Edited by the late James R. Barth, formerly Lowder Eminent Scholar in Finance, Auburn University and Senior Finance Fellow, Milken Institute, US, Chen Lin, Professor of Finance, School of Economics and Finance, University of Hong Kong and Clas Wihlborg, Fletcher Jones Chair of International Business, Argyros School of Business and Economics, Chapman University, US

• Contents:Foreword 1by Franklin AllenForeword 2by Harald BeninkForeword 3by Gerard Caprio and Ross LevineIntroduction and OverviewJames R. Barth, Chen Lin and Clas WihlborgPART I: OWNERSHIP, EFFICIENCY AND STABILITY1. Bank Governance: Concepts and MeasurementsFrank M. Song and Li Li 2. Bank Ownership and Performance: A Global PerspectiveIftekhar Hasan and Liang Song3. Is There a Conflict between Competition and Financial Stability?Barbara Casu, Claudia Girardone and Philip Molyneux4. What Drives Bank Operating Efficiency? The Role of Bank Competition and Credit Information SharingChen Lin, Yue Ma and Frank M. Song5. Corporate Borrower Nationality and Global Presence: Cross-Country Evidence on the Pricing of Syndicated Bank LoansJoel Houston, Jennifer Itzkowitz and Andy Naranjo6. Lessons Learned from Recent Financial CrisesBenton E. GupPART II: COMPENSATION, PERFORMANCE AND RISK7. Bank Ownership and Risk Taking: Improving Corporate Governance in Banking after the CrisisKenneth R. Spong and Richard J. Sullivan8. Executive Compensation and Risk-taking in European BankingRym Ayadi, Emrah Arbak and Willem Pieter De Groen9. CEO Pay and Risk-taking in Banking: The Roles of Bonus Plans and Deferred Compensation in Curbing Bank Risk-takingJens Hagendorff and Francesco Vallascas10. Bank Failures and CEO CompensationWalter Dolde and John D. Knopf11. Restricting Risk-taking by Financial Intermediaries through Executive CompensationTom BerglundPART III: MARKET DISCIPLINE: PREREQUISITES AND EFFECTIVENESS12. The Lost Cause: The Failure of the Financial Crisis Inquiry CommissionPeter J. Wallison13. Market Discipline for Financial Institutions and Markets for Information Apanard P. Prabha, Clas Wihlborg and Thomas D. Willett14. Moral Hazard, Bank Resolution and the Protection of DepositorsDavid G. Mayes15. The Governance of ‘Too Big to Fail’ BanksAndy Mullineux16. Incentives to Improve the Corporate Governance of Risk in Financial InstitutionsRichard J. HerringPART IV: GOVERNANCE, REGULATION AND SUPERVISION17. The Boundary Problems in Financial RegulationCharles A.E. Goodhart and Rosa M. Lastra18. Financial Architecture, Prudential Regulation and Organizational StructureIngo Walter19. Corporate Governance and Prudential Regulation of Banks: Is There Any Connection?Lawrence J. White20. The Policy Conundrum of Financial Market ComplexityHilton L. Root21. The Future of Financial Regulation: Reflections from an Emerging Market PerspectiveRakesh MohanPART V: GOVERNANCE, STRATEGY AND SOCIAL RESPONSIBILITY 22. Financial Innovations, Marketability and Stability in BankingArnoud W.A. Boot and Matej Marinč 23. Bank Acquisitions and Strategy since the GLB ActJ. Kimball Dietrich 24. Social, Environmental, Ethical and Trust (SEET) Issues in Banking: An OverviewAndreas G.F. Hoepner and John O.S. Wilson25. Corporate Social Responsibility, Financial Performance and Selection Bias: Evidence from Taiwan’s TWSE-listed BanksChung-Hua Shen and Yuan ChangPART VI: GOVERNANCE IN NON-BANK FINANCIAL INSTITUTIONS26. Management Turnover, Regulatory Oversight and Performance: Evidence from Community Banks Ajay A. Palvia27. Redeemability as Governance: A Study of Closed-end and Open-end Funds under Common ManagementPeter MacKay28. The Role of Venture Capitalists in the Acquisition of Private CompaniesPaul A. Gompers and Yuhai Xuan29. Governance and Microfinance InstitutionsRients Galema, Robert Lensink and Roy MerslandPART VII: REGIONAL AND COUNTRY STUDIES30. Bank Governance: The Case of New ZealandDon Brash31. Corporate Governance in European BankingFrancesca Arnaboldi and Barbara Casu32. Debt Forgiveness during Japan’s Lost DecadeSatoshi Koibuchi33. Corporate Governance of Banks in KoreaHeungsik Choe and Byungyoon Lee34. Banking Regulatory Governance in China: A Legal PerspectiveYufeng Gong and Zhongfei Zhou35. Corporate Governance and Bank Performance in ThailandTientip Subhanij and Wanvimol Sawangngoenyuang36. Governance Issues in Indian MicrofinanceShubhashis Gangopadhyay and S.K. ShanthiIndex

