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<!DOCTYPE html> <HTML lang="en"> <HEAD> <TITLE>“Since You’re So Rich, You Must Be Really Smart”: Talent, Rent Sharing, and the Finance Wage Premium</TITLE> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/css/bootstrap.min.css" integrity="sha384-Gn5384xqQ1aoWXA+058RXPxPg6fy4IWvTNh0E263XmFcJlSAwiGgFAW/dAiS6JXm" crossorigin="anonymous"> <link rel="stylesheet" href="/css/font-awesome.min.css">   <link href="/css/normalnew.css" rel="stylesheet" type="text/css"/> <link href="/css/pushy.css" rel="stylesheet" type="text/css"/> <link rel="icon" type="image.jpg" href="/favicon.ico">  <script type='text/javascript'> var captchaContainer = null; var loadCaptcha = function() { captchaContainer = grecaptcha.render('captcha_container', { 'sitekey' : '6LdQebIaAAAAACSKxvbloyrkQ_q-MqhOAGgD5PQV', 'callback' : function(response) { console.log(response); } }); }; </script> <META NAME="handle" CONTENT="RePEc:oup:restud:v:90:y:2023:i:5:p:2215-2260."><META NAME="description" CONTENT="Downloadable (with restrictions)! Financial sector wages have increased extraordinarily over the last decades. We address two potential explanations for this increase: (1) rising demand for talent and (2) firms sharing rents with their employees. Matching administrative data of Swedish workers, which include unique measures of individual talent, with financial information on their employers, we find no evidence that talent in finance improved, neither on average nor at the top. The increase in relative finance wages is present across talent and education levels, which together can explain at most 20% of it. In contrast, rising financial sector profits that are shared with employees account for up to half of the relative wage increase. The limited labour supply response may partly be explained by the importance of early-career entry and social connections in finance. Our findings alleviate concerns about “brain drain” into finance but suggest that finance workers have captured rising rents over time."> <META NAME="keywords" CONTENT="Industry wage premia; Talent allocation; Rent sharing; Earnings inequality; Compensation in financial sector"> <META NAME="jel_code" CONTENT=""> <META NAME="author" CONTENT="Michael J Böhm & Daniel Metzger & Per Strömberg"> <META NAME="author_shortid" CONTENT=""> <META NAME="title" CONTENT="“Since You’re So Rich, You Must Be Really Smart”: Talent, Rent Sharing, and the Finance Wage Premium"> <META NAME="download" CONTENT="1"> <META NAME="freedownload" CONTENT="0"> <META NAME="date" CONTENT="2023-02-02"> <META NAME="citation_publication_date" CONTENT="2023"> <META NAME="citation_authors" content="Michael J Böhm; Daniel Metzger; Per Strömberg"> <META NAME="citation_title" content="“Since You’re So Rich, You Must Be Really Smart”: Talent, Rent Sharing, and the Finance Wage Premium"> <META NAME="citation_abstract" content="Financial sector wages have increased extraordinarily over the last decades. We address two potential explanations for this increase: (1) rising demand for talent and (2) firms sharing rents with their employees. Matching administrative data of Swedish workers, which include unique measures of individual talent, with financial information on their employers, we find no evidence that talent in finance improved, neither on average nor at the top. The increase in relative finance wages is present across talent and education levels, which together can explain at most 20% of it. In contrast, rising financial sector profits that are shared with employees account for up to half of the relative wage increase. The limited labour supply response may partly be explained by the importance of early-career entry and social connections in finance. Our findings alleviate concerns about “brain drain” into finance but suggest that finance workers have captured rising rents over time."