Risk Managers in Banks

• 成果类型: Article; Early Access
• 署名作者: Efing, Matthias; Kampkotter, Patrick; Maurin, Vincent
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; Eberhard Karls University of Tubingen
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag012
• 发表日期: 2026-04-10
• 关键词: g20; G21; j3; Deposit insurance; COSTS; real

摘要

Some bank regulators require that performance bonuses for risk managers (RMs) and for employees in front offices (FOs) be linked to distinct performance metrics, as correlated pay incentives could lead RMs to rubber-stamp risky investments. We theoretically show that a positive correlation between FOs and RMs is optimal for banks, but can be socially excessive in leveraged institutions. Using data from German bank employees, we show empirically that incentive pay is indeed positively correlated between RMs and FOs. Consistent with our predictions, bonus correlations are higher in banks with higher leverage and weaker performance during the Great Financial Crisis.