In this paper we investigate the impact of institutional ownership on UK mergers and acquisitions. We employ a comprehensive sample of M&As conducted by UK acquirers from 2000 to 2010, thus including a full cycle of peak and trough in M&A waves. We find that institutional investors increase the...

The recent financial crisis has raised several questions with respect to the corporate governance of financial institutions. This paper investigates whether risk management-related corporate governance mechanisms, such as for example the presence of a chief risk officer (CRO) in a bank’s...

We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector during the 2008/09 financial crisis. Using a novel and comprehensive dataset, we document that fiscally constrained governments "kicked the can down the road" by providing banks...

This paper extends Ellul and Yerramilli's (2013) risk governance index for U.S. banks to international banks across 33 countries, using that index to examine relations between national codes of governance, individual bank risk governance and both risk and performance outcome measures in periods...

Being a publicly listed firm is associated with costs and benefits related to investment, financing, and payout policies. To understand how a stock market listing influences the joint decisions on these corporate policies we analyze how European public and matched private firms adjust their cash...

Regaining emergency cash control, unused borrowing capacity, using float, credit meltdown, cash survival, mining cash in inventory, Superdisk: what went wrong, regaining credit, deflating work in process balloon, forecasting during turnaround, implementing turnaround and marketing budget,...

Usual measures of the risk-taking incentives of bank CEOs do not capture the risk-shifting incentives that the exposure of a CEO's wealth to his firm's stock price (delta) creates in highly levered firms. We find evidence consistent with the importance of these incentives for bank CEOs: In a...

Warren Buffett's major stock investments from 2008 through 2013 are reviewed, accompanied by depictions of some of the public positions he adopted, including the Buffett Rule, which calls for a minimum tax on high incomes. During the illiquidity and credit crisis of 2008-09, he invested about...

The 2007/2008 global financial crisis has reignited the debate regarding the need for effective corporate governance (CG) through sound risk management and reporting practices. This paper, therefore, examines the crucial question of whether the quality of firm-level CG has any effect on the...

This paper explores the common argument according to which the repeal of the Glass-Steagall Act was at the origin of the 2008 financial crisis. By arguing successively that the Act would not have covered the failing banks and that it would not have solved the “Too-big-to-fail” problem, this...