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The Resource Executive compensation in imperfect financial markets, Jay Cullen, (electronic book)

Executive compensation in imperfect financial markets, Jay Cullen, (electronic book)

Label
Executive compensation in imperfect financial markets
Title
Executive compensation in imperfect financial markets
Statement of responsibility
Jay Cullen
Creator
Author
Subject
Language
eng
Summary
'Jay Cullen's important book challenges the conventional wisdom that financial corporations will automatically further the public good as long as senior managers' pay is aligned with the share price. Drawing on behavioural finance and Minskyan economics, Cullen shows that flawed market pricing can cause, and result from, excessive risk-taking. As seen most recently in the financial crisis, these practices leads to enormous social costs, yet regulators face considerable pressure not to intervene in these market outcomes. The inclusion of an overview of recent regulation in this fast-moving area, as well as further suggestions for reform, makes this lucid and topical book essential reading for researchers and policy-makers in the field of corporate governance.'--Andrew Johnston, School of Law, University of Sheffield, UK. 'So much work on executive remuneration has looked at the specifics of executive compensation schemes without raising fundamental questions about capital markets' ability to price companies properly. This book has come to close this gap. With crisp and informed analysis of capital market dysfunctionalities, Dr Cullen's book brings an entirely new perspective on how to fix a broken system. Corporate boards, lawyers, and economists should all take stock of Cullen's argument.'--Emilios Avgouleas, University of Edinburgh, UK. 'Cullen's timely and important book demonstrates exactly what the problem is with executive compensation in banking and how to improve it. The current populist approach to simply cut banker pay is rejected in favour of a far more nuanced approach, fully cognizant of the inefficiencies in the very markets which value bonus share awards. The book encourages a much-needed long-term approach to compensation whilst also examining in an intelligent way the flaws in our seemingly efficient markets.'--Trevor Pugh, University of Sheffield, UK. The recent financial crisis and associated real estate bubble demonstrated the damage that can be caused by imperfect financial market pricing. On the basis of these imperfections, strong financial returns earned by financial institutions in the run-up to 2008 were, in fact, illusory. Executive Compensation in Imperfect Financial Markets explores the relationship between bank lending, real estate markets and stock market prices. Offering a heterodox view of financial market pricing and its relationship with executive pay, this book offers a competing interpretation of the recent crisis, which emphasises the role of bank leverage and investor expectations in generating instability - particularly through the interaction of financial institutions with the real estate market. In the process, it reveals that equity-based compensation incentivized increased bank leverage, which was a cardinal cause of the crisis. This timely book will be an essential read for all legal scholars and policy analysts operating in the field of banking and finance, as well as all those seeking a more rounded understanding of the financial crisis
Member of
Cataloging source
UtOrBLW
http://library.link/vocab/creatorName
Cullen, Jay
Index
index present
LC call number
HD4965.2
LC item number
.C85 2014
Literary form
non fiction
Nature of contents
dictionaries
Series statement
Elgar financial law
http://library.link/vocab/subjectName
  • Executives
  • Financial institutions
  • Capital market
Label
Executive compensation in imperfect financial markets, Jay Cullen, (electronic book)
Instantiates
Publication
Note
Includes index
Contents
1. Introduction -- 2. An analysis of the role of executive compensation -- 3. Theories of securities market operation : principles & flaws -- 4. Minsky and the financial instability hypothesis : implications for market efficiency -- 5. The global financial crisis and the complex relationship between asset prices, leverage, and financial instability -- 6. Post-crisis reform to executive compensation at financial institutions -- 7. Reconstituting executive compensation at financial institutions : proposals for reform -- 8. Conclusions
Control code
9781782549291
Dimensions
cm.
Dimensions
unknown
Extent
1 online resource (264 p.)
Form of item
online
Isbn
9781782549291
Lccn
2014943899
Specific material designation
remote
Label
Executive compensation in imperfect financial markets, Jay Cullen, (electronic book)
Publication
Note
Includes index
Contents
1. Introduction -- 2. An analysis of the role of executive compensation -- 3. Theories of securities market operation : principles & flaws -- 4. Minsky and the financial instability hypothesis : implications for market efficiency -- 5. The global financial crisis and the complex relationship between asset prices, leverage, and financial instability -- 6. Post-crisis reform to executive compensation at financial institutions -- 7. Reconstituting executive compensation at financial institutions : proposals for reform -- 8. Conclusions
Control code
9781782549291
Dimensions
cm.
Dimensions
unknown
Extent
1 online resource (264 p.)
Form of item
online
Isbn
9781782549291
Lccn
2014943899
Specific material designation
remote

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