Cette recherche fait l'objet d'une tribune dans le FT de ce jour ci dessous résumée. On trouvera en lien les conclusions de la recherche. Ce constat vise à relativiser l'argument selon lequel le portefeuille en actions du top management des deux banques ne le auraient pas empêché d'adopter des comportements à risques.
Résumé de la Tribune du FT:
Bebchuk, Cohen and Spamann: Bankers had cashed in before the music stopped Lucian Bebchuk, Alma Cohen and Holger Spamann, affiliated with Harvard Law School’s corporate governance programme, which issued their study, “The Wages of Failure: Executive pay at Bear Stearns and Lehman 2000-2008″, write: According to the standard narrative, the meltdown of Bear Stearns and Lehman Brothers largely wiped out the wealth of their top executives. Many — in the media, academia and the financial sector — have used this account to dismiss the view that pay structures caused excessive risk-taking and that reforming such structures is important. That standard narrative, however, turns out to be incorrect.
En lien les principales conclusions de leur recherche:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1513522
Résumé de la Tribune du FT:
Bebchuk, Cohen and Spamann: Bankers had cashed in before the music stopped Lucian Bebchuk, Alma Cohen and Holger Spamann, affiliated with Harvard Law School’s corporate governance programme, which issued their study, “The Wages of Failure: Executive pay at Bear Stearns and Lehman 2000-2008″, write: According to the standard narrative, the meltdown of Bear Stearns and Lehman Brothers largely wiped out the wealth of their top executives. Many — in the media, academia and the financial sector — have used this account to dismiss the view that pay structures caused excessive risk-taking and that reforming such structures is important. That standard narrative, however, turns out to be incorrect.
En lien les principales conclusions de leur recherche:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1513522
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