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Governance and bank valuation
Authors:Gerard Caprio   Luc Laeven  Ross Levine  
Affiliation:aWilliams College, Economics Department, Williamstown, MA, USA;bInternational Monetary Fund, Washington, DC, USA;cCEPR, UK;dBrown University, Providence, RI, USA;eNBER, USA
Abstract:
This paper assesses the impact of the ownership structure of banks and shareholder protection laws on bank valuations while controlling for differences in bank regulations. Except in a few countries with very strong shareholder protection laws, banks are not widely held. Rather, families or the State control banks. Furthermore, (i) larger cash-flow rights by the controlling owner boost valuations, (ii) stronger shareholder protection laws increase valuations, and (iii) greater cash-flow rights mitigate the adverse effects of weak shareholder protection laws on valuations. These results suggest that ownership structure is an important mechanism for governing banks.
Keywords:Corporate governance   Securities law   Regulation   Banking   Financial institutions   International finance   Market structure
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