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Did the structure of banker pay cause the crisis?

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Originally posted on September 21, 2009.

This is an old topic but it is in the headlines again, so I pass this along, from Jeff Friedman:

The Stulz and Fahlenbrach abstract reads as follows:

I thank Jeff Friedman for the pointer.

About the Author
Tyler Cowen is Holbert C. Harris Professor of Economics at George Mason University and Director of the Mercatus Center and the James M. Buchanan Center for Political Economy. He is published widely in economics journals, including the American Economic Review and Journal of Political Economy. With Alex Tabarrok he co-writes the Marginal Revolution blog, often ranked as the #1 economics blog. He is also the author of Discover Your Inner Economist (Dutton, 2007) and numerous other books on economics. He writes regularly for the popular press on economics, including for The New York Times, The Washington Post, Forbes, and The Wilson Quarterly.