Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks

Matthias Efing, Harald Hau, Patrick Kampkötter, Johannes Steinbrecher

NBER Working Paper No. 20468
Issued in September 2014

---- Acknowledgments ----

We thank Anil Kashyap and Thorsten Beck for their helpful comments at the NBER 2014 International Seminar in Macroeconomics in Riga, Latvia. We are also grateful to the participants of the SFI research day in Gerzensee and in particular to Rüdiger Fahlenbrach, Philipp Krüger, Stevan Ongena, René Stulz, Alexander Wagner for their helpful feedback. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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