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In a new study forthcoming in the Journal of Finance Economics, we present evidence that financial firm CEOs’ incentives for short-term focus played an important role in the subprime crisis of 2007-2009. Prominent policy makers and opinion leaders have asserted that incentives for managerial myopia were important drivers of the crisis. For example, the Financial Crisis Inquiry Commission Report of 2011 asserts the following:
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Rescooped by Institut sur la gouvernance (IGOPP) from Corporate governance - Vigil |
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