Ferreira, Daniel; Kershaw, David; Kirchmaier, Thomas; … - London School of Economics (LSE) - 2013
applicable state corporate law that make it difficult for shareholders to oust a bank’s management. We show that banks in which … managers were more insulated from shareholders in 2003 were roughly 18 to 26 percentage points less likely to be bailed out in … hypothesis that banks in which shareholders were more empowered performed poorly during the crisis. …