文档介绍：pensation and Business Policy Choices
at . Commercial Banks
As the financial crisis of 2008-2009 unfolded, and as government expenditures to stabilize large financial institutions mounted, politicians and policymakers in the . took actions to limit pensation of executives at the firms that received taxpayer support. In March 2009, additional capital injections from the Troubled Asset Relief Program (TARP) were made contingent on executive pay limits. Also in March, President Obama instructed the Treasury Department to "pursue every legal avenue" to block bonuses due to executives and other financial professionals at AIG.
2. pensation
A small but growing number of studies have examined the relationship between bank risk-taking and bank CEO pay-performance and pay-risk sensitivities. A clear pattern has yet to develop in this literature. Chen, Steiner, and Whyte (2006) find that option-pensation was positively related to market-based risk measures at . banks during the 1990s. Cheng, Hong and Scheinkman (2010) find positive associations between residual pay (., the portion of pensation not attributable to firm size) of top bank executives and market measures of risk such as systematic risk, return volatility and tail return , even after controlling for insider ownership. Minnick, Unal and Yang (2009) study acquisitions
made by . panies betw