Working Paper
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...
Read moreGood Monitoring, Bad Monitoring
Are courts effective monitors of corporate decisions? In a controversial landmark case, the Delaware Supreme Court held directors personally liable...
Read moreCorporate 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...
Read moreEvolving Directors’ Duties in the Common Law World
Legal scholars have long discussed the gap, or “acoustic separation”, between stringent standards of conduct (“conduct rules”) and more...
Read moreCommon Banking Supervision in the Eurozone: Strengths and Weaknesses
In this paper we analyse various instances of supervisory centralization either implemented or proposed in Europe in the aftermath of the financial...
Read moreMonitoring Managers: Does it Matter?
We study how well-incentivized boards monitor CEOs and whether such monitoring improves performance. Using unique, detailed data on boards’...
Read moreRisk-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...
Read moreThe Effect of Creditor Rights on Bank Monitoring, Capital Structure and Risk-taking
We examine the multi-faceted effect of creditor rights on the way banks monitor, operate and finance themselves. We present a simple analytical model...
Read moreSingle 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...
Read moreUse 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...
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