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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

Working Paper
Deregulation and the relationship between bank CEO compensation and risk taking
Brewer, Elijah; Hunter, William C.; Jackson, William E. (2003)
The deregulation of the banking industry during the 1990s provides a natural (public policy) experiment for investigating how firms adjust their executive compensation contracts as the environment in which they operate becomes relatively more competitive. Using the Riegle-Neal Act of 1994 as a focal point, we investigate how banks changed the equity-based component of bank CEO compensation contracts. We also examine the relationships between equity- based compensation and risk, capital structure, and investment opportunity set. Consistent with theoretical predictions, we find that after ...
Working Paper Series , Paper WP-03-32

Working Paper
Target's corporate governance and bank merger payoffs
Jagtiani, Julapa; Brewer, Elijah; Jackson, William E. (2007)
Commercial bank merger and acquisition (M&A) transactions are especially informative for analyzing the impact of differing corporate governance structures on the balance of corporate control between managers and shareholders. We exploit these special characteristics to investigate the balance of control between top-tier managers and shareholders using data from bank M&A transactions over the period 1990-2004. Unlike research on non-financial firms, the impacts of independent directors, managerial share ownership, and independent blockholders on bank merger purchase premiums in this ...
Research Working Paper , Paper RWP 07-13

Journal Article
The Gordon Gekko effect: the role of culture in the financial industry
Lo, Andrew W. (2016-08)
Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the 2007-09 financial crisis. This article presents a brief overview of the role of culture as it is seen by psychologists, sociologists, and economists, and then describes a specific framework for analyzing culture in the context of financial practices and institutions. Using this framework, the author addresses three questions: (1) what is culture? (2) does it matter? and (3) can it be changed? He illustrates the utility of this framework by ...
Economic Policy Review , Issue Aug , Pages 17-42

Journal Article
Introduction and appendix to Behavioral Risk Management in the Financial Services Industry: The Role of Culture, Governance, and Financial Reporting
Mehran, Hamid (2016-08)
This volume, four years in the making, includes nine research papers that aim to identify and understand the key factors affecting governance and culture in the banking industry. The volume is divided into two complementary parts. Part I introduces the concept of culture and its importance to risk management and financial stability. The articles present a framework for diagnosing and changing culture, describe how corporate culture is shaped, explore the importance of effective risk management, and examine the roles of deferred cash compensation and bank cash holdings in promoting financial ...
Economic Policy Review , Issue Aug , Pages 1-2

Conference Paper
Private and public sector responses to corporate governance issues
Glassman, Cynthia A. (2003)
Proceedings , Paper 838

Journal Article
Is corporate governance different for bank holding companies?
Mehran, Hamid; Adams, Renee B. (2003-04)
The authors analyze a range of corporate governance variables as they pertain to a sample of bank holding companies (BHCs) and manufacturing firms. They find that BHCs have larger boards and that the percentage of outside directors on these boards is significantly higher; also, BHC boards have more committees and meet slightly more frequently. Conversely, the proportion of CEO stock option pay to salary plus bonuses as well as the percentage and market value of direct equity holdings are smaller for bank holding companies. Furthermore, fewer institutions hold shares of BHCs relative to shares ...
Economic Policy Review , Volume 9 , Issue Apr , Pages 123-142

Journal Article
Goldilocks in the corner office
Wirtz, Ronald A. (2006-12)
The proper level of CEO compensation is more complicated than some normative sense of what the public considers fair. But with CEO pay regularly reaching eight, even nine figures, could current levels possibly be efficient? Economists can make a good theoretical case that CEO pay is inefficient, but they've had trouble pinpointing the systematic rent (pay in excess of fair market value) being extracted by CEOs. While it might not lower CEO pay, better corporate governance is likely the key to ensuring that it is tied tightly to firm performance.
The Region , Volume 20 , Issue Dec , Pages 22-25, 32-35

Conference Paper
Does bank competition affect how much firms can borrow? new evidence from the U.S.
Zarutskie, Rebecca (2003)
Proceedings , Paper 856

Working Paper
Information Disclosures, Default Risk, and Bank Value
Zer, Ilknur (2015-11-17)
This paper investigates the causal effects of voluntary information disclosures on a bank's expected default probability, enterprise risk, and value. I measure disclosure via a self-constructed index for the largest 80 U.S. bank holding companies for the period 1998-2011. I provide evidence that a bank's management responds to a plausibly exogenous deterioration in the supply of public information by increasing its voluntary disclosure, which in turn improves investors' assessment of the bank risk and value. This evidence suggests that disclosure may alleviate informational frictions and lead ...
Finance and Economics Discussion Series , Paper 2015-104

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