Working Paper

11 September 2020

Are CEOs paid extra for riskier pay packages?

This paper quantifies the cost of CEO incentive compensation by estimating an elasticity of pay to the variance of pay. This metric is based on the benchmark moral hazard model widely used to study CEO pay. Using US CEO compensation...

Ana M. Albuquerque | Rui Albuquerque | Mary Ellen Carter | Qi (Flora) Dong
01 September 2016

Are CEOs Born Leaders? Lessons from Traits of a Million Individuals

What makes a CEO? Our study combines a near-exhaustive sample of CEOs of Swedish companies with data on their cognitive and non-cognitive ability and height at age 18. On average, CEOs, particularly large-company CEOs, have much higher...

Renée Adams | Matti Keloharju | Samuli Knüpfer
06 September 2018

Governance of Financial Services Outsourcing: Managing Misconduct and Third-Party Risks

With financial institutions increasingly outsourcing their activities, they face a record number of fraud and misconduct cases arising from third-party services. We survey financial institutions to better understand which...

Joseph McCahery | F. Alexander de Roode