Edited by the late James R. Barth, formerly Lowder Eminent Scholar in Finance, Auburn University and Senior Finance Fellow, Milken Institute, US, Chen Lin, Professor of Finance, School of Economics and Finance, University of Hong Kong and Clas Wihlborg, Fletcher Jones Chair of International Business, Argyros School of Business and Economics, Chapman University, US

• Contents:Foreword 1by Franklin AllenForeword 2by Harald BeninkForeword 3by Gerard Caprio and Ross LevineIntroduction and OverviewJames R. Barth, Chen Lin and Clas WihlborgPART I: OWNERSHIP, EFFICIENCY AND STABILITY1. Bank Governance: Concepts and MeasurementsFrank M. Song and Li Li 2. Bank Ownership and Performance: A Global PerspectiveIftekhar Hasan and Liang Song3. Is There a Conflict between Competition and Financial Stability?Barbara Casu, Claudia Girardone and Philip Molyneux4. What Drives Bank Operating Efficiency? The Role of Bank Competition and Credit Information SharingChen Lin, Yue Ma and Frank M. Song5. Corporate Borrower Nationality and Global Presence: Cross-Country Evidence on the Pricing of Syndicated Bank LoansJoel Houston, Jennifer Itzkowitz and Andy Naranjo6. Lessons Learned from Recent Financial CrisesBenton E. GupPART II: COMPENSATION, PERFORMANCE AND RISK7. Bank Ownership and Risk Taking: Improving Corporate Governance in Banking after the CrisisKenneth R. Spong and Richard J. Sullivan8. Executive Compensation and Risk-taking in European BankingRym Ayadi, Emrah Arbak and Willem Pieter De Groen9. CEO Pay and Risk-taking in Banking: The Roles of Bonus Plans and Deferred Compensation in Curbing Bank Risk-takingJens Hagendorff and Francesco Vallascas10. Bank Failures and CEO CompensationWalter Dolde and John D. Knopf11. Restricting Risk-taking by Financial Intermediaries through Executive CompensationTom BerglundPART III: MARKET DISCIPLINE: PREREQUISITES AND EFFECTIVENESS12. The Lost Cause: The Failure of the Financial Crisis Inquiry CommissionPeter J. Wallison13. Market Discipline for Financial Institutions and Markets for Information Apanard P. Prabha, Clas Wihlborg and Thomas D. Willett14. Moral Hazard, Bank Resolution and the Protection of DepositorsDavid G. Mayes15. The Governance of ‘Too Big to Fail’ BanksAndy Mullineux16. Incentives to Improve the Corporate Governance of Risk in Financial InstitutionsRichard J. HerringPART IV: GOVERNANCE, REGULATION AND SUPERVISION17. The Boundary Problems in Financial RegulationCharles A.E. Goodhart and Rosa M. Lastra18. Financial Architecture, Prudential Regulation and Organizational StructureIngo Walter19. Corporate Governance and Prudential Regulation of Banks: Is There Any Connection?Lawrence J. White20. The Policy Conundrum of Financial Market ComplexityHilton L. Root21. The Future of Financial Regulation: Reflections from an Emerging Market PerspectiveRakesh MohanPART V: GOVERNANCE, STRATEGY AND SOCIAL RESPONSIBILITY 22. Financial Innovations, Marketability and Stability in BankingArnoud W.A. Boot and Matej Marinč 23. Bank Acquisitions and Strategy since the GLB ActJ. Kimball Dietrich 24. Social, Environmental, Ethical and Trust (SEET) Issues in Banking: An OverviewAndreas G.F. Hoepner and John O.S. Wilson25. Corporate Social Responsibility, Financial Performance and Selection Bias: Evidence from Taiwan’s TWSE-listed BanksChung-Hua Shen and Yuan ChangPART VI: GOVERNANCE IN NON-BANK FINANCIAL INSTITUTIONS26. Management Turnover, Regulatory Oversight and Performance: Evidence from Community Banks Ajay A. Palvia27. Redeemability as Governance: A Study of Closed-end and Open-end Funds under Common ManagementPeter MacKay28. The Role of Venture Capitalists in the Acquisition of Private CompaniesPaul A. Gompers and Yuhai Xuan29. Governance and Microfinance InstitutionsRients Galema, Robert Lensink and Roy MerslandPART VII: REGIONAL AND COUNTRY STUDIES30. Bank Governance: The Case of New ZealandDon Brash31. Corporate Governance in European BankingFrancesca Arnaboldi and Barbara Casu32. Debt Forgiveness during Japan’s Lost DecadeSatoshi Koibuchi33. Corporate Governance of Banks in KoreaHeungsik Choe and Byungyoon Lee34. Banking Regulatory Governance in China: A Legal PerspectiveYufeng Gong and Zhongfei Zhou35. Corporate Governance and Bank Performance in ThailandTientip Subhanij and Wanvimol Sawangngoenyuang36. Governance Issues in Indian MicrofinanceShubhashis Gangopadhyay and S.K. ShanthiIndex

