共查询到20条相似文献,搜索用时 15 毫秒
1.
Marcia Millon Cornett Jamie John McNutt Hassan Tehranian 《Journal of Corporate Finance》2009,15(4):412-430
This paper examines whether corporate governance mechanisms affect earnings and earnings management at the largest publicly traded bank holding companies in the United States. We first find that performance, earnings management, and corporate governance are endogenously determined. Thus, OLS estimation can lead to biased coefficients and a simultaneous equations approach is used. We find that CEO pay-for-performance sensitivity (PPS), board independence, and capital are positively related to earnings and that earnings, board independence, and capital are negatively related to earnings management. We also find that PPS is positively related to earnings management. Finally, PPS and board independence are positively related and the relationship is bidirectional. While both PPS and board independence are associated with higher earnings, our results indicate that more independent boards appear to constrain the earnings management that greater PPS compels. 相似文献
2.
As financial markets become more global, the question arises whether any country specific considerations are still relevant for insurance companies’ capital structure. This research examines this question with firm-level data across a broad range of countries including those in developing markets. What we find is that the optimal capital structure of insurance companies is not homogeneous across countries. We find that country-level factors explain a substantial fraction of the cross-sectional variation in insurance companies’ capitalization levels. Our results add to the current policy discussion on global regulatory capital requirements. If insurer capital structure is not homogeneous across countries, a global capital standard – if desired – should take differences in the institutional environments across countries into account to avoid market distortions. 相似文献
3.
公司治理模式与国家文化的关联性研究 总被引:1,自引:0,他引:1
曲扬 《中央财经大学学报》2005,(8):54-57,62
人们已经越来越多地认识到,文化因素是建立或完善公司治理模式中不可或缺考虑因素.文化的因素到底在多大的程度上影响了各国公司治理模式的选择?各国文化模式与公司治理模式之间存在着怎样的关联?本文以霍夫斯特德文化模式模型为出发点,分析了文化因素与公司治理模式选择之间的关系,并试图探讨前者对于后者的影响,从而对我国公司治理模式的选择提供有益的路径. 相似文献
4.
金融危机给全球金融市场造成了极大的冲击.由于我国的金融市场尚未全面开放,我国的证券公司在此次金融危机中所受影响并不严重.但是,全面开放是大势所趋,而日前我国的证券公司还远未做好迎接金融市场全面开放的准备.以此次金融危机为契机,加快完善我国的证券公司治理,无疑是迫切而意义重大的. 相似文献
5.
We use recent data on firm-level corporate governance (CG) rankings across 14 emerging markets and find that there is wide variation in firm-level governance in our sample and that the average firm-level governance is lower in countries with weaker legal systems. We explore the determinants of firm-level governance and find that governance is correlated with the extent of the asymmetric information and contracting imperfections that firms face. We also find that better corporate governance is highly correlated with better operating performance and market valuation. Finally, we provide evidence that firm-level corporate governance provisions matter more in countries with weak legal environments. 相似文献
6.
论影子银行体系国际监管的进展、不足、出路 总被引:13,自引:0,他引:13
本文对比分析美国、欧盟和英国等主要经济体和金融稳定理事会对影子银行体系的监管进展、不足和出路,认为应从信用创造视角透视影子银行体系运行的内在缺陷,欧美和国际监管措施未来应该完善其内在缺陷。最后提出应客观对待中国的影子银行体系发展,不应盲目监管而应鼓励其发展,并监测内在风险机理。 相似文献
7.
In this study, we review the financial research on regulation in the Asia‐Pacific region. We do this by analysing six leading regional accounting and finance journals – Abacus, Accounting & Finance, Australian Accounting Review, Australian Journal of Management, International Review of Finance and the Pacific‐Basin Finance Journal. We identify five main themes of regulation research relating to: (i) banking and financial institutions, (ii) markets and trading, (iii) corporate governance, (iv) disclosure and (v) accounting standard setting. Our paper synthesises the regional literature in these areas and provide some suggestions for future directions. 相似文献
8.
