In this paper, I analyse the rise of mandatory structure of bankers' pay in Europe as outcome of criticism of pre-crisis remuneration practices at financial institutions. Whether flawed bankers' pay contributed to the financial crisis is still debated amongst scholars. It appears more likely...

The financial crisis of 2008 spurred the failure of numerous bank and nonbank financial entities. Government regulators addressed each of these failures on an ad hoc, ex-post basis, granting multiple bailouts in various forms. The refusal to extend these bailouts to one firm, Lehman Brothers,...

In this chapter, we analyse current trends in the regulation and practice of executive remuneration. No doubt, the role of regulation in this area is on the rise, particularly after the recent financial crisis, and the standards as to pay governance and structures are spreading from the...

In this research, we examine the effect of focus and managerial ownership on the financial performance of REITs from the US financial market. Our empirical results demonstrate that there is a positive relationship between focus and financial performance in this sector that are consistent with...

In this paper we discuss the continued transition of financial markets towards trade standardization and the clearing of transactions, outlining the role of central clearing counterparties CCPs in reducing systemic and idiosyncratic risk. We contrast this with a discussion on bespoke non-cleared...

In the 1970s and 80s, as major financial institutions grew and diversified their operations, courts and scholars recognized that fiduciary law posed profound challenges for the organizational practices of these firms. The challenges were considered existential by some: firms, ultimately, would...

In this paper, we investigate the investment behaviour of institutional investors in terms of their shareholdings in 2,938 companies listed on the Tokyo and Osaka Stock Exchanges at the end of June 2002. By doing so, we provide one of the first detailed empirical analyses of the involvement of...

This paper examines the trends and endogenous determinants of boards of directors (board size, composition, and CEO duality) for a sample of 212 US bank holding companies, from 1997 to 2004. Overall, the results show that the costs and benefits of boards' monitoring and advising roles could...