Federal Dposit InsuranceCorporation• Center for Financial Researchh
Sanjiv R. Das
Darrell Duffie
Nikunj Kapadia
Risk-Based Capital Standards,
Deposit Insurance and Procyclicality
Risk-Based Capital Standards,
Deposit Insurance and Procyclicality
FDIC Center for Financial Research
Working Paper
No. 2010-11
Pay for Performance?
CEO Compensation and Aquirer Returns in BHCs
Empirical Comparisons and Implied Recovery Rates
kkk
An Empirical
An Empirical Analysis
State-
Efraim Benmel Efraim Benmelech May, 2005
June 20
May , 2005 Asset S2005-14
September 2005
Sanjiv R. Das
Darrell Duffie
Nikunj Kapadia
Risk-Based Capital Standards,
Deposit Insurance and Procyclicality
Risk-Based Capital Standards,
Deposit Insurance and Procyclicality
FDIC Center for Financial Research
Working Paper
No. 2010-11
Pay for Performance?
CEO Compensation and Aquirer Returns in BHCs
Empirical Comparisons and Implied Recovery Rates
kkk
An Empirical
An Empirical Analysis
State-
Efraim Benmel Efraim Benmelech May, 2005
June 20
May , 2005 Asset S2005-14
September 2005
Pay for Performance?
CEO Compensation and Acquirer Returns in BHCs
by Kristina Minnick 1, Haluk Unal 2, Liu Yang 3 4
Forthcoming Review of Financial Studies
1 Bentley College, Department of Finance, Waltham, MA, 02452, phone: 781-891-2941, fax: 781-891-2494, email:
kminnick@bentley.edu.
2 University of Maryland, Robert H. Smith School of Business, College Park, MD, 20742, phone: 301-405-2256,
fax: 301-405-0359, email: hunal@rhsmith.umd.edu.
3 University of California at Los Angeles, Anderson School of Management, Los Angeles, CA, 90095, phone:
310-206-0664, fax: 310-206-5455, email: liu.yang@anderson.ucla.edu.
4 We thank the anonymous referee and Paolo Fulghieri (editor) for constructive suggestions. In addition we were
fortunate enough to receive suggestions and comments from Santiago CarbÛ-Valverde, Ethan Cohen-Cole, Michael
Faulkender, Kim Gleason, Jun Yang, Marcia Cornett, Paul Kupiec, Nagpurnanand Prabhala, and Jack Reidhill as
well as seminar participants at UCLA, Federal Deposit Insurance Corporation, University of Hong Kong, the 2007
FDIC/JFSR Mergers and Acquisitions of Financial Institutions Conference, the 2008 European FMA Conference,
the 2008 Frontiers of Finance Conference, and the 2009 China International Finance Conference.
CEO Compensation and Acquirer Returns in BHCs
by Kristina Minnick 1, Haluk Unal 2, Liu Yang 3 4
Forthcoming Review of Financial Studies
1 Bentley College, Department of Finance, Waltham, MA, 02452, phone: 781-891-2941, fax: 781-891-2494, email:
kminnick@bentley.edu.
2 University of Maryland, Robert H. Smith School of Business, College Park, MD, 20742, phone: 301-405-2256,
fax: 301-405-0359, email: hunal@rhsmith.umd.edu.
3 University of California at Los Angeles, Anderson School of Management, Los Angeles, CA, 90095, phone:
310-206-0664, fax: 310-206-5455, email: liu.yang@anderson.ucla.edu.
4 We thank the anonymous referee and Paolo Fulghieri (editor) for constructive suggestions. In addition we were
fortunate enough to receive suggestions and comments from Santiago CarbÛ-Valverde, Ethan Cohen-Cole, Michael
Faulkender, Kim Gleason, Jun Yang, Marcia Cornett, Paul Kupiec, Nagpurnanand Prabhala, and Jack Reidhill as
well as seminar participants at UCLA, Federal Deposit Insurance Corporation, University of Hong Kong, the 2007
FDIC/JFSR Mergers and Acquisitions of Financial Institutions Conference, the 2008 European FMA Conference,
the 2008 Frontiers of Finance Conference, and the 2009 China International Finance Conference.