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Does stock option-based executive compensation induce risk-taking? An analysis of the banking industry

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  • Chen, Carl R.
  • Steiner, Thomas L.
  • Whyte, Ann Marie
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Banking & Finance.

    Volume (Year): 30 (2006)
    Issue (Month): 3 (March)
    Pages: 915-945

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    Handle: RePEc:eee:jbfina:v:30:y:2006:i:3:p:915-945

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    1. John, Kose & Saunders, Anthony & Senbet, Lemma W., 1995. "Perspectives on bank capital regulation and managerial compensation," Journal of Banking & Finance, Elsevier, Elsevier, vol. 19(3-4), pages 735-737, June.
    2. Jason R. Barro & Robert J. Barro, 1990. "Pay, Performance, and Turnover of Bank CEOs," NBER Working Papers 3262, National Bureau of Economic Research, Inc.
    3. Mayers, David & Smith, Clifford W, Jr, 1992. "Executive Compensation in the Life Insurance Industry," The Journal of Business, University of Chicago Press, vol. 65(1), pages 51-74, January.
    4. Jensen, M.C. & Murphy, K.J., 1988. "Performance Pay And Top Management Incentives," Papers, Rochester, Business - Managerial Economics Research Center 88-04, Rochester, Business - Managerial Economics Research Center.
    5. Coughlan, Anne T. & Schmidt, Ronald M., 1985. "Executive compensation, management turnover, and firm performance : An empirical investigation," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 7(1-3), pages 43-66, April.
    6. Mehran, Hamid, 1995. "Executive compensation structure, ownership, and firm performance," Journal of Financial Economics, Elsevier, Elsevier, vol. 38(2), pages 163-184, June.
    7. Rajesh K. Aggarwal & Andrew A. Samwick, 1999. "The Other Side of the Trade-off: The Impact of Risk on Executive Compensation," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 107(1), pages 65-105, February.
    8. Lewellen, Wilbur & Loderer, Claudio & Martin, Kenneth, 1987. "Executive compensation and executive incentive problems : An empirical analysis," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 9(3), pages 287-310, December.
    9. Idson, T.L. & Goldberg, L.G., 1993. "Executive Compensation and Agency Effects," Discussion Papers, Columbia University, Department of Economics 1993_09, Columbia University, Department of Economics.
    10. Fields, L. Paige & Fraser, Donald R., 1999. "On the compensation implications of commercial bank entry into investment banking," Journal of Banking & Finance, Elsevier, Elsevier, vol. 23(8), pages 1261-1276, August.
    11. Smith, C.W. & Watts, R.L., 1992. "The Investment Oppotunity set and Corporate Financing, Dividend and Compensation Policies," Papers, Rochester, Business - Financial Research and Policy Studies 92-02, Rochester, Business - Financial Research and Policy Studies.
    12. Kose John & Anthony Saunders & Lemma W. Senbet, 1996. "A Theory of Bank Regulation and Management Compensation," New York University, Leonard N. Stern School Finance Department Working Paper Seires, New York University, Leonard N. Stern School of Business- 96-30, New York University, Leonard N. Stern School of Business-.
    13. Crawford, Anthony J & Ezzell, John R & Miles, James A, 1995. "Bank CEO Pay-Performance Relations and the Effects of Deregulation," The Journal of Business, University of Chicago Press, vol. 68(2), pages 231-56, April.
    14. DeFusco, Richard A & Johnson, Robert R & Zorn, Thomas S, 1990. " The Effect of Executive Stock Option Plans on Stockholders and Bondholders," Journal of Finance, American Finance Association, American Finance Association, vol. 45(2), pages 617-27, June.
    15. Garen, John E, 1994. "Executive Compensation and Principal-Agent Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 102(6), pages 1175-99, December.
    16. Core, John E. & Holthausen, Robert W. & Larcker, David F., 1999. "Corporate governance, chief executive officer compensation, and firm performance," Journal of Financial Economics, Elsevier, Elsevier, vol. 51(3), pages 371-406, March.
    17. Demsetz, Rebecca S & Strahan, Philip E, 1997. "Diversification, Size, and Risk at Bank Holding Companies," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 29(3), pages 300-313, August.
    18. Carl R. Chen & Thomas L. Steiner & Ann Marie Whyte, 1998. "Risk-Taking Behavior And Management Ownership In Depository Institutions," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 21(1), pages 1-16, 03.
    19. Anup Agrawal & Anil K. Makhija & Gershon Mandelker, 1991. "Executive Compensation and Corporate Performance in Electric and Gas Utilities," Financial Management, Financial Management Association, Financial Management Association, vol. 20(4), Winter.
    20. M. Cary Collins & David W. Blackwell & Joseph F. Sinkey & Jr., 1995. "The Relationship Between Corporate Compensation Policies and Investment Opportunities: Empirical Evidence for Large Bank Holding Companies," Financial Management, Financial Management Association, Financial Management Association, vol. 24(3), Fall.
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