We bring to bear a hand-collected dataset of executive turnovers in U.S. banks to test the efficacy of market discipline in a 'laboratory setting' by analyzing banks that are less likely to be subject to government support. Specifically, we focus on a new face of market discipline: stakeholders'...

Intro -- Contents -- I. INTRODUCTION -- II. THE MYBURGH COMMISSION REPORT -- III. FRAMEWORK -- IV. IMPULSE RESPONSE ANALYSIS -- V. SOURCES OF THE DEPRECIATION OF THE RAND IN 2001 -- VI. IDENTIFYING THE NOMINAL DISTURBANCES CAUSING THE DEPRECIATION -- VII. CONCLUSION -- APPENDIX -- REFERENCES.