We assess international compliance with the Basel Committee's 2010 guidance on governance of banking organisations. Based on an extensive examination of regulatory documents in selected advanced economies, we find that reform is incomplete in jurisdictions most affected by the financial crisis, and with the largest financial centres. In contrast, other countries less affected by the financial crisis have enacted risk governance reforms as protection against potential future contagion. We provide insights for policy‐makers charged with improving governance at banks, and a richer understanding for international regulators as they revise the guidelines and aim for greater compliance at the national level. 相似文献
9.
尽管中国金融体系没有受到2008年金融海啸的重创,中国的金融市场也没有出现金融危机,但是当前中国金融体系仍然存在许多潜在风险。中国金融体系风险的特征成熟市场不同,主要表现为其不成熟性、不开放性、政府对金融市场主导性。无论是国内的银行体系还是证券市场都是如此。但是,由于国内银行体系在金融体系中的绝对地位,中国金融体系的风险主要表现在银行体系,表现为对国内银行体系过度使用及房地产泡沫吹大。因此,尽快地调整当前过度住房优惠信贷政策,是防止国内房地产泡沫破灭的关键。本文还对国内证券市场的风险及人民币升值的风险作了具体分析。 相似文献
10.
影子银行体系的脆弱性、监管改革及对我国的启示 总被引:2,自引:1,他引:2
影子银行体系的超常规发展和信用扩张,是全球金融危机爆发的重要原因之一。本文对影子银行体系的内涵、运作特点和崩溃原因开展研究,分析危机后西方主要国家的金融监管改革举措,并结合中国影子银行体系的现状,提出有助于我国金融体系发展的启示与建议。 相似文献
11.
This paper explores the problem of the global financial crisis of 2008–9, using a behavioral perspective to examine in some detail the issue of governance failures. These failures are evident in the inadequate oversight/regulation provided by US financial market regulators, as well as the inability of financial market participants to adequately judge and assign risk measures to key financial instruments. In total, five elements of behavioral finance are shown to characterize the crisis. The paper shows how specific adjustments in government policy (dealing with market structural imperfections) and company governance (dealing mainly with risk management) can respond to the key elements of the crisis. It also points out that future financial crises cannot be avoided, so that mitigation is the only remedy to deal with such phenomena. 相似文献
12.
翟智群 《中央财经大学学报》2004,(3):29-32
本文从企业治理结构的基本问题分析入手,探讨了企业融资结构与企业治理模式的关系,进一步分析了企业债券融资对企业治理结构的影响,从而提出发展企业债券融资,完善企业治理结构的思路. 相似文献
13.
This study explores whether the concentration–stability relation is affected by the level of analysis; i.e., bank-level versus country-level stability. The diverging results in the literature suggest that we may indeed expect differences between the two levels. With the z-score as the measure of financial stability, our theoretical analysis confirms that we may find such differences. Yet our empirical analysis for the EU-25 during the 1998–2014 period finds no economically significant effect of concentration on either the bank-level or the country-level z-score. The finding that concentration hardly affects stability at both levels of analysis is an indication of robustness in the empirical concentration–stability relation not previously established in the literature. This finding further suggests that neither supervisory restructuring, nor normal market-driven mergers, are likely to be substantially harmful to financial stability. 相似文献
14.
近年来,国际上针对银行跨境风险兴起了重构跨境监管框架的热潮,成为后危机时代银行监管体系改革的重要组成部分。本文分析了跨境监管的模式与困难,以及近期国际上跨境监管的趋势及局限,在此基础上,探讨实现有效跨境风险监管合作的具体途径,并结合我国实际,提出了若干改进和完善我国跨境银行监管的对策建议。 相似文献
15.
