Stock price crash risk could be lower in family firms because the controlling family investorshave a longer-term interest, hold greater decision rights and are better informed thaninvestors in diffusely owned firms (alignment effect). However, the agency costs betweenfamily and nonfamily...

The need for efficient corporate governance mechanisms, to restore the public's trust in U.S. financial markets, increased after the latest round of corporate fraud cases that wiped out $8 trillion from the US market. Proponents of efficient governance argue that current mechanisms need...

Conventional economic analysis assumes that Central Counterparties (CCPs) may help to reduce systemic risk and avoid future financial crises by mandating the central clearing of over-the-counter (OTC) derivatives. This view largely goes unchallenged by governments, regulators, practitioners, and...

The roots of the present financial crisis can be traced to the significant structural changes in the United States economy and its financial system after the 1960s. Paramount among these is the growth of the financial sector and its overshadowing of the real economy. With a slowdown in long-term...

This study investigates how the recent global financial crisis (GFC) has changed the relationship between equity market liquidity and the capital structure of firms listed on the Australian Securities Exchange (ASX). The study takes into account the recent GFC by splitting the sample period into...

In this paper we focus on fair value measurements in the Financial Crisis and its (continuing) aftermath. We consider different ways of measuring fair value; and we use the experience of economies under stress, and where markets deviate significantly from textbook models of symmetric information...

The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed firms from 2000 to 2011 and tests the impact of the 2007-08 financial crisis on pay-performance sensitivity. We argue that important differences both in the level of compensation...