Fahlenbrach, Rüdiger; Stulz, René M. - Swiss National Centre of Competence in Research North … - 2009
ownership before the crisis and whether CEOs reduced their equity stakes intheir banks in anticipation of the crisis. There is … no evidence that banks with CEOs whoseincentives were better aligned with the interests of their shareholders performed … better during thecrisis and evidence that these banks actually performed worse both in terms of stock returns andin terms of …