The Journal of Finance publishes leading research across all the major fields of finance. It is one of the most widely cited journals in academic finance, and in all of economics. Each of the six issues per year reaches over 8,000 academics, finance professionals, libraries, and government and financial institutions around the world. The journal is the official publication of The American Finance Association, the premier academic organization devoted to the study and promotion of knowledge about financial economics.
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Agency, Delayed Compensation, and the Structure of Executive Remuneration
Published: 12/01/1983 | DOI: 10.1111/j.1540-6261.1983.tb03836.x
JONATHAN EATON, HARVEY S. ROSEN
In this paper we examine the factors affecting the structure of executives' compensation packages. We focus particularly on the role of various types of delayed compensation as means of “bonding” executives to their firms.
The Impact of Deregulation and Financial Innovation on Consumers: The Case of the Mortgage Market
Published: 01/13/2010 | DOI: 10.1111/j.1540-6261.2009.01531.x
KRISTOPHER S. GERARDI, HARVEY S. ROSEN, PAUL S. WILLEN
We develop a technique to assess the impact of changes in mortgage markets on households, exploiting an implication of the permanent income hypothesis: The higher a household's expected future income, the higher its desired consumption, ceteris paribus. With perfect credit markets, desired consumption matches actual consumption and current spending forecasts future income. Because credit market imperfections mute this effect, the extent to which house spending predicts future income measures the “imperfectness” of mortgage markets. Using micro‐data, we find that since the early 1980s, mortgage markets have become less imperfect in this sense, and securitization has played an important role.