Lühikokkuvõte: We study the evolution of pay in US bank holding companies since 1986. We first set out the main empirical characteristics in both cross-section and time series focussing on banking structure (size and concentration) and pay characteristics given by labor's share of bank value-added, the level of an average bankers' real compensation and the sensitivity of that compensation to firm performance. Then we introduce a structural model in which bankers of heterogenous talent are matched with banks where shareholders design compensation contracts so as to maximise shareholder payoff in the face of managerial moral hazard. We calibrate this model to see if it provides an internally consistent account of the observed empirical patterns. By incorporating structural changes coinciding with three major changes in banking regulation we are able to reproduce changes in pay level and pay sensitivity observed and to establish a secular decline in labor's share consistent with a superstar firm effect in US banking. Overall we find that the observed pay fits closely to fair pay as predicted by our equilibrium model.
Võtmesõnad: Banking industry structure, rent extraction, superstar firms, regulation

Autorid:

Ronald W. Anderson - Department of Finance, London School of Economics, Xinhua College of Sun Yat-sen University and CEPR
Karin Jõeveer - Majandusanalüüsi ja rahanduse instituut, Tallinna Tehnikaülikool

Tallinna Tehnikaülikooli Majandusanalüüsi ja rahanduse instituudi avatud teadusseminarid toimuvad tavaliselt kuu teisel ja neljandal kolmapäeval nii kohapealse kui online osalemisvõimalusega, kui ei ole teatatud teisiti. Ettekanne kestab u 45 minutit, millele järgneb veerand tundi arutelu. Seminar toimub inglise keeles. Ettekande aluseks olev artikkel on üldjuhul kättesaadav seminaril kohapeal. Majandusanalüüsi ja rahanduse instituudi teadusseminarid toimuvad koostöös Euroopa Liidu rahastatava Horisont 2020 teadus- ja innovatsiooniprogrammi grandiprojektiga nr 952574 „Indiviidi käitumine ja majanduslik tulemuslikkus: Metodoloogilised aspektid ja institutsionaalne kontekst“ (IBEP). Küsimuste korral vőib pöörduda IBEP-i seminaride koordinaatori Kadri Männasoo poole: kadri.mannasoo@taltech.ee.