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- W1504124308 abstract "When considered soberly, it is clear that recent criticism ofthe problem with the AIG and Wall Street bonuses was is based on more than not merely their raw size. So long as business leadersthe individuals actually perform in a manner that is deemed worthy, we do not begrudge them their wealth. As a nation, we venerate entrepreneurship and business success, so long as they arebut only when each is based in reality. Stated in the language of economics, tying pay to performance reduces agency costs because it aligns the interests of managers and investors. In fact, the dirty little secret of executive pay is that stock options and other performance-based measures provide no penalty for managers who take on excessive risk, exactly the kind of risk that lies at the heart of Wall Street’s the nation’s recent credit meltdown.This is not what happens at hedge funds, however. Even more so than stock options, the structure of hedge fund compensation typically results in extremely large rewards for managers who produce tangible profits, but and essentially nothing for managers for whom profits prove elusive. More importantly, however, hedge fund compensation also provides protection against downside risk. What this means is that the hedge-fund model of compensation reduces agency costs by effectively linking the fortunes of managers with the fortunes of investors. If policymakers are serious about executive pay reform and not merely interested in beating up AIG and Wall Street executives managers for political gain, they should take a hard look at the hedge fund model. Rather than merely sanction the granting of stock options, as is currently the case, Congress should require that executives use their personal wealth and earnings to purchase stock in the companies they manage, thereby putting their own wealth at risk alongside the wealth of their investors." @default.
- W1504124308 created "2016-06-24" @default.
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- W1504124308 date "2009-09-01" @default.
- W1504124308 modified "2023-09-22" @default.
- W1504124308 title "Hedge Funds: The Missing Link in Executive Pay Reform" @default.
- W1504124308 hasPublicationYear "2009" @default.
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