> <META NAME="citation_publisher" content="Review of Economic Studies Ltd"> <META NAME="citation_journal_title" content="The Review of Economic Studies"> <META NAME="citation_keywords" content="Industry wage premia; Talent allocation; Rent sharing; Earnings inequality; Compensation in financial sector"> <META NAME="citation_abstract_html_url" content="https://ideas.repec.org/a/oup/restud/v90y2023i5p2215-2260..html"> <META NAME="citation_abstract_pdf_url" content="https://ideas.repec.org/a/oup/restud/v90y2023i5p2215-2260..html"> <META NAME="redif-type" content="article"> <META NAME="citation_type" content="redif-article"> <META NAME="citation_year" content="2023"> <META NAME="citation_volume" content="90"> <META NAME="citation_issue" content="5"> <META NAME="citation_firstpage" content="2215"> <META NAME="citation_lastpage" content="2260"> <META NAME="twitter:card" content="summary_large_image"> <META NAME="twitter:site" content="@repec_org"> <META NAME="twitter:title" content="“Since You’re So Rich, You Must Be Really Smart”: Talent, Rent Sharing"> <META NAME="twitter:description" content="Financial sector wages have increased extraordinarily over the last decades. 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We address two potential explanations for this increase: (1) rising demand for talent and (2) firms sharing rents with thei"> <META PROPERTY="og:url" content="https://ideas.repec.org//a/oup/restud/v90y2023i5p2215-2260..html"> <META PROPERTY="og:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?a&oup:restud:v:90:y:2023:i:5:p:2215-2260."> <script type="application/ld+json"> { "@context": "http://schema.org", "@graph": [ { "@id": "#periodical", "@type": "Periodical", "name": "The Review of Economic Studies", "publisher": "Review of Economic Studies Ltd", "url": "https://ideas.repec.org/s/oup/restud.html", "requiresSubscription": "false" }, { "@id": "#number", "@type": "PublicationIssue", "datePublished": "2023", "issueNumber": "5" }, { "@id": "#volume", "@type": "PublicationVolume", "volumeNumber": "90" }, { "@id": "#article", "@type": "ScholarlyArticle", "name": "“Since You’re So Rich, You Must Be Really Smart”: Talent, Rent Sharing, and the Finance Wage Premium", "url": "https://ideas.repec.org//a/oup/restud/v90y2023i5p2215-2260..html", "description": "Financial sector wages have increased extraordinarily over the last decades. We address two potential explanations for this increase: (1) rising demand for talent and (2) firms sharing rents with their employees. Matching administrative data of Swedish workers, which include unique measures of individual talent, with financial information on their employers, we find no evidence that talent in finance improved, neither on average nor at the top. The increase in relative finance wages is present across talent and education levels, which together can explain at most 20% of it. In contrast, rising financial sector profits that are shared with employees account for up to half of the relative wage increase. The limited labour supply response may partly be explained by the importance of early-career entry and social connections in finance. 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</script><span id="response"></span> </div> </div> <div id="content-block"> <div id="title"> <h1>“Since You’re So Rich, You Must Be Really Smart”: Talent, Rent Sharing, and the Finance Wage Premium</h1></div> <div> <ul class="nav nav-pills" id="myTab" role="tablist"> <li class="nav-item"> <a class="nav-link active" id="author-abstract-tab" data-toggle="tab" href="#author-abstract" role="tab" aria-controls="author-abstract" aria-selected="true">Author & abstract</a> </li> <li class="nav-item"> <a class="nav-link download-tab" id="download-tab" data-toggle="tab" href="#download" role="tab" aria-controls="download" aria-selected="false">Download</a> </li> <li class="nav-item"> <a class="nav-link" id="more-tab" data-toggle="tab" href="#more" role="tab" aria-controls="more" aria-selected="false">Related works & more</a> </li>  <li class="nav-item"> <a class="nav-link" id="correct-tab" data-toggle="tab" href="#correct" role="tab" aria-controls="correct" aria-selected="false">Corrections</a> </li> </ul> <div class="tab-content" id="myTabContent"> <div class="tab-pane fade show active" id="author-abstract" role="tabpanel" aria-labelledby="author-abstract-tab"> <h2>Author</h2> <div id="author-body"> <div id="authortable"> <div id="listed-authors">Listed: <ul id="authorlist"><li class="authorname">Michael J Böhm</li> <li class="authorname">Daniel Metzger</li> <li class="authorname">Per