Working Paper

02 December 2020

Risk Mitigating versus Risk Shifting: Evidence from Banks Security Trading in Crises

We show that risk mitigating incentives dominate risk shifting incentives in fragile banks. Risk shifting could be particularly severe in banking since it is the most opaque industry and banks are one of the most leveraged corporations...

José-Luis Peydró | Andrea Polo | Enrico Sette
23 March 2021

Corruption-related disclosure in the banking industry: Evidence from GIPSI countries

This paper empirically investigates corruption-related disclosure in the banking industry, aiming to identify the most relevant theories which explain why financial institutions disclose corruption-related information to the...

Pablo de Andrés | Salvatore Polizzi | Enzo Scannella | Nuria Suárez
25 March 2021

The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments

This paper empirically examines the Capital Purchase program (CPP) under TARP that was used by the U.S. government to bail out distressed banks with equity infusions. We hypothesize that a feature of the CPP, namely the ability of the...

Christian Mücke | Loriana Pelizzon | Vincenzo Pezone | Anjan Thakor
17 May 2020

Regulatory Suspensions in Times of Crisis: The Challenges of Covid-19 and Thoughts for the Future

The Covid-19 crisis in 2020 severely impacted the corporate and in turn, the financial sectors of the UK, entailing responses from financial regulators to implement unprecedented regulatory suspensions that affect both the...

Hse-Yu Iris Chiu | Andreas Kokkinis | Andrea Miglionico
16 March 2020

Corporate Governance of Banks and Financial Institutions: Economic Theory, Supervisory Practice, Evidence and Policy

Banks are special, and so is the corporate governance of banks and other financial institutions as compared with the general corporate governance of non-banks. Empirical evidence, mostly gathered after the financial crisis,...

Klaus Hopt