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Journal Article
Corporate response to distress: evidence from the Asian financial crisis
Faccio, Mara; Sengupta, Rajdeep (2011-03)
This paper provides a comprehensive examination of corporate responses to financial distress during an economy-wide crisis, specifically through the restructuring of assets (through asset sales, mergers, or liquidations) and/or liabilities. Using firm-level data from five countries hardest hit by the East Asian financial crisis of 1997-98, this study contrasts the effects of financial and corporate governance variables on restructuring choices. The study finds that, during a crisis, financial constraints and corporate governance each have a large effect on the restructuring choice.
Review , Volume 93 , Issue Mar , Pages 127-154

Newsletter
Corporate governance: implications for financial services firms
Darwish, Nisreen; Evanoff, Douglas D.; Brewer, Elijah (2003-12)
Chicago Fed Letter , Issue Dec

Conference Paper
Corporate governance of bank mergers
Campbell, Terry L.; Becher, David A. (2004)
By investigating the extent to which target directors bargain in their own interests during negotiations between merging banks, we document a strong inverse relation between merger premium and target director retention. This relation holds for both executive (inside) directors and independent outside directors, and other governance mechanisms of targets and bidders fail to diminish this finding. Moreover, individual target director retention is conditioned by the relative size but not by prior target performance. Overall, our results suggest some target directors exercise their bargaining ...
Proceedings , Paper 918

Newsletter
Corporate governance at community banks: a Seventh District analysis
Driscoll, Patrick; DeYoung, Robert; Fried, Colette A. (2005-10)
Community banks can be vulnerable to the same economic tensions and conflicts of interest that have compromised corporate governance at more high-profile firms over the past few years. The authors discuss their preliminary findings from a project designed to construct a systematic database on the corporate governance practices at District community banks.
Chicago Fed Letter , Issue Oct

Conference Paper
Incentive compensation for bank directors: the impact of deregulation
Campbell, Terry L.; Frye, Melissa B.; Becher, David A. (2003)
Proceedings , Paper 871

Journal Article
Executive equity compensation and incentives: a survey
Larcker, David F.; Core, John E.; Guay, Wayne R. (2003-04)
Stock and option compensation and the level of managerial equity incentives are aspects of corporate governance that are especially controversial to shareholders, institutional activists, and government regulators. Similar to much of the corporate finance and corporate governance literature, research on stock-based compensation and incentives has not only generated useful insights, but also produced many contradictory findings. Not surprisingly, many fundamental questions remain unanswered. In this study, the authors synthesize the broad literature on equity-based compensation and executive ...
Economic Policy Review , Volume 9 , Issue Apr , Pages 27-50

Report
Corporate governance of financial institutions
Mehran, Hamid; Mollineaux, Lindsay (2012)
We identify the tension created by the dual demands of financial institutions to be value-maximizing entities that also serve the public interest. We highlight the importance of information in addressing the public?s desire for banks to be safe yet innovative. Regulators can choose several approaches to increase market discipline and information production. First, they can mandate information production outside of markets through increased regulatory disclosure. Second, they can directly motivate potential producers of information by changing their incentives. Traditional approaches to bank ...
Staff Reports , Paper 539

Journal Article
Introduction: Special issue: corporate governance: what do we know and what is different about banks?
Mehran, Hamid (2003-04)
This special volume of the Economic Policy Review is designed to foster a better understanding of corporate governance - particularly as it applies to banking firms - among regulators, investors, researchers, and the interested public. The contributors to the volume, specialists in governance, analyze the topic from many perspectives, including law, financial accounting, and financial economics. As they summarize and synthesize a vast literature on vital governance issues, the authors present a framework for understanding corporate governance and identify key areas of future research.
Economic Policy Review , Volume 9 , Issue Apr , Pages 1-3

Report
Corporate performance, board structure, and their determinants in the banking industry
Mehran, Hamid; Adams, Renee B. (2008)
The subprime crisis highlights how little we know about the governance of banks. This paper addresses a long-standing gap in the literature by analyzing board governance using a sample of banking firm data that spans forty years. We examine the relationship between board structure (size and composition) and bank performance, as well as some determinants of board structure. We document that mergers and acquisitions activity influences bank board composition, and we provide new evidence that organizational structure is significantly related to bank board size. We argue that these factors may ...
Staff Reports , Paper 330

Journal Article
Corporate governance : where do Tenth District community banks stand?
Padget, Jane; Myers, Forest (2004-10-04)
Troubles at publicly traded companies have led to the passage of recently enacted laws that add more rigor and formality to the corporate governance process. Most of these reform proposals and new laws focus on protecting investors in publicly traded firms. Relatively few Tenth District community banks, however, are publicly traded or are subject to new laws that would require them to change their corporate governance practices. Indeed, many are small in asset size, family-owned, closely held, and owner-managed. Given these characteristics, the governance process at community banks tends to ...
Financial Industry Perspectives , Issue Q 4 , Pages 39-56

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