The contributors – top international scholars from finance, law and business – explore the role of governance, both internal and external, in explaining risk-taking and other aspects of the behavior of financial institutions. Additionally, they discuss market and policy features affecting...

Building on the pioneering study by Beck, Demirguc-Kunt and Levine (2006), we examine the effects of media ownership and concentration on corruption in bank lending. Using the unique World Bank dataset covering more than 5,000 firms across 59 countries, we find strong evidence that that state...

We study the role of state controlling shareholders in corporate payout policy. We exploit as an exogenous event the State Capital Operation Program in China under which parent central state-owned enterprises (parent CSOEs) are required to partially contribute their income to a fiscal fund. We...