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In this paper we investigate risk governance in 60 major international financial institutions and its influence on risk … (calculated from equity returns). Risk governance has increased significantly during our sample period. We find the following … variables to be important in determining risk outcomes in subsequent periods: inclusion of the CRO in the senior executive team …
Persistent link: https://www.econbiz.de/10013089467
In the last dozen years, economists have produced a considerable body of research suggesting that the historical origin of a country’s laws is highly correlated with a broad range of its legal rules and regulations, as well as with economic outcomes. Much of this research has dealt with rules...
Persistent link: https://www.econbiz.de/10014025558
Should boards of financial firms be blamed for the financial crisis? Using a large sample of data on nonfinancial and financial firms for the period 1996-2007, I document that the governance of financial firms is, on average, not obviously worse than in nonfinancial firms. In fact, using simple...
Persistent link: https://www.econbiz.de/10013113850
Persistent link: https://www.econbiz.de/10013117550
future development of new research paradigms in law and finance. Finally, this Article advocates a more risk-based approach …
Persistent link: https://www.econbiz.de/10013119443
On both sides of the Atlantic, greed, the financial services industry and deregulation have been blamed for the ‘Global Financial Crisis’. The genuinely unethical conduct underlying it was actually much more fundamental, pervasive and pernicious; it was positively encouraged by lax fiscal...
Persistent link: https://www.econbiz.de/10014253944
monitor the over-emphasis on the maximization of short-term shareholder value without relativizing the risk taken to achieve …
Persistent link: https://www.econbiz.de/10010228497
Based on a review of international and regional responses to the global financial and economic crisis and its implications for finance in Asia, Douglas Arner and Lotte Schou-Zibell draw lessons for Asian financial systems with regard to the scope of regulation; financial standards; supervision,...
Persistent link: https://www.econbiz.de/10011283429
at the expense of taxpayers: the merger-bailout has increased Switzerland’s sovereign credit risk, resulting in an …
Persistent link: https://www.econbiz.de/10014349670
This paper examines the effect of ownership structure of a controlling shareholder on the financial constraints of non-financial firms in 22 economies for the 1982-2009 period. We find that the overinvestment propensity of a controlling shareholder becomes less severe with an increase in...
Persistent link: https://www.econbiz.de/10013098983