NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Yesterday's Heroes: Compensation and Creative Risk-Taking

Ing-Haw Cheng, Harrison Hong, Jose A. Scheinkman

NBER Working Paper No. 16176
Issued in July 2010

---- Acknowledgements -----

We thank Jeremy Stein, Rene Stulz, Luigi Zingales, Steven Kaplan, Tobias Adrian, Sule Alan, AugustinLandier, Terry Walter, Bob DeYoung, Ira Kay, Yaniv Grinstein, Patrick Bolton, Marco Becht andparticipants at the Princeton-Cambridge Conference, SIFR Conference,HEC, NBER, University of Michigan,University of Technology at Sydney, Chinese University of Hong Kong, CEMFI, LSE, Universityof Kansas Southwind Conference, Federal Reserve Bank of New York, Columbia University,ECGI-CEPR-IESE Madrid Conference, University of Florida, 2011 AFA Meetings, Federal Reserve Bank of Chicago 47 Annual Conference on Banking, and the NBER Conference on Market Institutionsand Financial Market Risk for helpful comments.The views expressed herein are those of the authorsand do not necessarily reflect the views of theNational Bureau of Economic Research.

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