Corporate governance in financial institutions by four papers by Spyros G. Stavrinakis; Christian Harm; David

By four papers by Spyros G. Stavrinakis; Christian Harm; David T. Llewellyn; Bridget Gandy. Introduction by Morten Balling ....

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And John L. Teall (1996): “Risk-taking behavior in the US thrift industry: Ownership structure and regulatory changes”, Journal of Banking and Finance Vol. 20, No. 8, pp. 1329–50. A. (1997): “Corporate governance of banks: Germany”, Banca Nazionale del Lavoro Quarterly Review Special Issue, March, 67–82. Kreps, David M. and Robert Wilson (1982): “Reputation and Imperfect Information” Journal of Economic Theory, Vol. 27, pp. 253–79. LaPorta, Rafael, Florencio Lopez de Silanes, Andrei Shleifer and Robert Vishny (2000): “Investor protection and corporate governance”, Journal of Financial Economics, Vol.

36 Note that this line of arguments steps out of the realm of economic analysis, as ‘culture’ and ‘values’ are strictly exogenous to the economist. 3_2007 final 8/11/07 10:20 Stránka 44 44 4. Conclusions This essay has briefly discussed salient issues of corporate governance in general, and the governance of the banking firm in general. First of all, we showed that the peculiarities of the management function of providing strategic guidance imply paradoxes that cloud the governance function in ambiguities.

This brief run-down of important stakeholders has left the depositors and the public at large as potential candidates for an allocation of property rights over and above shareholders. Obviously, if the depositors cede their governance 19 It could also be individually rational for bank shareholders to liquidate their bank, but this could then impose grave externalities on all other members of society. 20 Note, however, that the value added of banking services above cost must be very large indeed, else one could make this type of argument for regulation for many industries where competition erodes surplus.

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