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Report
Stock market reaction to financial statement certification by bank holding company CEOs
In 2002, the Securities and Exchange Commission mandated that the chief executive officers of large, publicly traded firms certify the accuracy of their company financial statements. In this paper, I investigate whether CEO certification has had a measurable effect on the stock market valuation of the forty-two bank holding companies subject to the SEC order. I find that these firms experienced a positive average abnormal return of 30 to 60 basis points on the day of certification-a result driven primarily by those BHCs that certified ahead of the SEC's deadline. Characteristics associated ...
Conference Paper
We must resolve to end too big to fail
Conference Paper
Credit default swap spreads and systemic financial risk
Journal Article
Accounting for corporate behavior
Speech
Introductory remarks for the Panel on Regulating Financial Markets: lessons from crisis management
Introductory Remarks for the Panel Discussion Sponsored by the Heller-Hurwicz Economics Institute and the Economic Club of Minnesota at the University of Minnesota, Minneapolis.
Journal Article
Governing the financial or bank holding company: how legal infrastructure can facilitate consolidated risk management
On October 25, 2002, Thomas C. Baxter, Jr., General Counsel and Executive Vice President of the Federal Reserve Bank of New York, presented the following remarks at the Puerto Rico Bankers Association conference "Financial Transparency and Corporate Governance of Financial Institutions after the Sarbanes-Oxley Act of 2002" in San Juan, Puerto Rico.
Conference Paper
Implementing Dodd-Frank
Speech
Financial stability: the role of the Federal Reserve System
Remarks at the Future of Banking Regulation and Supervision in the EU Conference, Frankfurt, Germany.