Debt Incentives and Bank Risk‐Taking
研究了高管养老金和递延薪酬计划如何影响银行风险承担，发现内部债务激励越多的银行批准高风险抵押贷款的可能性低5%到6%，且该效应主要由养老金计划驱动。
Abstract We examine how executive pension and deferred compensation plans affect bank risk‐taking. We show that banks with more inside debt incentives are 5–6% less likely to approve risky mortgages. Using state individual tax rates as instruments, we show that the effect is likely to be causal. Further evidence shows that the effect comes mainly from executive pension plans. This result is robust and statistically significant after controlling for other potential reasons affecting mortgage origination and various fixed effects.