16.07.2013, Tobias Adrian, Federal Reserve Bank of New York

Am Dienstag, den 16.07.2013, referierte Tobias Adrian, Federal Reserve Bank of New York, Vice President and Head of the Capital Markets Function, im Rahmen eines IMFS Working Lunches über "Financial Stability Monitoring: A Framework to Monitor Systemic Risk".

18.06.2013, David Kershaw und Tom Kirchmaier, London School of Economics

Am Dienstag, den 18.06.2013, stellten Professor David Kershaw, London School of Economics, Department of Law, und Dr. Thomas Kirchmaier, Manchester Business School und London School of Economics, Financial Markets Group, im Rahmen der IMFS Working Lunches ihre Erkenntnisse zu "Shareholder Empowerment and Bank Bailouts" vor.

(Ferreira, Daniel, Kershaw, David, Kirchmaier, Tom and Schuster, Edmund-Philipp, Shareholder Empowerment and Bank Bailouts (November 2, 2012). ECGI - Finance Working Paper No. 345/2013.)

We propose a management insulation index based on banks' charter and by-law provisions and on the provisions of the applicable state corporate law that make it difficult for shareholders to oust a bank’s management. We show that banks in which managers were more insulated from shareholders in 2003 were roughly 18 to 26 percentage points less likely to be bailed out in 2008/09. We also find that banks in which the management insulation index was reduced between 2003 and 2006 were more likely to be bailed out. We discuss alternative interpretations of the evidence. The evidence is mostly consistent with the hypothesis that banks in which shareholders were more empowered performed poorly during the crisis.

The presentation can be downloaded here.

18.03.2013, Charles M. Kahn, University of Illinois

Am Montag, den 18. März 2013, hielt Charles M. Kahn, Bailey Memorial Chair Professor, Department of Finance, University of Illinois im Rahmen der IMFS Working Lunches einen Vortrag halten zum Thema "Liqudity - a view of how our Theories are Changing".