Edited by the late James R. Barth, formerly Lowder Eminent Scholar in Finance, Auburn University and Senior Finance Fellow, Milken Institute, US, Chen Lin, Professor of Finance, School of Economics and Finance, University of Hong Kong and Clas Wihlborg, Fletcher Jones Chair of International Business, Argyros School of Business and Economics, Chapman University, US

• Contents:Foreword 1by Franklin AllenForeword 2by Harald BeninkForeword 3by Gerard Caprio and Ross LevineIntroduction and OverviewJames R. Barth, Chen Lin and Clas WihlborgPART I: OWNERSHIP, EFFICIENCY AND STABILITY1. Bank Governance: Concepts and MeasurementsFrank M. Song and Li Li 2. Bank Ownership and Performance: A Global PerspectiveIftekhar Hasan and Liang Song3. Is There a Conflict between Competition and Financial Stability?Barbara Casu, Claudia Girardone and Philip Molyneux4. What Drives Bank Operating Efficiency? The Role of Bank Competition and Credit Information SharingChen Lin, Yue Ma and Frank M. Song5. Corporate Borrower Nationality and Global Presence: Cross-Country Evidence on the Pricing of Syndicated Bank LoansJoel Houston, Jennifer Itzkowitz and Andy Naranjo6. Lessons Learned from Recent Financial CrisesBenton E. GupPART II: COMPENSATION, PERFORMANCE AND RISK7. Bank Ownership and Risk Taking: Improving Corporate Governance in Banking after the CrisisKenneth R. Spong and Richard J. Sullivan8. Executive Compensation and Risk-taking in European BankingRym Ayadi, Emrah Arbak and Willem Pieter De Groen9. CEO Pay and Risk-taking in Banking: The Roles of Bonus Plans and Deferred Compensation in Curbing Bank Risk-takingJens Hagendorff and Francesco Vallascas10. Bank Failures and CEO CompensationWalter Dolde and John D. Knopf11. Restricting Risk-taking by Financial Intermediaries through Executive CompensationTom BerglundPART III: MARKET DISCIPLINE: PREREQUISITES AND EFFECTIVENESS12. The Lost Cause: The Failure of the Financial Crisis Inquiry CommissionPeter J. Wallison13. Market Discipline for Financial Institutions and Markets for Information Apanard P. Prabha, Clas Wihlborg and Thomas D. Willett14. Moral Hazard, Bank Resolution and the Protection of DepositorsDavid G. Mayes15. The Governance of ‘Too Big to Fail’ BanksAndy Mullineux16. Incentives to Improve the Corporate Governance of Risk in Financial InstitutionsRichard J. HerringPART IV: GOVERNANCE, REGULATION AND SUPERVISION17. The Boundary Problems in Financial RegulationCharles A.E. Goodhart and Rosa M. Lastra18. Financial Architecture, Prudential Regulation and Organizational StructureIngo Walter19. Corporate Governance and Prudential Regulation of Banks: Is There Any Connection?Lawrence J. White20. The Policy Conundrum of Financial Market ComplexityHilton L. Root21. The Future of Financial Regulation: Reflections from an Emerging Market PerspectiveRakesh MohanPART V: GOVERNANCE, STRATEGY AND SOCIAL RESPONSIBILITY 22. Financial Innovations, Marketability and Stability in BankingArnoud W.A. Boot and Matej Marinč 23. Bank Acquisitions and Strategy since the GLB ActJ. Kimball Dietrich 24. Social, Environmental, Ethical and Trust (SEET) Issues in Banking: An OverviewAndreas G.F. Hoepner and John O.S. Wilson25. Corporate Social Responsibility, Financial Performance and Selection Bias: Evidence from Taiwan’s TWSE-listed BanksChung-Hua Shen and Yuan ChangPART VI: GOVERNANCE IN NON-BANK FINANCIAL INSTITUTIONS26. Management Turnover, Regulatory Oversight and Performance: Evidence from Community Banks Ajay A. Palvia27. Redeemability as Governance: A Study of Closed-end and Open-end Funds under Common ManagementPeter MacKay28. The Role of Venture Capitalists in the Acquisition of Private CompaniesPaul A. Gompers and Yuhai Xuan29. Governance and Microfinance InstitutionsRients Galema, Robert Lensink and Roy MerslandPART VII: REGIONAL AND COUNTRY STUDIES30. Bank Governance: The Case of New ZealandDon Brash31. Corporate Governance in European BankingFrancesca Arnaboldi and Barbara Casu32. Debt Forgiveness during Japan’s Lost DecadeSatoshi Koibuchi33. Corporate Governance of Banks in KoreaHeungsik Choe and Byungyoon Lee34. Banking Regulatory Governance in China: A Legal PerspectiveYufeng Gong and Zhongfei Zhou35. Corporate Governance and Bank Performance in ThailandTientip Subhanij and Wanvimol Sawangngoenyuang36. Governance Issues in Indian MicrofinanceShubhashis Gangopadhyay and S.K. ShanthiIndex