Corporate Governance and Banks: What Have We Learned from the Financial Crisis?
Federal Reserve Bank of New York
Alan D. Morrison
University of Oxford - Said Business School; University of Oxford - Merton College
Joel D. Shapiro
University of Oxford - Said Business School
June 1, 2011
FRB of New York Staff Report No. 502
Recent academic work and policy analysis give insight into the governance problems exposed by the financial crisis and suggest possible solutions. We begin this paper by explaining why governance of banks differs from governance of non-financial firms. We then look at four areas of governance: executive compensation, boards, risk management, and market discipline. We discuss promising solutions and areas where further research is needed.
Number of Pages in PDF File: 44
Keywords: governance, banks
JEL Classification: G01, G21, G32, G39
Date posted: July 7, 2011
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