Mihir A. Desai

Nas últimas três décadas, o capitalismo americano foi silenciosamente transformado por uma ideia única e poderosa: a de que os mercados financeiros são uma ferramenta adequada para medir o desempenho e estruturar a remuneração. Instrumentos de ações para gerentes e contratos de incentivo de alto nível para investidores alteraram dramaticamente a natureza e o nível de incentivos e recompensas relativas em nossa sociedade, em ambos os lados do mercado de capitais.

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Reprint: R1203M 
The past three decades have seen American capitalism quietly transformed by a single, powerful idea&#8212;that financial markets are a suitable tool for measuring performance and structuring compensation. Stock instruments for managers, high-powered incentive contracts for investors, and the rise of alternative assets have dramatically altered the nature and level of incentives and rewards in our society, on both sides of the capital market. These changes have contributed significantly to the twin crises of modern American capitalism: repeated governance failures, which lead many to question the stewardship abilities of American managers and investors, and rising income inequality. 
When risk is repeatedly mispriced because investors enjoy skewed incentive schemes, financial capital is being misallocated. When managers undertake unwise investments or mergers in order to meet expectations that will trigger large compensation packages, real capital is being misallocated. And when relative compensation is as distorted as it has been by the financial-incentive bubble over the past several decades, one can only assume that human capital is being misallocated, to a disturbing degree. Awakening our monitors to their responsibilities and to the flaws of market-based compensation provides the best hope for correcting these imbalances and strengthening the U.S. economy for the challenges of this century.

The Incentive Bubble

Reimpressão: R1203M Nas últimas três décadas, o capitalismo americano foi silenciosamente transformado por uma ideia única e poderosa: a de que os mercados financeiros são uma ferramenta adequada para medir o desempenho e estruturar a remuneração. Instrumentos de ações para gerentes, contratos de incentivo de alto nível para investidores e o aumento de ativos alternativos alteraram dramaticamente a natureza e o nível de incentivos e recompensas em nossa sociedade, em ambos os lados do mercado de capitais. Essas mudanças contribuíram significativamente para as crises gêmeas do capitalismo americano moderno: repetidas falhas de governança, que levaram muitos a questionar as habilidades de administração dos gerentes e investidores americanos, e o aumento da desigualdade de renda. Quando o risco é repetidamente avaliado erroneamente porque os investidores gostam de esquemas de incentivo distorcidos, o capital financeiro está sendo mal alocado. Quando os gerentes realizam investimentos ou fusões imprudentes para atender às expectativas que desencadearão grandes pacotes de remuneração, o capital real está sendo mal alocado. E quando a compensação relativa é tão distorcida quanto foi pela bolha de incentivos financeiros nas últimas décadas, só podemos supor que o capital humano está sendo mal alocado, em um grau preocupante. Despertar nossos monitores para suas responsabilidades e para as falhas da compensação baseada no mercado oferece a melhor esperança para corrigir esses desequilíbrios e fortalecer a economia dos EUA para os desafios deste século.

A bolha de incentivos

Reprint: R1203M The past three decades have seen American capitalism quietly transformed by a single, powerful idea—that financial markets are a suitable tool for measuring performance and structuring compensation. Stock instruments for managers, high-powered incentive contracts for investors, and the rise of alternative assets have dramatically altered the nature and level of incentives and rewards in our society, on both sides of the capital market. These changes have contributed significantly to the twin crises of modern American capitalism: repeated governance failures, which lead many to question the stewardship abilities of American managers and investors, and rising income inequality. When risk is repeatedly mispriced because investors enjoy skewed incentive schemes, financial capital is being misallocated. When managers undertake unwise investments or mergers in order to meet expectations that will trigger large compensation packages, real capital is being misallocated. And when relative compensation is as distorted as it has been by the financial-incentive bubble over the past several decades, one can only assume that human capital is being misallocated, to a disturbing degree. Awakening our monitors to their responsibilities and to the flaws of market-based compensation provides the best hope for correcting these imbalances and strengthening the U.S. economy for the challenges of this century.

A bolha de incentivos

Resumo.

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