Hobfoll, Stevan E, Palmieri, Patrick A, Johnson, Robert J, Canetti-Nisim, Daphna, Hall, Brian J, Galea, Sandro
Peer Reviewed
Hall, Brian J, Hobfoll, Stevan E, Johnson, Robert J, Galea, Sandro
Peer Reviewed
Hall, Brian J, Hobfoll, Stevan, Palmieri, Patrick, Canetti-Nisim, Daphna, Shapira, Oren, Johnson, Robert J, ...
Peer Reviewed
Hobfoll, Stevan E, Hall, Brian J, Canetti-Nisim, Daphna, Galea, Sandro, Johnson, Robert J, Palmieri, Patrick J
Peer Reviewed
Life stress and personality correlates of trauma / (2004)
Thesis (M.A.)--Cleveland State University, 2004.
The Military Sealift Command :--the future of the U.S. maritime industry /--by Brian J. Hall. (1996)
Thesis (M.S.)--SUNY Maritime, 1996.
Essays on the economics of bank lending/--by Brian J. Hall. (1993)
Thesis (Ph. D.)--Harvard University, 1993.
George P. Baker, Brian J. Hall
We develop a model that clarifies how to measure CEO incentive strength and how to reconcile the enormous differences in pay sensitivities between executives in large and small firms. The crucial...
Underwater Options and the Dynamics of Executive Pay-to-Performance Sensitivities
We empirically analyze the dynamics of executives' pay-to-performance sensitivities. Option pay-to-performance sensitivities become weaker as options fall underwater, often leading to pressures to...
Hall, Brian J., Hobfoll, Stevan E., Palmieri, Patrick A., Canetti-Nisim, Daphna, Shapira, Oren, Johnson, Robert J., ...
The Israeli government's decision to remove settlers in the Gaza Strip forcibly produced a situation of traumatic stress, resulting from confrontation and conflict for settlers. The authors examined...
The Trouble with Stock Options
Brian J. Hall, Kevin J. Murphy
The benefits of stock options are often not large enough to offset the inefficiency implied by the large divergence between the cost of options to companies and the value of options to risk-averse,...
Bank versus market based financial systems: evidence from financial distress in Japan and the US
Brian J. Hall, David E. Weinstein
Banks and banking - Japan
Are CEOs Really Paid Like Bureaucrats?
Brian J. Hall, Jeffrey B. Liebman
A common view is that there is little correlation between firm performance and CEO pay. Using a new fifteen-year panel data set of CEOs in the largest, publicly traded U.S. companies, we document a...
Risk-Based Capital Standards and the Riskiness of Bank Portfolios: Credit and Factor Risks
Steven R. Grenadier, Brian J. Hall
Bank risk-based capital (RBC) standards require banks to hold differing amounts of capital for different classes of assets, based almost entirely on a credit risk criterion. The paper provides both a...
Property and Casualty Solvency Funds as a Tax and Social Insurance System
When a Property and Casualty (P&C) insurance company becomes insolvent, solvent insurance companies are forced to pay assessments (a form of taxation) to state guarantee funds ('solvency funds') in...
The Myth of the Patient Japanese: Corporate Myopia and Financial Distress in Japan and the US
Brian J. Hall, David E. Weinstein
It is widely believed that the stock-market oriented US financial system forces corporate managers to behave myopically relative to their Japanese counterparts, who operate in a bank-based system. We...
The Moral Hazard of Insuring the Insurers
State guaranty funds are quasi-governmental agencies that provide insurance to policyholders against the risk of insurance company failure. But insurance provided by guaranty funds, like all...
Are CEOs Really Paid Like Bureaucrats?
Brian J. Hall, Jeffrey B. Liebman
A common view of CEO compensation is that there is essentially no correlation between firm performance and CEO pay. This calls into question an important component of effective corporate governance....
The Pay to Performance Incentives of Executive Stock Options
Detailed data about stock option contracts are used to measure and analyze the pay to performance incentives of executive stock options. Two main issues are addressed. The first is the pay to...
Regulatory Free Cash Flow and the High Cost of Insurance Company Failures
Why is the cost of resolving insurance company failures so high? Evidence in this paper suggests that the state insurance regulatory bodies in charge of the liquidation process turn over an average...
George P. Baker, Brian J. Hall
What determines CEO incentives? A confusion exists among both academics and practitioners about how to measure the strength of CEO incentives, and how to reconcile the enormous differences in pay...
Optimal Exercise Prices for Executive Stock Options
Brian J. Hall, Kevin J. Murphy
Although exercise prices for executive stock options can be set either below or above the grant-date market price, in practice virtually all options are granted at the money. We offer an economic...
The Taxation of Executive Compensation
Brian J. Hall, Jeffrey B. Liebman
Over the past 20 years, there has been a dramatic increase in the share of executive compensation paid through stock options. In this paper, we examine the extent to which tax policy has influenced...
Stock Options for Undiversified Executives
Brian J. Hall, Kevin J. Murphy
We employ a certainty-equivalence framework to analyze the cost and value of, and pay/performance incentives provided by, non-tradable options held by undiversified, risk-averse executives. We derive...
We analyze and explore option fragility, the notion that option incentives are fragile due to their non-linear payoff structure. Option incentives become weaker as options fall underwater, leading to...
The Trouble with Stock Options
Brian J. Hall, Kevin J. Murphy
The trouble with options is that too many options are granted to too many people. Most options are granted below the top-executive level, and options are often an inefficient way to attract, retain...
Six Challenges in Designing Equity-Based Pay
This paper analyzes why the primary goal of the equity-pay explosion--creating long-run ownership incentives for top executives--has often been difficult to achieve in practice. More generally, I...
TRANSFERABLE STOCK OPTIONS (TSOS) AND THE COMING REVOLUTION IN EQUITY-BASED PAY
The dominant form of equity pay in the U.S. will change dramatically when accounting rules are changed (most likely in 2005) to require companies to charge the cost of their stock option plans on...
SIX CHALLENGES IN DESIGNING EQUITY-BASED PAY
The past two decades have seen a dramatic increase in the equitybased pay of U.S. corporate executives, an increase that has been driven almost entirely by the explosion of stock option grants. When...
THE DESIGN OF MULTI-YEAR STOCK OPTION PLANS
Despite the explosion in the corporate use of stock options, the incentives created by stock options are not well understood by either the boards who grant them or the executives who are meant to be...