This paper analyzes central bank policies on the monitoring of banks in distress in which liquidity provisions are conditional on performance when a bad shock occurs. A sequential game model is used to analyze two policies: the first one in which the central bank acts with discretion and the...

In this article we argue the price per share at which private equity is sold relative to current market price conveys important information to the stock market regarding firm quality. The information content of the placement price may be especially important in markets where there are no...

We study the specific corporate governance problems of central banks in their complex role of inflation guardians, bankers' banks, financial industry regulators/supervisors and, in some cases, competition authorities and deposit insurance agencies. We review the current institutional...

We investigate the distribution of pay in the top executive team in public companies. In particular, we study the CEO's pay slice (CPS), defined as the fraction of the aggregate top-five total compensation paid to the CEO. The level of a firm's CPS might reflect the relative centrality of the...

As the oversight role of the corporate board in Enterprise Risk Management (ERM) expands, companies feel the need to fill a knowledge gap on effective risk governance practices.The concept of correlating risk management, governance, and strategy in an enterprise-wide structure first appeared in...

Prior research on the cross-country variation of accounting choices induced by managerial incentives to extract private benefits is limited in its use of accounting measures that have limited empirical correlations with direct estimates of private control benefits. This study attempts to resolve...

The notion of awareness is introduced to study Regulation Fair Disclosure, a rule implemented by the U.S. Security and Exchange Commission in 2000. The regulator aims to reduce information asymmetry among investors, and expects public forums to subsume the forbidden information channel of...

European family-controlled public companies tend to perform less well in the stock market than their American counterparts. Also, while more and more investment funds that focus on family-firm opportunities are being formed in the United States, data indicates that institutional investors remain...

Having focused heavily on Sarbanes-Oxley requirements and more rigorous corporate governance and compliance standards, U.S. corporate boards are now beginning to assess their evolving role in providing oversight in the area of enterprise risk management (ERM).This paper documents how boards of...

Financial reporting around the time of IPOs is consistent with listed firms reporting more conservatively than previously as private firms, consistent with the results in Ball and Shivakumar (2005). We hypothesize that IPO firms supply the higher quality financial reports demanded by public...