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Corporate Governance and Banks: What Have We Learned from the Financial Crisis?Hamid MehranFederal Reserve Bank of New York Alan D. MorrisonUniversity of Oxford - Said Business School; University of Oxford - Merton College Joel D. ShapiroUniversity of Oxford - Said Business School June 1, 2011 FRB of New York Staff Report No. 502 Abstract: 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 working papers seriesDate posted: July 7, 2011Suggested CitationContact Information
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