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Conference Paper
Alternative methods of corporate control in commercial banks
Prowse, Stephen D. (1994)
Proceedings , Paper 45

Working Paper
Who's minding the store? motivating and monitoring hired managers at small, closely held firms: the case of commercial banks
Spong, Kenneth; DeYoung, Robert; Sullivan, Richard J. (1999)
We test whether the gains from hiring an outside manager exceed the principal-agent costs of owner-manager separation at 266 small, closely held U.S. commercial banks. Our results suggest that hiring an outside manager can improve a bank's profit efficiency, but that these gains depend on aligning the hired managers with owners via managerial shareholdings. We find that over-utilizing this control mechanism results in entrenchment, while under-utilization is costly in terms of foregone profits. This study provides a relatively unfettered test of mitigating principal-agent costs, because these ...
Working Paper Series , Paper WP-99-17

Report
Corporate governance and banks: what have we learned from the financial crisis?
Morrison, Alan; Shapiro, Joel; Mehran, Hamid (2011)
Recent academic work and policy analysis give insight into the governance problems exposed by the financial crisis and suggest possible solutions. We begin this paper by explaining why governance of banks differs from governance of nonfinancial firms. We then look at four areas of governance: executive compensation, boards, risk management, and market discipline. We discuss promising solutions and areas where further research is needed.
Staff Reports , Paper 502

Conference Paper
Bank strategies for survival and success
McCoy, John B. (1994)
Proceedings , Paper 23

Conference Paper
The role of subordinated debt in bank safety and soundness regulation
Wall, Larry D.; Evanoff, Douglas D. (2000)
Proceedings , Paper 673

Journal Article
Formulas or supervision? Remarks on the future of regulatory capital
Estrella, Arturo (1998-10)
This paper was presented at the conference "Financial services at the crossroads: capital regulation in the twenty-first century" as part of session 6, "The role of capital regulation in bank supervision." The conference, held at the Federal Reserve Bank of New York on February 26-27, 1998, was designed to encourage a consensus between the public and private sectors on an agenda for capital regulation in the new century.
Economic Policy Review , Volume 4 , Issue Oct , Pages 191-200

Report
Are bank shareholders enemies of regulators or a potential source of market discipline?
Peristiani, Stavros; Park, Sangkyun (2001-09-01)
In moral hazard models, bank shareholders have incentives to transfer wealth from the deposit insurer--that is, maximize put option value--by pursuing riskier strategies. For safe banks with large charter value, however, the risk-taking incentive is outweighed by the possibility of losing charter value. Focusing on the relationship between book value, market value, and a risk measure, this paper develops a semi-parametric model for estimating the critical level of bank risk at which put option value starts to dominate charter value. From these estimates, we infer the extent to which the ...
Staff Reports , Paper 138

Report
Agency problems and risk taking at banks
Strahan, Philip E.; Saidenberg, Marc R.; Demsetz, Rebecca (1997)
The moral hazard problem associated with deposit insurance generates the potential for excessive risk taking on the part of bank owners. The banking literature identifies franchise value--a firm's profit-generating potential--as one force mitigating that risk taking. We argue that in the presence of owner/manager agency problems, managerial risk aversion may also offset the excessive risk taking that stems from moral hazard. Empirical models of bank risk tend to focus either on the disciplinary role of franchise value or on owner/manager agency problems. We estimate a unified model and find ...
Research Paper , Paper 9709

Conference Paper
Causes of U.S. bank distress during the depression
Calomiris, Charles W.; Mason, Joseph R. (2001)
Proceedings , Paper 714

Journal Article
Commentary on four papers on credit risk modeling
Perraudin, William (1998-10)
Economic Policy Review , Volume 4 , Issue Oct , Pages 95-97

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