Supervision

What Makes Autonomous Management Do Well? Corporate Governance without External Controls

Audit Committees of Public Interest Entities in Europe

In 2014 the European Union reformed the regulatory framework of statutory audits in Directive 2014/56/EC and Regulation (EU) Nr. 537/2014. Part of the...

Financial Disclosure and Market Transparency with Costly Information Processing

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...

The Single Supervisory Mechanism or ?SSM?, Part One of the Banking Union

The Regulation on the Single Supervisory Mechanism mandates the European Central Bank to exercise prudential supervision on the most significant...

Deconstructing Independent Directors

In this paper we argue that boards of directors lack the mandate, the incentives and the ability to control insiders, especially in jurisdictions where...

Monetary Liability for Breach of the Duty of Care?

This paper clarifies why optimal corporate governance generally excludes monetary liability for breach of directors? and managers? fiduciary duty of...

Risk-shifting through Issuer Liability and Corporate Monitoring

This article explores how issuer liability reallocates fraud risk and how risk allocation may reduce the incidence of fraud. In the US, the apparent...

The Risks of Corporate Legal Principles of Risk Management

Single Supervision and the Governance of Banking Markets

In this paper, I try to assess the likely impact of the Single Supervisory Mechanism (SSM) on Eurozone banking markets. I start by analysing the...

Reputation Incentives of Independent Directors: Impacts on Board Monitoring and Adverse Corporate Actions

We find a large body of evidence that independent director reputation incentives can vary across directors and can significantly influence important...

Use of AI by Financial Players: The Emerging Evidence

Financial supervisors as well as financial intermediaries increasingly rely on AI. However, little remains known about the scope and...