Agency

Working Paper

Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans

We study a wide-spread yet unexplored corporate governance phenomenon: the pledging of company stock by insiders as collateral for personal bank loans. Utilizing a regulatory change that exogenously decreases pledging, we document a negative...Read more

Ronald Masulis
Ying Dou
29 January 2019

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

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