This paper examines the impact of the Asian crisis on bank stocks across four Western countries and six Asian countries …. In the second half of 1997, Western banks experienced positive returns. In contrast East Asian bank indices incurred … market impact only in Indonesia and the Philippines. Except for the Korean program, IMF programs had little effect on bank …

investment, and for contesting corporate governance. In Germany, where the stock market has historically been small, banks hold … representatives on corporate boards. If a banking relationship is a substitute for the stock market, then interaction with a bank … monopolistic control over access to external capital markets, then bank interests may conflict with those of other equityholders …

We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify … document an economically significant correlation of incentive pay with both the level and volatility of bank trading income … share in the capital markets divisions with the strength of incentive pay in unrelated bank divisions like retail banking …