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International cross-listing, firm performance and top management turnover: a test of the bonding hypothesis

Lel, Ugur; Miller, Darius P. - Federal Reserve Board (Board of Governors of the … - 2006

We examine a primary outcome of corporate governance, the ability to identify and terminate poorly performing CEOs, to test the effectiveness of U.S. investor protections in improving the corporate governance of cross-listed firms. We find that firms from weak investor protection regimes that...

Persistent link: https://www.econbiz.de/10005368296

Corporate governance and the shareholder base

Lins, Karl V.; Warnock, Francis E. - Federal Reserve Board (Board of Governors of the … - 2004

This paper uses a sample of 4,410 firms from 29 countries to investigate the relation between corporate governance and the shareholder base. In contrast to previous work, our results strongly support the notion that poor corporate governance, at both the firm and country level, negatively...

Persistent link: https://www.econbiz.de/10005368318

Commencement address : a speech at the Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, May 15, 2005

Greenspan, Alan - Federal Reserve Board (Board of Governors of the … - 2005

Persistent link: https://www.econbiz.de/10010725120

Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s

Calomiris, Charles W.; Carlson, Mark A. - Federal Reserve Board (Board of Governors of the … - 2014

Managers' incentives may conflict with those of shareholders or creditors, particularly at leveraged, opaque banks. Bankers may abuse their control rights to give themselves excessive salaries, favored access to credit, or to take excessive risks that benefit themselves at the expense of...

Persistent link: https://www.econbiz.de/10010784155

Currency hedging and corporate governance: a cross-country analysis

Lel, Ugur - Federal Reserve Board (Board of Governors of the … - 2006

Corporate governance can provide mechanisms to effectively monitor the use of derivatives. Using a sample of firms from 34 countries over the period 1990 to 1999, I find that firms with strong governance use currency derivatives for value-maximizing reasons as established by theory. On the other...

Persistent link: https://www.econbiz.de/10005498731

External governance and debt agency costs of family firms

Ellul, Andrew; Guntay, Levent; Lel, Ugur - Federal Reserve Board (Board of Governors of the … - 2007

We investigate the impact of family blockholders on the firm's debt agency costs under different investor protection environments. On one hand, families--through their undiversified investments, inter-generation presence, and reputation concerns--can mitigate debt agency costs. On the other...

Persistent link: https://www.econbiz.de/10005498775

Agency problems in public firms: evidence from corporate jets in leveraged buyouts

Edgerton, Jesse - Federal Reserve Board (Board of Governors of the … - 2011

This paper uses rich, new data to examine the fleets of corporate jets operated by both publicly traded and privately held firms. In the cross-section, firms owned by private equity funds average jet fleets at least 40 percent smaller than observably similar publicly-traded firms. Similar fleet...

Persistent link: https://www.econbiz.de/10008872034

Commencement address : a speech at the Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, May 15, 2005

Greenspan, Alan - Federal Reserve Board (Board of Governors of the … - 2005

Persistent link: https://www.econbiz.de/10005390215

The U.S. and U.K. activities of Japanese banks: 1980-1988

Terrell, Henry S.; Dohner, Robert S.; Lowrey, Barbara R. - Federal Reserve Board (Board of Governors of the … - 1989

these two markets with the regulatory environment for banks in Japan, with Japan's overall external financial position, as … environment in Japan, including restraints on interest rates, and possible quantitative restraints, has had an important impact on … States as substitutes for their head offices in extending commercial and industrial loans to Japan-based companies as well as …

Persistent link: https://www.econbiz.de/10005368172

More evidence on the link between bank health and investment in Japan

Gibson, Michael S. - Federal Reserve Board (Board of Governors of the … - 1996

Among stock-market-listed Japanese firms in 1994-95, the financial health of the firm's main bank did not significantly affect its investment behavior, after controlling for stock market valuation and cash flow. However, among the subset of bank-dependent firms, investment was lower by over 50...

Persistent link: https://www.econbiz.de/10005368185