This paper reviews the theoretical and empirical literature on executive compensation. We
start by presenting data on the level of CEO and other top executive pay over time and …

Corporate culture is an omnibus term that includes many elements that are relevant to a firm,
like norms, values, knowledge, and customs. Economists have made great progress recently …

We find that shocks to the equity capital ratio of financial intermediaries—Primary Dealer
counterparties of the New York Federal Reserve—possess significant explanatory power for …

Ninety-two percent of the 1348 North American executives we survey believe that improving
corporate culture would increase firm value. A striking 84% believe their company needs to …

This study examines the relationship between funding liquidity and bank risk taking. Using
quarterly data for US bank holding companies from 1986 to 2014, we find evidence that …

We survey directors and investors on the objectives, constraints, and determinants of CEO
pay. We find that directors face constraints beyond participation and incentives, and that pay …

This study tests two opposing views of institutional investors—monitoring versus short-
termism. We present evidence that institutional investor stability is negatively associated with …

Exploiting a unique hand-built dataset, this paper finds that CEO educational attainment,
both level and quality, matters for bank performance. We offer robust evidence that banks …

Using a large sample of US firms for the period 1993–2009, we provide evidence that the
sensitivity of a chief financial officer's (CFO) option portfolio value to stock price is …

Over a period that includes the 1998 Russian crisis and 2007–2009 financial crisis, banks
with overconfident chief executive officers (CEOs) were more likely to weaken lending …