光华讲坛

主 题：IMPACT OF DODD-FRANK ON CEO pay AND bank risk（美国Dodd-Frank银行监管法案对银行高管薪酬和银行风险影响）

主讲人：澳门·新莆京(中国)官方网站-App Store 笪亨果

主持人：澳门·新莆京(中国)官方网站-App Store 赵珂意

时 间：2023年11月29日 11:15-12:15

地 点：柳林校区诚正楼 650会议室

主办单位：新时代中国特色财务与会计理论创新与方法体系研究团队 澳门·新莆京(中国)官方网站-App Store 科研处

摘要：

We examine how bank equity risk is impacted by changes in the structure of bank CEO compensation from the enactment of the Dodd-Frank Act.  We use the generalized diff-in-diff methodology of Djourelova (2023) and find significant differences between high and low pay-risk sensitivity banks. Specifically, we find differences in performance-vesting restricted stock awards, LTIPs, and anti-hedging provisions increased after Dodd-Frank, and time-vesting options grants and annual bonuses decreased. Instrumenting for these differences in compensation structure, we find that a bank’s idiosyncratic bank risk went down in the post-Dodd-Frank period, and this reduction is driven by high pay-risk banks. No significant effect is found for differences in bank equity performance.

讲座主要为宣讲本人工作论文，该论文主要研究美国银行Dodd-Frank法案对美国银行高管薪酬及银行风险的作用，发现该法案改变美国银行高管薪酬的结构，从而降低美国银行的风险。