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Executive Compensation in Imperfect Financial Markets (Hardcover)
Loot Price: R3,152
Discovery Miles 31 520
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Executive Compensation in Imperfect Financial Markets (Hardcover)
Series: Elgar Financial Law series
Expected to ship within 12 - 17 working days
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The recent financial crisis and associated real estate bubble
demonstrated the damage that can be caused by imperfect financial
market pricing. On the basis of these imperfections, strong
financial returns earned by financial institutions in the run-up to
2008 were, in fact, illusory. Executive Compensation in Imperfect
Financial Markets explores the relationship between bank lending,
real estate markets and stock market prices. Offering a heterodox
view of financial market pricing and its relationship with
executive pay, this book offers a competing interpretation of the
recent crisis, which emphasizes the role of bank leverage and
investor expectations in generating instability - particularly
through the interaction of financial institutions with the real
estate market. In the process, it reveals that equity-based
compensation incentivized increased bank leverage, which was a
cardinal cause of the crisis. This timely book will be an essential
read for all legal scholars and policy analysts operating in the
field of banking and finance, as well as all those seeking a more
rounded understanding of the financial crisis. Contents: 1.
Introduction 2. An Analysis of the Role of Executive Compensation
3. Theories of Securities Market Operation: Principles and Flaws 4.
Minsky and the Financial Instability Hypothesis: Implications for
Market Efficiency 5. The Global Financial Crisis and the Complex
Relationship between Asset Prices, Leverage, and Financial
Instability 6. Post-Crisis Reform to Executive Compensation at
Financial Institutions 7. Reconstituting Executive Compensation at
Financial Institutions: Proposals for Reform 8. Conclusions Index
General
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