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Le capital humain et les incitations sont-ils les deux mamelles des salaires dans la finance ?

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  • Olivier Godechot

Abstract

[eng] Are Human Capital and Incentives the Two Breasts of Wages in Finance ? . Thanks to an original wage dataset (1997-2000) from a major bank in Paris, we show the importance of human capital in the financial sector, both in terms of quantity and price. However, a careful examination of the data shows significant anomalies compared to the human capital model : at given levels of human capital, wages vary widely by profession. Are these differences due to reasons of incentives and compensation for risk aversion ? We show also that the principal-agent theory does not adequately account for unequal pay. Occupations where bonus expectancy is the highest are also jobs where fixed wages are the highest. There isnotrade-off between these two components of pay. Whilehumancapital and incentives can contribute to wage levels, they fail to account fully for the latter and reveal rents relating to the occupation of key positions. . Classification JEL : G34, J31, J33. [fre] À partir de données salariales originales (1997-2000) issues d’une banque majeure de la place de Paris, nous montrons l’importance du capital humain au sein du secteur financier, tant par son volume que par son prix. Un examen attentif des données met toutefois en évidence des anomalies importantes par rapport au modèle du capital humain : à niveau de capital humain donné, les rémunérations diffèrent beaucoup par métier. Ces divergences sont-elles dues à des raisons d’incitation et de compensation de l’aversion au risque ? Nous montrons là aussi que la théorie principal-agent ne rend pas bien compte des inégalités de salaires. Les métiers où l’espérance de bonus est la plus élevée sont aussi des métiers où les salaires fixes sont les plus élevés. Il n’y a donc pas de tradeoff entre ces deux composantes de la rémunération. Même si le capital humain et les incitations peuvent contribuer au niveau des salaires, ils échouent à en rendre compte complètement et laissent apparaître des rentes liées à l’occupation de certaines positions clefs. . Classification JEL : G34, J31, J33.

Suggested Citation

  • Olivier Godechot, 2011. "Le capital humain et les incitations sont-ils les deux mamelles des salaires dans la finance ?," Revue d'Économie Financière, Programme National Persée, vol. 104(4), pages 145-163.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2011_num_104_4_5902
    DOI: 10.3406/ecofi.2011.5902
    Note: DOI:10.3406/ecofi.2011.5902
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    1. repec:spo:wpmain:info:hdl:2441/4ff88coju39nk8b11b5ghfc1ff is not listed on IDEAS
    2. Lenglet, Marc & Riva, Angelo, 2013. "Les conséquences inattendues de la régulation financière : pourquoi les algorithmes génèrent-ils de nouveaux risques sur les marchés financiers ?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 14.
    3. Olivier Godechot, 2019. "Conclusion: What finance manufactures," Post-Print hal-03393812, HAL.
    4. repec:hal:spmain:info:hdl:2441/4ff88coju39nk8b11b5ghfc1ff is not listed on IDEAS
    5. Olivier Godechot, 2011. "Finance and the rise in inequalities in France," Working Papers halshs-00584881, HAL.

    More about this item

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods

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