincome,commerciallending,mortgage-bac
