PI: Corporate Governance

1. Termine und Informationen zu der LV

Link zum elektronischen Vorlesungsverzeichnis "PI: Corporate Governance"

2. Folien

Folien zur PI: Corporate Governance - Univ. Prof. Dr. Klaus Gugler (WU Wien)

3. Literatur

Michael C. Jensen and William H. Meckling, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, Vol. 3., pp. 305‑360, 1976.

Axel Börsch-Supan, Köke Jens; An Applied Econometricians´ View of Empirical Corporate Governance Studies, German Economic Review, Volume 3 (3), pp. 295-326, 2002.

Becht/Bolton/Roell, "Corporate Governance and Control", ECGI WP, 2005.

Levine, Ross, "Finance and Growth: Theory and Evidence." in Handbook of Economic Growth, Eds:Philippe Aghion and Steven Durlauf, The Netherlands: Elsevier Science, 2004.

Shleifer/Vishny, "A Survey of Corporate Governance", Journal of Finance, Vol. 52, 737-783, 1997.

Gugler Klaus: Corporate Governance and Economic Performance, Oxford University Press , 2001.

Mueller, Dennis C.: The Corporation: Investment, Mergers, and Growth, Routledge, 2003.

Literaturliste für das Seminar Corporate Governance

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4. Presentations

Seminar presentations (max 2; max 45 min): Corporate Governance and the Financial Crisis

1. Policy

1.1. General

OECD Principles of Corporate Governance, 2004.

OECD (2010), ‘Corporate Governance and the Financial Crisis: Conclusions and Emerging Good Practices to Enhance Implementation of the Principles’

EU Commission, 2011, GREEN PAPER, The EU corporate governance framework

1.2. Financial institutions

EU Commission, 2011, GREEN PAPER, Corporate governance in financial institutions and remuneration policies

Basel Committee (2010), Principles for Enhancing Corporate Governance, Switzerland, Basel Committee on Banking Supervision.

Financial Stability Board (2009), ‘Principles for Sound Compensation Practices’, Washington DC.

2. Overview Papers

Marco Becht, Patrick Bolton, and Ailsa Roell, Why bank governance is different, Oxford Review of Economic Policy, Volume 27, Number 3, 2011, pp. 437–463.

Xavier Freixas and Colin Mayer, Banking, finance, and the role of the state, Oxford Review of Economic Policy, Volume 27, Number 3, 2011, pp. 397–410.

Mathias Dewatripont and Xavier Freixas, Bank resolution: a framework for the assessment of regulatory intervention, Oxford Review of Economic Policy, Volume 27, Number 3, 2011, pp. 411–436.

3. Specific papers

Karl V. Lins University of Utah, Paolo Volpin London Business School, Hannes F. Wagner Bocconi University, November 2011, The value of controlling blockholders during the global financial crisis

Adams, R. (2009), ‘Governance and the Financial Crisis’, ECGI—Finance Working Paper, No. 248/ 2009.

Bebchuk, L. A., Cohen, A., and Spamann, H. (2009), ‘The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008’, ECGI—Finance Working Paper No. 287

Beltratti, A., and Stulz, R. M. (2010), ‘The Credit Crisis Around the Globe: Why Did Some Banks Perform Better?’, Charles A. Dice Center Working Paper No. 2010-5; Fisher College of Business Working Paper No. 2010-03-005

Cheng, I., Hong, H. G., and Scheinkman, J. A. (2010), ‘Yesterday’s Heroes: Compensation and Creative Risk-Taking’, ECGI—Finance Working Paper No. 285/2010

Chesney, M., Stromberg, J., and Wagner, A. F. (2010), ‘Risk-taking Incentives, Governance, and Losses in the Financial Crisis’, Swiss Finance Institute Research Paper No. 10-18

Erkens, D., Hung, M., and Matos, P. P. (2012), ‘Corporate Governance in the 2007–2008 Financial Crisis: Evidence from Financial Institutions Worldwide’, Journal of Corporate Finance, Vol. 18, 2012

Fahlenbrach, R., and Stulz, R. M. (2011), ‘Bank CEO Incentives and the Credit Crisis’, Journal of Financial Economics, 99(1), 11–26.

Ferreira, D., Kirchmaier, T., and Metzger, D. (2010), ‘Boards of Banks’, ECGI—Finance Working Paper No. 289/2010

Gropp, R., and Köhler, M. (2010), ‘Bank Owners or Bank Managers: Who is Keen on Risk? Evidence from the Financial Crisis’, ZEW Discussion Paper No. 10-013, Mannheim.

Mehran, H., Morrison, A. D., and Shapiro, J. D. (2011), ‘Corporate Governance and Banks: What Have We Learned from the Financial Crisis?’, FRB of New York Staff Report No. 502

Referatsliste (Download)