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An insider's view of the U.S. government's response to the
2007-2009 global financial crisis, recounted by the people who made
the key decisions In 2008, the world's financial system stood on
the brink of disaster. The United States faced an unprecedented
crisis when the investment bank Lehman Brothers collapsed, setting
off a global panic. Faced with the prospect of a new Great
Depression, the Treasury Department, the Federal Reserve, the
Federal Deposit Insurance Corporation, and other agencies took
extraordinary measures to contain the damage and steady the
financial system and the economy. Edited by three of the
policymakers who led the government's response to the crisis, with
chapters written by the teams tasked with finding policy solutions,
this book provides a comprehensive accounting of the internal
debates and controversies surrounding the measures that were taken
to stabilize the financial system and the economy. Offering
previously untold insight into the key choices (including rejected
options) and a frank evaluation of successes and failures, this
volume is both an important historical document and an
indispensable guide for confronting future financial calamities.
We examine how corporate payout policy is affected by managerial
stock incentives using data on more than 1100 nonfinancial firms
during 1993-97. We find that management share ownership encourages
higher payouts by firms with potentially the greatest agency
problems--those with low market-to-book ratios and low management
stock ownership. We also find that management stock options change
the composition of payouts. We find a strong negative relationship
between dividends and management stock options, as predicted by
Lambert, Lannen, and Larcker (1989), and a positive relatinship
between repurchases and management stock options. Our results
suggest that the growth in stock options may help to explain the
rise in repurchases at the expense of dividends.
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