Le capital humainet les incitations sont-ils les deux mamelles des salaires dans la finance ?

Olivier Godechot

Revue d'économie financière, 2011, vol. N° 104, issue 4, 145-164

Abstract: Thanks to an original wage dataset (1997-2000) from a major bank in Paris, we show the importance of human capital in the financial sector, both in terms of quantity and price. However, a careful examination of the data shows significant anomalies compared to the human capital model: at given levels of human capital, wages vary widely by profession. Are these differences due to reasons of incentives and compensation for risk aversion? We show also that the principal-agent theory does not adequately account for unequal pay. Occupations where bonus expectancy is the highest are also jobs where fixed wages are the highest. There is no trade-off between these two components of pay. While human capital and incentives can contribute to wage levels, they fail to account fully for the latter and reveal rents relating to the occupation of key positions. Classification JEL: G34, J31, J33.

JEL-codes: G34 J31 J33 (search for similar items in EconPapers)
Date: 2011
References: Add references at CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOFI_104_0145 (application/pdf)
http://www.cairn.info/revue-d-economie-financiere-2011-4-page-145.htm (text/html)
free

Related works:
Journal Article: Le capital humain et les incitations sont-ils les deux mamelles des salaires dans la finance ? (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_104_0145

Access Statistics for this article

More articles in Revue d'économie financière from Association d'économie financière
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().