Clearinghouses are systemic nodes in financial markets that handle trillions of dollars’ worth of transactions. Yet, these critical market infrastructures stand on fragile foundations. The Dodd-Frank Wall Street Reform Act of 2010, the sweeping financial reform that followed the 2008 financial...

This paper examines whether the opportunistic use of assets securitization for earnings management is systematically widespread. It is hypothesized that with the passage of the Sarbanes-Oxley Act of 2002, which imposed more stringent governance over the financial reporting process, there should...

In the wake of the 2008 economic financial crisis, several corporate governance issues have became more relevant in the daily corporate life, among them Gender Diversity. Institutional investors, due to the critical environment began to scrupulously analyze the companies, in which they invest,...

We use the exposure of U.S. firms’ directors to the staggered introduction of sustainability disclosure reforms in foreign countries to study the role of the board of directors in shaping corporate sustainability. Using a difference-in-differences design, we document that the board has a...

The federalization of U.S. corporate governance has been a topic of conversation among policymakers from the very beginning of the federal securities laws in the New Deal era. Among the early proponents of a federalized system of corporate governance oversight was William O. Douglas—perhaps...

In the aftermath of the Asian Financial Crisis, and the criticism directed towards the International Monetary Fund, in particular, for not having seen it coming, the Financial Stability Forum (FSF) was created in 1999 under a mandate from the G7 ministers of finance and central bank governors....

This study provides new evidence on the impact of governance on the performance of privately defined contribution pension plans. Using a hand collected data set on governance factors, the study shows that the external and internal governance mechanisms in pension plans are weak. One explanation...

Debtholder stewardship refers to the involvement of corporate creditors in a firm’s governance framework with the aim of improving corporate decision-making. This article develops the theory of debtholder stewardship by identifying the mechanisms of debtholder influence, assessing their...