The Federal Reserve can remove bankers from office if they violate the law, engage in unsafe or unsound practices, or breach their fiduciary duties. The Fed, however, has used this power so rarely that few even realize it exists. Although major U.S. banks have admitted to repeated and flagrant...

This paper studies banks' investment in risk management practices following the Global Financial Crisis and the advent of stress testing. Banks that experienced greater losses during the Crisis exhibit stronger demand for risk management talents. Banks increase their demand for highly skilled...

We investigate the (unintended) effects of bank executive compensation regulation. Capping the share of variable compensation spurred average turnover rates driven by CEOs at poorly performing banks. Other than that, banks‘ responses to raise fixed compensation sufficed to retain the vast...

We analyze compensation design in banks. Specifically, we document associations with firm characteristics, time-series trends, pay-for-performance sensitivities, performance based pay, and the sensitivity of firm-related wealth to changes in stock return and stock return volatility. We find a...

Commercial banker-directors (CBDs) bring both financial expertise in risk management and conflicts of interest between shareholders and debtholders. The burgeoning literature on stock price crash risk generates important questions of whether CBDs reduce crash risk. Using BoardEx data from 1999...

"Who do you think of when you imagine a hedge fund manager? A greedy fraudster, a visionary entrepreneur, a wolf of Wall Street? These tropes capture the public imagination of a successful hedge fund manager. But behind the designer suits, helicopter commutes, and illicit pursuits are the...

This book investigates the pre-crisis practice of bankers' remuneration in the UK to provide evidence of the problems in practice. It critically analyses the regulatory initiatives implemented after the crisis and investigates the post-crisis practice to reflect the effects and problems of the...

While financialisation has been typically framed as a market imperative that permeates everyday life and transforms individuals and households into responsible self-governing subjects, we argue that the role of the state is vital in explaining the formation and impacts of specific forms of...

We derive a principal-agent model to analyze the effectiveness of bonus caps and deferrals in regulating banks' risk-taking. We calibrate the model to a sample of large US banks on the eve of the Global Financial Crisis and run counterfactual analyses of the potential effects of the...

We examine how directors with investment banking experience affect a firm's acquisition behavior. We find that the presence of investment banker directors is associated with a higher probability of subsequent acquisitions, and such positive relation is not driven by reverse causality. Focusing...

Introduction -- Research Localities and Research Methodology -- Locality, Power and Career Opportunity -- City Connectivity, Mobility and Translocality -- Workplace, Culture and Career Mobility: Gender Dynamics in Banks -- Work and Family: Cooperation and Resistance -- Conclusions: Gender,...

Introduction -- Research Localities and Research Methodology -- Locality, Power and Career Opportunity -- City Connectivity, Mobility and Translocality -- Workplace, Culture and Career Mobility: Gender Dynamics in Banks -- Work and Family: Cooperation and Resistance -- Conclusions: Gender,...

An interpersonal edge -- Westward expansion -- Montedison: A US-Italian love story -- The surprising profitability of music publishing -- More fun than profitable: making movies in the 1980s -- A big retail failure -- A time of transition -- Photos -- Reelecting Dinkins and Clinton -- Rudderless...

We study whether banks are riskier if managers have less liability. We focus on New England between 1867 and 1880 and consider the introduction of marital property laws that limited liability for newly wedded bankers. We find that banks with managers who married after a legal change had more...

This paper assesses whether compensation practices for bank Chief Executive Officers (CEOs) changed after the Financial Stability Board (FSB) issued post-crisis guidelines on sound compensation. Banks in jurisdictions which implemented the FSB's Principles and Standards of Sound Compensation in...

We study whether banks are riskier if managers have less liability. We focus on New England between 1867 and 1880 and consider the introduction of marital property laws that limited liability for newly wedded bankers. We find that banks with managers who married after a legal change had more...

We derive a principal-agent model to analyze the effectiveness of bonus caps and deferrals in regulating banks' risk-taking. We calibrate the model to a sample of large US banks on the eve of the Global Financial Crisis and run counterfactual analyses of the potential effects of the regulations....

We study if the regulation of bank executive compensation has unintended consequences. Based on novel data on CEO and non-CEO executives in EU banking, we show that capping the variable-to-fixed compensation ratio did not induce executives to abandon the industry. Banks indemnified executives...

We investigate the (unintended) effects of bank executive compensation regulation. Capping the share of variable compensation did not induce an executive director exodus from EU banking because banks raised fixed compensation sufficiently to retain executives. However, risk-adjusted bank...

This paper assesses whether compensation practices for bank Chief Executive Officers (CEOs) changed after the Financial Stability Board (FSB) issued post-crisis guidelines on sound compensation. Banks in jurisdictions which implemented the FSB's Principles and Standards of Sound Compensation in...

We assemble a novel dataset on transitions in central bank leadership in several countries, and study how monetary policy is conducted around those events. We find that policy is tighter both at the last meetings of departing governors and first meetings of incoming leaders. This finding cannot...

Verlagsinfo: À data da sua morte, em 2004, António Champalimaud construíra uma fortuna incomparável entre os mais ricos de Portugal. Aos 19 anos pegara nos negócios do pai e multiplicara o seu valor várias vezes com apostas bem-sucedidas na banca, cimentos e seguros. A sua vida foi, no...

The book analyses the role of private bankers who were pivotal in modernizing the economic and financial system of Italy in the XIX century. To achieve this they needed to interact with the international haute banque to organize and place the public loans and the large investments associated...

Introduction: global finance and the inequality of hegemony -- Life in the city: space, place and inequality -- Inside the boys' club of global finance -- Gender, space and family -- Exclusive communities -- A community in crisis redundancy and the game of elite finance -- Conclusion: the city...

Chapter 1. The bankers -- Chapter 2. The Parodi Bankers -- Chapter 3. Banking Institutions -- Chapter 4. Financial intermediation: the Rothschilds and the private bankers in the Kingdom of Sardinia -- Chapter 5. Private bankers in the economic and political system of unified Italy -- Chapter 6....

Das internationale Bankensystem stand in den vergangenen Jahren im Fokus des öffentlichen Interesses. Bei der Diskussion möglicher Optionen zur Verbesserung der Finanzsystemstabilität rückt zunehmend die Corporate Governance in Banken in den Fokus. Der vorliegende Forschungsbericht widmet...

Das internationale Bankensystem stand in den vergangenen Jahren im Fokus des öffentlichen Interesses. Bei der Diskussion möglicher Optionen zur Verbesserung der Finanzsystemstabilität rückt zunehmend die Corporate Governance in Banken in den Fokus. Der vorliegende Forschungsbericht widmet...

Das internationale Bankensystem stand in den vergangenen Jahren im Fokus des öffentlichen Interesses. Bei der Diskussion möglicher Optionen zur Verbesserung der Finanzsystemstabilität rückt zunehmend die Corporate Governance in Banken in den Fokus. Der vorliegende Forschungsbericht widmet...

We examine insider trades of bankers as a measure of how much they know relative to outsiders. In contrast to trades of insiders in non-financial firms, trades by bankers are less informative. Although bankers are relatively better at timing their sales, they earn negative long-run abnormal...

Banking crises are recurrent phenomena, often induced by ex-ante excessive bank risk-taking, which may be due to behavioral reasons (over-optimistic banks neglecting risks) and to agency problems between bank shareholders with debt-holders and taxpayers (banks understand high risk-taking). We...