. The focus is on the conflicts among bank shareholders, managers, and creditors (e.g., regulators, deposit insurer …, taxpayers, depositors). This paper finds activism may generally be a destabilizing force, increasing bank risk-taking, but … creating market value for shareholders, and leaving operating returns unchanged, consistent with the empirical dominance of the …

kernel of bank corporate governance, as they guide expectations of bankers and regulators in defining the limits of … evidence that the behavior of bank boards adjusts in an out-of-sample set of banks. Our results suggest the FDIC does not only …