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  • 2023
  • Working Paper

The Stock Market and Bank Risk-Taking

By: David S. Scharfstein and Antonio Falato
Using confidential supervisory risk ratings, we document that banks increase risk after they go public compared to a control group of banks that filed to go public but withdrew their filings for plausibly exogenous reasons. The increase in risk increases short-term... View Details
Keywords: Risk and Uncertainty; Banks and Banking; Going Public; Performance; Stocks
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  • June 2017
  • Article

Options Compensation as a Commitment Mechanism in Oligopoly Competition

By: Jun Ishii and David Hao Zhang
We analyze how CEO stock options compensation can be used as a commitment device in oligopolistic competition. We develop a two-stage model where shareholders choose managerial compensation to commit their managers to being aggressive in equilibrium. Our results may... View Details
Keywords: CEO Compensation; Ceo Risk-taking; Strategic Delegation; Stock Options; Executive Compensation
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  • 19 Jan 2016
  • First Look

January 19, 2016

are less risk averse, or even risk-seeking, in order to improve performance. However, individuals amenable to increased risk-taking may be more likely to engage in misconduct. To study this issue, we explore U.S. political scandals and... View Details
Keywords: Sean Silverthorne
  • 02 Nov 2009
  • Research & Ideas

Shareholders Need a Say on Pay

With executive compensation soaring to unprecedented levels in recent years, the prickly issue of CEO pay has received increasing media and government attention. Now, with the perfect storm of a failing economy, government bailouts, and... View Details
Keywords: by Julia Hanna; Financial Services
  • 24 Mar 2015
  • First Look

First Look: March 24

by increased bank capital requirements can reduce overall bank funding costs and increase bank lending. I quantify this mechanism in a two-sector business cycle model featuring a banking sector that provides liquidity and has excessive View Details
Keywords: Sean Silverthorne
  • 11 Sep 2007
  • First Look

First Look: September 11, 2007

developing proven molecules from strategic partners to leapfrog competition and create large molecule biologics in India. The company understood that its transition from an API to an innovation-led company focused on new biologics would require patience and a View Details
Keywords: Martha Lagace
  • 17 Jun 2014
  • First Look

First Look: June 17

Working Papers Putting Skin in the Game: Managerial Ownership and Bank Risk-Taking By: Bouwens, Jan, and Arnt Verriest Abstract—This paper examines the relation between managerial ownership and bank risk exposure for a large sample of... View Details
Keywords: Sean Silverthorne
  • 21 Sep 2009
  • Research & Ideas

Excessive Executive Pay: What’s the Solution?

In the search for culprits in the global financial meltdown, bloated executive pay and the excessive risk-taking behavior it fueled stand out as prime suspects. Of the two, pay dominates the headlines and provokes the most public and... View Details
Keywords: by Roger Thompson
  • 08 Jan 2020
  • Research & Ideas

NFL Head Coaches Are Getting Younger. What Can Organizations Learn?

hopped in lateral cycles and the upward flow of creative offensive schemes stopped at the college level, with most teams running similar, risk-averse offenses, and innovation taking root slowly.” This conservative approach to hiring seems to have changed in recent... View Details
Keywords: by Boris Groysberg, Evan M.S. Hecht, and Abhijit Naik; Sports
  • 14 Dec 2011
  • Research & Ideas

The New Measures for Improving Nonprofit Performance

nonprofit—foundations, governments, donors—are usually different from the people benefiting from the work of the nonprofit. There are some exceptions in situations where fees are paid for services. But generally speaking a nonprofit CEO... View Details
Keywords: by Julia Hanna
  • 02 Mar 2010
  • First Look

First Look: March 2

taking in individuals' experiential decisions across different levels of risk. Specifically, we contrast three major views concerning the psychological constructs that underlie risk-taking behavior. The first is the classical economic... View Details
Keywords: Martha Lagace
  • 21 Jan 2009
  • First Look

First Look: January 21, 2009

paper: http://www.hbs.edu/research/pdf/08-012.pdf   Cases & Course MaterialsArrow Electronics—The Apollo Acquisition Harvard Business School Case 607-007 Having already made 10 acquisitions of competitors in the last decade, the CEO... View Details
Keywords: Martha Lagace
  • 15 Dec 2015
  • First Look

December 15, 2015

risk-taking incentives. Under reasonable parametrizations, the marginal benefit of higher capital requirements related to this channel significantly exceeds the marginal cost, indicating that U.S. capital requirements have been... View Details
Keywords: Carmen Nobel

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