HIGHLIGHTS
- who: Permanent link from the This Article was downloaded from Harvard University have published the research work: Pay, Performance, and Turnover of Bank CEOs, in the Journal: (JOURNAL)
- how: This result is consistent with the specification that accounting returns enter as the first difference ARAZtas in equation .
SUMMARY
The main information about CEO talent comes from the observation of relative performance,PERFit=PERFj PERF (see Holmstrom 1982). The specification in equation implies that CEOs assume compensation risk associated with uncertainty about aggregate effects, PERF*, and relative performance, PERFit.The bank could . . .
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