English, Article, Journal or magazine article edition: Pay, Performance, and Turnover of Bank CEOs Jason R. Barro; Robert J. Barro

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Bookmark: http://trove.nla.gov.au/version/141011
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Pay, Performance, and Turnover of Bank CEOs
Author
  • Jason R. Barro
  • Robert J. Barro
Physical Description
  • preprint
Notes
  • We studied the relation of CEO pay and turnover to performance and characteristics of companies in a new data set that covers large commercial banks over the period 1982-87. For newly hired CEOs, the elasticity of pay with respect to assets is about one-third. As experience increases, the correlation between compensation and assets diminishes for about four years and then rises back to its initial value. We interpret these findings along the lines of Rosen's matching model, allowing for adjustments of compensation and bank assets and for possible dismissal of the CEO. For continuing CEOs, the change in compensation depends on performance as measured by stock and accounting returns. The sensitivity of pay to performance diminishes with experience, and there is no indication that stock or accounting returns are filtered for aggregate returns. Logit regressions relate the probability of CEO departure to age and performance. The relevant measure of performance in this context is stock returns filtered for average returns of banks in the same year and geographical region.
  • RePEc:nbr:nberwo:3262
Language
  • English
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