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What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence

Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2008

We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical...

Persistent link: https://www.econbiz.de/10011090634

Legal protection of investors, corporate governance, and investable premia in emerging markets

Kinsella, Stephen; O'Connor, Thomas; O'Sullivan, Vincent - Geary Institute, University College Dublin - 2011

We examine the interaction between the legal protection of investors, corporate governance within firms, institutional development between countries, and investable premia in emerging markets. In a multi country setting and using a novel dataset we find that better-governed firms experience...

Persistent link: https://www.econbiz.de/10009249165

Empirical Research on Corporate Credit-Ratings: A Literature Review

Matthies, Alexander B. - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2013

We report on the current state and important older findings of empirical studies on corporate credit ratings and their … relationship to ratings of other entities. Specifically, we consider the results of three lines of research: The correlation of … credit ratings and corporate default, the influence of ratings on capital markets, and the determinants of credit ratings and …

Persistent link: https://www.econbiz.de/10010602092

Was the Crisis Due to a Shift from Stakeholder to Shareholder Finance? Surveying the Debate

Ferri, Giovanni - 2015

We discuss the literature on the shift from stakeholder to shareholder finance behind the Great Financial Crisis (GFC). Traditional banks generally maximized stakeholder value (STV). But before the GFC also many of them started maximizing shareholder value (SHV). Moving from STV to SHV often...

Persistent link: https://www.econbiz.de/10013024417

The Effectiveness of Sharī'ah Supervisory Board Roles in Islamic Banks

Rahajeng, Dian - 2013

Among the main issues surround corporate governance in Islamic banking is that dealing with the role of Sharī'ah Supervisory Boards (SSB). The role of the SSB is particularly important before the launching of any new Islamic banking product and in making strategic decisions. Therefore, in...

Persistent link: https://www.econbiz.de/10013072700

Empirical research on corporate credit-ratings : a literature review

Matthies, Alexander B. - 2013

Persistent link: https://www.econbiz.de/10009681828

Stock Market Reaction to the Global Financial Crisis: testing for the Lehman Brothers'Event

Becchetti, Leonardo; Ciciretti, Rocco - In: Giornale degli Economisti 70 (2011) 2, pp. 3-58

the event, that KLD ratings provide original information which is not captured by traditional financial rating indicators. …

Persistent link: https://www.econbiz.de/10009370585

Institutional investors, financial market efficiency, and financial stability

Davis, E. Philip - Economics Department, European Investment Bank (EIB) - 2003

Emphasising the scope for further growth in institutional investment, in Europe in particular, this paper focuses on the impact of institutional investment on the efficiency and stability of financial systems. The paper stresses the scope for efficiency gains arising from an increasing role of...

Persistent link: https://www.econbiz.de/10005009784

Do Independence and Financial Expertise of the Board Matter for Risk Taking and Performance?

Minton, Bernadette A. - 2012

During the recent financial crisis, financial expertise among independent directors of financial institutions is negatively related to changes in both Tobin's Q and cumulative stock returns. Furthermore, financial expertise is positively associated with risk-taking levels in the run-up to the...

Persistent link: https://www.econbiz.de/10013115064

Do Independence and Financial Expertise of the Board Matter for Risk Taking and Performance?

Taillard, Jérôme - 2012

We examine how risk taking and firm value are related to independence and financial expertise of the board for a large sample of U.S. financial institutions both before and during the financial crisis. During the crisis, financial expertise is negatively related to both changes in Tobin's Q and...

Persistent link: https://www.econbiz.de/10013115574