Download or read book Essays on Corporate Governance of Financial Intermediaries written by and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Corporate Governance of Financial Intermediaries written by Yurtsev Uymaz and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis comprises four papers that examine the effect of information advantage ofbank executives and CEOs on bank risk taking and performance and also investigate toreveal which CEO power variables, which denote information advantage to the CEO,influence the likelihood of bank fraud and the likelihood of detecting fraud.Paper 1 provides a theoretical, regulatory, structural, and historical analysis of US banks.The regulatory environment of banks has been changed dramatically as well as thestructure of banks in the last three decades. Banks' financial intermediation role andopaqueness that comes from greater risk-taking make them special in corporategovernance applications. It is known that regulations have the direct effect on bankcorporate governance with the hands of regulators.Paper 2 examines whether information advantage of the CEO can influence bank risk toadd empirical evidence to hypothesised relationship from the perspective of the CEOpower. CEO tenure and CEO network size that denote the sources of informationadvantage are used as the CEO power variables. The effect of CEO power on threemeasures of bank risk is assessed: Z-score, systematic risk, and systemic risk. Resultsfrom fixed effects and generalised method-of-moments (GMM) dynamic panel dataestimations reveal that banks are more likely to take on more risks when CEO's have arelatively long tenure and large network. The results of the robustness tests provide thesame connection between CEO power and bank risk.Paper 3 explores whether institutional investors in publicly listed US banks can influencebank ownership structure and performance through a prior connection to newly appointedsenior executives of the bank by employing a unique dataset. The impact of theconnection on three measures of bank performance is assessed: non-interest income tototal assets ratio, market beta, and Tobin's Q. Institutional investors increase theirshareholding in banks after the appointment of a connected executive. Results ofregressions reveal that the presence of connected executives is positively and significantlyassociated with developments in market beta and non-interest income, and negatively andsignificantly related to developments in Tobin's Q. The results as consistent withinstitutional investors with prior connections to bank executives having a significantinformation advantage relative to other shareholders in the bank on its likely futureperformance.Finally, paper 4 contributes the corporate governance literature that has little to say aboutthe likelihood of banks engaging in financial fraud. The commission of financial fraud bybanks as partly reflecting that bank's culture, which is driven in large part by the bank'ssenior executives, especially the CEO. A unique dataset on financial fraud in publiclylistedUS banks is employed to test for a link between fraud and CEO power that createsinformation advantage. The results from probit and partially-observed bivariate probitestimations suggest that banks are more likely to commit fraud and more likely to bedetected by regulators if they have powerful CEOs measured by length of CEO tenure,Chair/CEO duality, size of CEO's network, and if the CEO is also a part-owner of thebank. Fraud also appears more likely to be committed by large banks with relatively poorbalance sheets, raising the prospect that fraud (and powerful CEOs) can have adversesystemic consequences.
Download or read book Essays on Financial Intermediation and Corporate Efficiency written by Miguel Cantillo Simon and published by . This book was released on 1995 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Value of Financial Intermediaries written by Ryan D. Flugum and published by . This book was released on 2017 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays regarding the value of various financial intermediaries in capital markets. In the first essay, we examine the value of hedge fund activists, conditional on a firm’s existing monitoring presence. Traditional corporate governance theory designates analysts and institutional investors as the primary external monitors of the firm, and therefore, hedge fund activists are more likely to add value when these forces are inadequate. Consistent with this hypothesis, in the two years following the arrival of a hedge fund activist, we find the greatest abnormal returns and changes in fundamentals to be taking place in low-monitored firms. In the second essay, we determine the impact that hedge fund activism has on the quality of analyst content and analyst ability. We find a preponderance of recommendations that move to or are reinstated at the Hold level following the arrival of a hedge fund activist. Furthermore, the predictive content of analyst recommendations and their ability to accurately forecast earnings is diminished in the presence of a hedge fund activist. Overall, the quality of the important functions of an analyst is reduced by the arrival of a hedge fund activist, questioning the degree of social good that Jensen and Meckling (1976) argue security analysts provide. In the third essay, I examine the profitability of analysts’ consensus recommendation level, conditional on a firm’s synchronicity. Roll (1988), and many others, conclude that low r-squared from standard factor models, sometimes called low synchronicity, coincides with a more efficient incorporation of firm-specific information into stock prices. Under this view, analyst recommendations issued to firms with low synchronicity should be more profitable, primarily because analysts disseminate firm-specific information. I find the consensus recommendation level of analysts to be more profitable for low synchronicity firms. Moreover, this enhanced profitability is present primarily in good economic times and only in the post Regulation Fair Disclosure time period.
Download or read book Essays on Corporate Governance and Financial Reporting Quality written by Martin Mutschmann and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Corporate Governance Corporate Finance and Control written by Daniel Christian Powell and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Regulation of Financial Intermediaries in Emerging Markets written by T T Ram Mohan and published by SAGE. This book was released on 2005-05-27 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: The regulation of financial intermediaries continues to pose significant challenges to policymakers the world over. The task is especially difficult in emerging markets, where various factors—including macroeconomic volatility, relative under-capitalization of banks, the absence of market discipline and lax supervision—combine to render the banking system fragile. As was evident in the East Asian crisis of the late nineties, this can increase manifold the adverse effects of economic shocks. Taking stock of several important issues in the regulation of financial intermediaries in emerging markets, this volume: - Outlines the direction in which financial regulation should evolve in those markets; - Addresses themes related to optimal regulation as well as issues specific to regulation in the Indian context; - Identifies key elements in the best practices regulation in emerging markets; and - Proposes an innovative approach for setting limits to NPAs in banks. Overall, the original essays gathered here provide a comprehensive account of various important issues involved in regulating financial intermediaries and makes valuable and practical suggestions on how to improve regulation in emerging markets. An important feature of the volume is that it brings together both, scholars from academia and finance professionals from various multilateral agencies. As a consequence, it provides a fine balance between cross-country empirical evidence and conceptual contributions.
Download or read book Corporate Governance of Financial Intermediaries written by Miroslav Nedelchev and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper reviews the corporate governance from his evolution point of view. The used perspective is a discussion between convergence and divergence in corporate governance of financial intermediaries. The discussion is core for researches in scientific and implementation papers for last fifty years.Based on “principal-agent” model the paper illustrates both the dynamics of corporate governance and contemporary points of view for convergence and divergence of systems and practices. The functional convergence for corporate governance of financial intermediaries outruns the formal convergence. The decisions at national and international level are responds to market reality. The globalization process is leading for convergence of corporate governance, until shareholders' ownership - for divergence.The internal corporate governance is defined by path-dependence of the company. The revealed convergence concerns ownership rights and board accountability.The external corporate governance is defined by the globalization. The auditors have convergence their practices for transparency to shareholders and investors. The regulators are convergent by requirements of stock exchanges.
Download or read book Essays on Corporate Governance Capital Markets and Developments of Accounting Quality written by Christoph Wallek and published by . This book was released on 2014 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on the Theory of Financial Intermediation written by Michel de Lange and published by . This book was released on 1992 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Corporate Governance and Internal Capital Markets Efficiency written by Malika Hamadi and published by . This book was released on 2006 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Corporate Governance and Public Economics written by Mario Scharfbillig and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Corporate Governance written by Andrej Gill and published by . This book was released on 2013 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Theory of Financial Intermediation written by Bert Scholtens and published by . This book was released on 2003 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Role of Financial Reporting Properties in the German Corporate Governance System written by Christa Maria Hillebrand and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on International Corporate Governance and Institutional Investing written by Simon Döring and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Corporate Governance and Earnings Management written by Nader Younus and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
