¿Son realmente las remuneraciones de los banqueros la causa de los males financieros?

CHICAGO- Se acusa a las prácticas de remuneración de las firmas financieras de ser las principales culpables de la reciente crisis financiera global. Se dice que la respuesta está en poner restricciones a la remuneración de los banqueros. Pero, ¿servirán de algo dichas restricciones?

Antes de establecer una regulación así de invasiva deberíamos analizar si las estructuras de compensación anteriores realmente fueron los catalizadores de nuestros problemas recientes. Decir que lo fueron implica tres cosas: los altos ejecutivos bancarios fueron premiados por adelantado por resultados de corto plazo con enormes cantidades de efectivo; los ejecutivos bancarios no mantuvieron suficientes cantidades de acciones para alinear sus intereses con los de los accionistas; y los ejecutivos que fueron premiados más   a corto plazo y con menos acciones tuvieron que haber tomado en primer lugar la iniciativa para asumir riesgos malos y excesivos, y por ende tener los peores resultados con la crisis.

Dos economistas, Rudiger Fahlenbrach y Rene Stulz, probaron estas implicaciones al estudiar los directores ejecutivos de casi 100 instituciones financieras grandes de 2006 a 2008. Partieron de 2006 porque ese parece ser el momento en el que algunas firmas financieras tomaron posturas riesgosas que condujeron a la crisis.

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