制度安排、金融创新与银行监管有效性 总被引:2,自引:0,他引:2
许立成 《广东金融学院学报》2008,23(1):60-65
金融制度安排、金融创新与银行监管存在着辩证关系。监管体制差异、监管内容的不同以及监管执行力的差别等,都会导致金融创新与金融监管绩效之间的不同组合。在中国经济转轨和市场全面开放的双重背景下,只有完善现有的银行监管制度,才能既保持金融稳定运行,又能推动金融创新健康发展。 相似文献
16.
Cost of capital effects and changes in growth expectations around U.S. cross-listings 总被引:1,自引:0,他引:1
This paper examines whether cross-listing in the U.S. reduces firms’ costs of capital. We estimate cost of capital effects implied by market prices and analyst forecasts, which accounts for changes in growth expectations around cross-listings. Firms with cross-listings on U.S. exchanges experience a decrease in their cost of capital between 70 and 120 basis points. These effects are sustained and exist after the Sarbanes-Oxley Act. We find smaller reductions for cross-listings in the over-the-counter market and for exchange-listings from countries with stronger legal institutions. For exchange-traded cross-listings, the cost of capital reduction accounts for over half of the increase in firm value, whereas for other types of cross-listings the valuation effects are primarily attributable to contemporaneous revisions in growth expectations. 相似文献
17.
《The British Accounting Review》2014,46(2):179-197
This paper investigates the extent to which corporate governance affects the cost of debt and equity capital of German exchange-listed companies. I examine corporate governance along three dimensions: financial information quality, ownership structure and board structure. The results suggest that firms with high levels of financial transparency and bonus compensations face lower cost of equity. In addition, block ownership is negatively related to firms' cost of equity when the blockholders are other firms, managers or founding-family members. Consistent with the conjecture that agency costs increase with firm size, I find significant cost of debt effects only in the largest German companies. Here, the creditors demand lower cost of debt from firms with block ownerships held by corporations or banks. My findings demonstrate that a uniform set of governance attributes is unlikely to satisfy suppliers of debt and equity capital equally. 相似文献
18.
Despite years of study, the impact of firm-level governance on stock returns is not clear, especially in non-U.S. markets. We investigate the returns of governance-based trading strategies in Asia, using bias-free return data and CLSA governance ratings. We argue that poor governance should be associated with higher market risk. We find that a portfolio of poorly governed firms has a higher market beta, higher expected return and higher realized return, compared with a good governance portfolio. In contrast to some earlier studies, we find no abnormal returns after adjusting for risk and country effects. Only investors who can predict in advance which firms will improve their governance can earn abnormal returns. 相似文献
19.
Oheneba Assenso-Okofo Muhammad Jahangir Ali Kamran Ahmed 《The International Journal of Accounting》2011,46(4):459-480
In this paper, we examine the economic, political, and legal systems as well as the institutional factors that influence the accounting and disclosure practices in Ghana. The impact of International Financial Reporting Standards (IFRS) on disclosure is also investigated, as Ghana has recently completed full adoption. We find that the accounting and reporting practices are significantly influenced by legal, political, institutional, and economic factors and that the regulatory environment is neither effective nor efficient due to the weak monitoring and enforcement of compliance. Although there has been some recent progress, the Companies' Code, which is the corporate legal framework of Ghana, must be updated to reflect the dynamic nature of world operations. This study advances the course of standards setters, regulators, accounting practitioners, and policymakers to improve the corporate reporting and accounting practices. Urgent measures need to be undertaken to reform and build the capacities of institutions charged with the responsibility of regulating and monitoring Ghanaian accounting and reporting practices to ensure best practices and build investors' confidence. 相似文献
20.
This paper shows that banks overstate the value of distressed assets and their regulatory capital during the US mortgage crisis. Real estate-related assets are overvalued in banks' balance sheets, especially those of bigger banks, compared to the market value of these assets. Banks with large exposure to mortgage-backed securities also provision less for bad loans. Furthermore, distressed banks use discretion over the classification of mortgage-backed securities to inflate their books. Our results indicate that banks' balance sheets offer a distorted view of the financial health of the banks and provide suggestive evidence of regulatory forbearance and noncompliance with accounting rules. 相似文献