Theoretical literature (Jensen and Meckling, 1976 and Edmans and Liu, 2011) argues that inside debt – pension benefits and deferred compensation – has debt-like payoffs, and can therefore curb executives' excessive risk-taking incentives created by equity holdings. We test this theory in the...

"Extant literature documents the role of effective governance in mitigating bank risk-taking and limiting managerial opportunism. The banking industry forms a necessary pillar for global economic and financial stability, given their intermediation and financing roles, which are constantly under...

"Relatively little is known so far about financial stability and long-term resilience within the global banking sector. The complexity and diversity of banking financial instruments and transactions leads to substantial information asymmetries, and promotes several agency conflicts. Moreover,...