having caused supply curtailments to its customers. We derive testable implications of such behavior and show that the theory …

governance structure of each bank. Moreover, we show that the relation between bank risk and capital regulations, deposit … actual sign of the marginal effect of regulation on risk varies with ownership concentration. These findings have important … policy implications as they imply that the same regulation will have different effects on bank risk taking depending on the …

internal governance and improve efficiency. This leads to a theory of investment and dividend policy, where dividends are paid …We develop a model of internal governance where the self-serving actions of top management are limited by the potential … reaction of subordinates. Internal governance can mitigate agency problems and ensure that firms have substantial value, even …

the business group level, not the firm level. In many countries, this is legally enshrined in corporate governance codes …

The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures …

corporate governance. But does board composition matter for corporate decisions? In this paper, we analyze the role of financial …