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Currency hedging and corporate governance: A cross-country analysis
Lel, Ugur - In: Journal of Corporate Finance 18 (2012) 2, pp. 221-237
This paper examines the impact of the strength of governance on firms' use of currency derivatives. Using a sample of … firms from 30 countries over the period 1990 to 1999, we find that strongly governed firms tend to use derivatives to hedge … currency exposure and overcome costly external financing. On the other hand, weakly governed firms appear to use derivatives …
Persistent link: https://www.econbiz.de/10010574267
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Bank governance, regulation, supervision, and risk reporting: Evidence from operational risk disclosures in European banks
Barakat, Ahmed; Hussainey, Khaled - In: International Review of Financial Analysis 30 (2013) C, pp. 254-273
This paper investigates the direct and joint effects of bank governance, regulation, and supervision on the quality of risk reporting in the banking industry, as proxied for by operational risk disclosure (ORD) quality in European banks. After controlling for the endogeneity between bank...
Persistent link: https://www.econbiz.de/10010730281
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Does it pay to have friends? Social ties and executive appointments in banking
Berger, Allen N.; Kick, Thomas; Koetter, Michael; … - In: Journal of Banking & Finance 37 (2013) 6, pp. 2087-2105
We exploit a unique sample to analyze how homophily (affinity for similar others) and social ties affect career outcomes in banking. We test if these factors increase the probability that the appointee to an executive board is an outsider without previous employment at the bank compared to being...
Persistent link: https://www.econbiz.de/10010662601
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The role of bank monitoring in borrowers׳ discretionary disclosure: Evidence from covenant violations
Vashishtha, Rahul - In: Journal of Accounting and Economics 57 (2014) 2, pp. 176-195
This study uses covenant violations to provide evidence on how firms make disclosure decisions in the presence of enhanced bank monitoring. Using a regression discontinuity design, I find that firms reduce disclosure following covenant violations. A series of analyses suggest that part of this...
Persistent link: https://www.econbiz.de/10011043069
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Financial derivatives, opacity, and crash risk: Evidence from large US banks
Dewally, Michaël; Shao, Yingying - In: Journal of Financial Stability 9 (2013) 4, pp. 565-577
We test how the use of financial derivatives affects banks’ informational structure and future stock performance based … on a sample of large bank holding companies in the US. Using banks’ use of financial derivatives as a proxy for opacity …, we find that high level use of interest rate and foreign exchange derivatives are associated with an increase in the …
Persistent link: https://www.econbiz.de/10011046559
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On the determinant of bank loan contracts: The roles of borrowers’ ownership and board structures
Lin, Chih-Yung; Chen, Yan-Shing; Yen, Ju-Fang - In: The Quarterly Review of Economics and Finance 54 (2014) 4, pp. 500-512
Given the worldwide economic importance of bank loan financing, we empirically investigate the roles of borrowers’ ownership and board structure in bank loan terms through a comprehensive dataset, which includes the complete history of individual bank loan contracts for firms publicly listed...
Persistent link: https://www.econbiz.de/10011076308
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Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence
Bae, Kee-Hong; Baek, Jae-Seung; Kang, Jun-Koo; Liu, Wei-Lin - In: Journal of Financial Economics 105 (2012) 2, pp. 412-435
We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that, during the 1997 Asian financial crisis, Asian firms with weaker...
Persistent link: https://www.econbiz.de/10010617599
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Risk management, corporate governance, and bank performance in the financial crisis
Aebi, Vincent; Sabato, Gabriele; Schmid, Markus - In: Journal of Banking & Finance 36 (2012) 12, pp. 3213-3226
The recent financial crisis has raised several questions with respect to the corporate governance of financial institutions. This paper investigates whether risk management-related corporate governance mechanisms, such as for example the presence of a chief risk officer (CRO) in a bank’s...
Persistent link: https://www.econbiz.de/10010580915
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Internal governance, legal institutions and bank loan contracting around the world
Ge, Wenxia; Kim, Jeong-Bon; Song, Byron Y. - In: Journal of Corporate Finance 18 (2012) 3, pp. 413-432
Using a sample of non-U.S. firms from 22 countries during 2003–2007, we examine the effect of firm-level governance on various features of loan contracting in the international loan market. We find that banks charge lower loan rates, offer larger and longer-maturity loans, and impose fewer...
Persistent link: https://www.econbiz.de/10010577629
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Shifts in Japanese Corporate Governance
Kojima, Kenji - In: Kobe Economic & Business Review 45 (2001) February, pp. 15-38
Persistent link: https://www.econbiz.de/10010900668