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Bankers’ bonuses and the financial crisis: Context, evidence and the rhetoric--policy gap

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  • Alistair Bruce
  • Rodion Skovoroda

Abstract

Analysis of UK financial sector bonus schemes in the years immediately prior to the financial crisis of 2008/09 reveals significant changes in their structure and complexity. In terms of the determinants of levels of bonus award, leverage as a measure of risk exposure is not significant, whilst scheme complexity and return on assets are. The results challenge the supposed link between risk exposure and bonus practice. In this context, we seek to shed light on the UK government's contemporary rhetoric in relation to the regulation of bonuses and its subsequent inaction in terms of sustainable control measures.

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  • Alistair Bruce & Rodion Skovoroda, 2013. "Bankers’ bonuses and the financial crisis: Context, evidence and the rhetoric--policy gap," Business History, Taylor & Francis Journals, vol. 55(2), pages 139-160, March.
    • Handle: RePEc:taf:bushst:v:55:y:2013:i:2:p:139-160
    DOI: 10.1080/00076791.2012.715283
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    Cited by:

    1. Toms, Steven, 2015. "Fraud and Financial Scandals: A Historical Analysis of Opportunity and Impediment," MPRA Paper 68255, University Library of Munich, Germany.
    2. Driouchi, Tarik & So, Raymond H.Y. & Trigeorgis, Lenos, 2020. "Investor ambiguity, systemic banking risk and economic activity: The case of too-big-to-fail," Journal of Corporate Finance, Elsevier, vol. 62(C).

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