no evidence that banks with CEOs whose incentives were better aligned with the interests of their shareholders performed …

supervisors required banks to raise more capital during the crisis and that doing so was costly for shareholders. Large banks with …

This paper examines how governance and risk management affect risk-taking in banks. It distinguishes between good risks … cost effective to do so. The role of risk management in such a bank is not to reduce the bank's total risk per se. It is to …. Organizing the risk management function so that it plays that role is challenging because there are limitations in measuring risk …

In most countries, many of the largest corporations are controlled by large shareholders. We show that, under … equilibrium. We construct an estimate of the world portfolio of shares available to investors who are not controlling shareholders …