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Yesterday’s Heroes Compensation and Risk
THE JOURNAL OF FINANCE • VOL. LXX, NO. 2 • APRIL 2015
Yesterday’s Heroes: Compensation and Risk
at Financial Firms
∗
´
ING-HAW CHENG, HARRISON HONG, and JOSE A. SCHEINKMAN
ABSTRACT
Many believe that compensation, misaligned from shareholders’ value due to man-
agerial entrenchment, caused financial firms to take risks before the financial crisis of
2008. We argue that, even in a classical principal-agent setting without entrenchment
and with exogenous firm risk, riskier firms may offer higher total pay as compensation
for the extra risk in equity stakes borne by risk-averse managers. Using long lags of
stock price risk to capture exogenous firm risk, we confirm our conjecture and show
that riskier firms are also more productive and more likely to be held by institutional
investors, who are most able to influence compensation.
MANY BLAME WALL STREET COMPENSATION for the most significant economic
crisis since the Great Depression. For instance, in his testimony to Congress
on the Treasury budget on June 9, 2009, Treasury Secretary Geithner
argues, “I think, although many things caused this crisis, what happened to
compensation and the incentives that created risk taking did contribute in
some institutions to the kind of vulnerability we saw in this financial crisis”
(emphasis added)1 . As a result, U.S. policy makers have promoted reforms
to tie pay to long-term performance and increase the say of shareholders in
approving compensation and electing directors on compensation committees.
The view that incentive misalignment contributed to the crisis
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