Strömberg</li> </ul></div><div id="registered-authors"> <a href="https://authors.repec.org/">Registered:</a> <ul id="authorregistered"></ul> </div> </div> </div> <h2 style="clear:left">Abstract</h2><div id="abstract-body">Financial sector wages have increased extraordinarily over the last decades. We address two potential explanations for this increase: (1) rising demand for talent and (2) firms sharing rents with their employees. Matching administrative data of Swedish workers, which include unique measures of individual talent, with financial information on their employers, we find no evidence that talent in finance improved, neither on average nor at the top. The increase in relative finance wages is present across talent and education levels, which together can explain at most 20% of it. In contrast, rising financial sector profits that are shared with employees account for up to half of the relative wage increase. The limited labour supply response may partly be explained by the importance of early-career entry and social connections in finance. Our findings alleviate concerns about “brain drain” into finance but suggest that finance workers have captured rising rents over time.</div> <h2>Suggested Citation</h2> <div id="biblio-body"> <LI class="list-group-item downgate"> Michael J Böhm & Daniel Metzger & Per Strömberg, 2023. "<B><A HREF="/a/oup/restud/v90y2023i5p2215-2260..html">“Since You’re So Rich, You Must Be Really Smart”: Talent, Rent Sharing, and the Finance Wage Premium</A></B>," <A HREF="/s/oup/restud.html">The Review of Economic Studies</A>, Review of Economic Studies Ltd, vol. 90(5), pages 2215-2260. </li> Handle: <i style="word-break:break-all">RePEc:oup:restud:v:90:y:2023:i:5:p:2215-2260.</i> <form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="RePEc:oup:restud:v:90:y:2023:i:5:p:2215-2260."> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export reference "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form></div> </div> <div class="tab-pane fade" id="download" role="tabpanel" aria-labelledby="download-tab"> <h2>Download full text from publisher</h2><p></p> <FORM METHOD=GET ACTION="/cgi-bin/get_doc.pl" target="_blank"> <INPUT TYPE=HIDDEN NAME="urn" VALUE="RePEc:oup:restud:v:90:y:2023:i:5:p:2215-2260."><INPUT TYPE="radio" NAME="url" VALUE="http://hdl.handle.net/10.1093/restud/rdac079" checked><B>File URL:</B> <span style="word-break:break-all">http://hdl.handle.net/10.1093/restud/rdac079</span><BR><B>Download Restriction:</B> Access to full text is restricted to subscribers.<BR> <font size="+2" color="red">---><INPUT TYPE="SUBMIT" class="btn fa" VALUE="Download the selected file " style="color:white;background-color:#2d4e8b;"><---</font></FORM><P>As the access to this document is restricted, you may want to <A HREF="/cgi-bin/htsearch2?q=%22+Since+You+re+So+Rich++You+Must+Be+Really+Smart+++Talent++Rent+Sharing++and+the+Finance+Wage+Premium%22" rel="nofollow">search</A> for a different version of it. </div> <div class="tab-pane fade" id="more" role="tabpanel" aria-labelledby="more-tab"> <H2> More about this item</H2> <h3>Keywords</h3> <A HREF="/cgi-bin/htsearch2?q=%22Industry+wage+premia%22" rel="nofollow">Industry wage premia</A>; <A HREF="/cgi-bin/htsearch2?q=%22Talent+allocation%22" rel="nofollow">Talent allocation</A>; <A HREF="/cgi-bin/htsearch2?q=%22Rent+sharing%22" rel="nofollow">Rent sharing</A>; <A HREF="/cgi-bin/htsearch2?q=%22Earnings+inequality%22" rel="nofollow">Earnings inequality</A>; <A HREF="/cgi-bin/htsearch2?q=%22Compensation+in+financial+sector%22" rel="nofollow">Compensation in financial sector</A>; <BR><A HREF="/cgi-bin/htsearch2?q=%22Industry+wage+premia%22 %22Talent+allocation%22 %22Rent+sharing%22 %22Earnings+inequality%22 %22Compensation+in+financial+sector%22 " rel="nofollow">All these keywords</A>. <h3>Statistics</h3> <A HREF="http://logec.repec.org/scripts/paperstat.pl?h=RePEc:oup:restud:v:90:y:2023:i:5:p:2215-2260.">Access and download statistics</A> </div>  <div class="tab-pane fade" id="correct" role="tabpanel" aria-labelledby="correct-tab"> <h2>Corrections</H2> <P>All material on this site has been provided by the respective publishers and authors. 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