This paper extends Ellul and Yerramilli's (2013) risk governance index for U.S. banks to international banks across 33 countries, using that index to examine relations between national codes of governance, individual bank risk governance and both risk and performance outcome measures in periods...

In this study, we analyze the relation between risk governance and risk and performance measures for a global sample of 107 insurance companies from 2004 to 2012. Our risk governance index covers several Solvency II provisions and includes the existence of chief risk officer on the executive...

Risk governance is arguably the most vital arena for post-crisis bank reform because it addresses the fundamental issues that drive the mismanagement of financial institutions. We assess the progress of reforms in bank risk governance in seven advanced economies and the EU five years after the...

Five years after the banking crisis of 2008, we review progress in the area of governance reform. At the height of the crisis, broad support emerged for new governance regulations in banking that would focus more on risk management and hence the rights of depositors, debt-holders and the wider...

Five years after the banking crisis of 2008, we review progress in the area of governance reform. At the height of the crisis, broad support emerged for new governance regulations in banking that would focus more on risk management and hence the rights of depositors, debt-holders and the wider...

Existing theory offers two divergent views on the effect of hedging on external financing. One view is that hedging allows a firm to reduce its reliance on external finance when capital market imperfections make external finance more costly than internally generated funds. A contrasting view is...

Existing theory offers two divergent views on the effect of hedging on external financing. One view is that hedging allows a firm to reduce its reliance on external finance when capital market imperfections make external finance more costly than internally generated funds. A contrasting view is...

I reinvestigate the effect of foreign currency hedging on firm value. Consistent with prior research, my initial analysis suggests foreign currency hedging is associated with an increase in firm value. However, this analysis ignores the possibility that firm value may affect foreign currency...

I reinvestigate the effect of foreign currency hedging with derivatives on firm value. Consistent with prior research, my initial analysis suggests foreign currency hedging is associated with an increase in firm value. However, this analysis ignores the possibility that firm value may affect...