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Wages and Human Capital in Finance: International Evidence, 1970-2011

Boustanifar, Hamid; Grant, Everett; Reshef, Ariell
Journal article, Peer reviewed
Accepted version
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URI
http://hdl.handle.net/11250/2496391
Date
2018
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  • Publikasjoner fra CRIStin - BI [1164]
  • Scientific articles [2279]
Original version
Review of Finance, 2018, 22(2), 699-745   10.1093/rof/rfx011
Abstract
We study the allocation and compensation of human capital in the finance industry in a set of developed economies in 1970–2011. Finance relative wages generally increase—but not in all countries, and to varying degrees. Trading-related activities account for 50% of the increases, despite accounting for only 13% of finance employment, on average. Financial deregulation is the most important factor driving up wages in finance; it has a larger effect in environments where informational rents and socially inefficient risk taking are likely to be prevalent. Differential investment in information and communication technology does not have causal explanatory power. High finance wages attract skilled international immigration to finance, raising concerns for “brain drain.”
Description
The accepted and peer reviewed manuscript to the article
Publisher
Oxford University Press
Journal
Review of Finance

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