Working Paper

The impact of mandatory governance changes on financial risk management

This paper uses the staggered adoption of the Sarbanes-Oxley Act of 2002 for a difference-in-difference identification of the impact of corporate governance on hedging. In a large panel of listed US firms, we focus on two indexes of the legally...Read more

Ulrich Hege
Elaine Hutson
Elaine Laing
12 February 2018

Does Agency Structure Affect Agency Decisionmaking? Implications of the CFPB’s Design for Administrative Governance

An extensive literature has analyzed the accountability of administrative agencies, and in particular, their relationship to Congress. A well-established strand in the literature emphasizes that Congress retains control over agencies by their...Read more

Roberta Romano
11 January 2018