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Uncertainty as Commitment
Ordonez, Guillermo L.; Nosal, Jaromir - National Bureau of Economic Research (NBER) - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...
Persistent link: https://www.econbiz.de/10010969240
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Consolidation of Banks in Japan: Causes and Consequences
Hosono, Kaoru; Sakai, Koji; Tsuru, Kotaro - National Bureau of Economic Research (NBER) - 2007
We investigate the motives and consequences of the consolidation of banks in Japan during the period of fiscal year 1990-2004 using a comprehensive dataset. Our analysis suggests that the government's too-big-to-fail policy played an important role in the mergers and acquisitions (M&As), though...
Persistent link: https://www.econbiz.de/10005085391
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The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks
Laeven, Luc; Levine, Ross; Goetz, Martin - National Bureau of Economic Research (NBER) - 2011
This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United … States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank …
Persistent link: https://www.econbiz.de/10009652836
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Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
Beltratti, Andrea; Stulz, René M. - National Bureau of Economic Research (NBER) - 2009
Though overall bank performance from July 2007 to December 2008 was the worst since at least the Great Depression … performance of banks during the credit crisis. More specifically, we investigate whether bank performance is related to bank …-level governance, country-level governance, country-level regulation, and bank balance sheet and profitability characteristics before …
Persistent link: https://www.econbiz.de/10005061603
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Governance and Bank Valuation
Caprio, Gerard Caprio, Jr.; Laeven, Luc; Levine, Ross - National Bureau of Economic Research (NBER) - 2003
supervisory/regulatory policies on bank valuations. Except in a few countries with very strong shareholder protection laws, banks … cash flow rights mitigate the adverse effects of weak shareholder protection laws on bank valuations. These results are …
Persistent link: https://www.econbiz.de/10005089223
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Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?
Miller, Marcus; Stiglitz, Joseph E. - National Bureau of Economic Research (NBER) - 2010
An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to 'overshoot' equilibrium when an asset bubble bursts--threatening widespread insolvency and what Richard Koo calls a 'balance sheet recession'. Besides...
Persistent link: https://www.econbiz.de/10008624592
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Smokescreen: How Managers Behave When They Have Something To Hide
González, Tanja Artiga; Schmid, Markus; Yermack, David - National Bureau of Economic Research (NBER) - 2013
We study financial reporting and corporate governance in 218 companies accused of price fixing. These firms engage in evasive financial reporting strategies, including earnings smoothing, segment reclassification, and restatements. In corporate governance, cartel firms favor outside directors...
Persistent link: https://www.econbiz.de/10010969328
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Capital Gains Lock-In and Governance Choices
Dimmock, Stephen G.; Gerken, William C.; Ivković, Zoran; … - National Bureau of Economic Research (NBER) - 2014
Because of differences in accrued gains and investors' tax-sensitivity, capital gains "lock-in" varies across mutual funds even for the same stock at the same time. Using this variation, we show that tax lock-in affects funds' governance decisions. Higher tax lock-in decreases the likelihood a...
Persistent link: https://www.econbiz.de/10010969406
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Understanding Corporate Governance Through Learning Models of Managerial Competence
Hermalin, Benjamin; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2014
A manager's shareholders, board of directors, and potential future employers are continually assessing his ability. A rich literature has documented that this insight has profound implications for corporate governance because assessment generates incentives (good and bad), introduces assorted...
Persistent link: https://www.econbiz.de/10010950722
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Strategic News Releases in Equity Vesting Months
Edmans, Alex; Goncalves-Pinto, Luis; Wang, Yanbo; Xu, Moqi - National Bureau of Economic Research (NBER) - 2014
We show that CEOs strategically time corporate news releases to coincide with months in which their equity vests. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information environment. CEOs reallocate news into vesting...
Persistent link: https://www.econbiz.de/10010950794