Competition and Agency Problems Within Banks: Evidence from Insider Lending
Published Online:27 May 2021https://doi.org/10.1287/mnsc.2021.4043
References
- (2007) Who competes with whom? The case of depository institutions. J. Indust. Econom. 55(1):141–167.Crossref, Google Scholar
- (2006) Bank concentration, competition, and crises: First results. J. Banking Finance 30(5):1581–1603.Crossref, Google Scholar
- (1995) The profit-structure relationship in banking—Tests of market-power and efficient-structure hypotheses. J. Money Credit Banking 27(2):404–431.Crossref, Google Scholar
- (1998) The efficiency cost of market power in the banking industry: A test of the “quiet life” and related hypotheses. Rev. Econom. Statist. 80(3):454–465.Crossref, Google Scholar
- (2003) Explaining the dramatic changes in performance of US banks: Technological change, deregulation, and dynamic changes in competition. J. Financial Intermediation 12(1):57–95.Crossref, Google Scholar
- (1997) The efficiency of bank branches. J. Monetary Econom. 40(1):141–162.Crossref, Google Scholar
- (2017b) Commercial lending concentration and bank expertise: Evidence from borrower financial statements. J. Accounting Econom. 64(2–3):253–277.Crossref, Google Scholar
- (2017a) Internationalization and bank risk. Management Sci. 63(7):2283–2301.Link, Google Scholar
- (2003) Enjoying the quiet life? Corporate governance and managerial preferences. J. Political Econom. 111(5):1043–1075.Crossref, Google Scholar
- (2005) The theory of bank risk taking and competition revisited. J. Finance 60(3):1329–1343.Crossref, Google Scholar
- (2019) Bank-branch supply, financial inclusion, and wealth accumulation. Rev. Financial Stud. 32(12):4767–4809.Crossref, Google Scholar
- (2017) Product market competition and internal governance: Evidence from the Sarbanes–Oxley Act. Management Sci. 63(5):1405–1424.Link, Google Scholar
- (2018) Banking deregulation and credit supply: Distinguishing the balance sheet and the competition channels. J. Financial Intermediation 35:102–119.Crossref, Google Scholar
- (2015) Does banking competition affect innovation? J. Financial Econom. 115(1):189–209.Crossref, Google Scholar
- (2009) Executive compensation and competition in the banking and financial sectors. J. Banking Finance 33(3):495–504.Crossref, Google Scholar
- (2004) Regulations, market structure, institutions, and the cost of financial intermediation. J. Money Credit Banking 36(3):593–622.Crossref, Google Scholar
- (1996) Banks with something to lose: The disciplinary role of franchise value. Econom. Policy Rev. 2(2):1–14.Google Scholar
- (2006) Nationwide branching and its impact on market structure, quality, and bank performance. J. Bus. 79(2):567–592.Crossref, Google Scholar
- (2017) Executive compensation: A survey of theory and evidence. Hermalin B, Weisbach M, eds. The Handbook of the Economics of Corporate Governance (Elsevier Science, North Holland, Amsterdam, The Netherlands), 383–539.Google Scholar
- (2015) Credit supply and the price of housing. Amer. Econom. Rev. 105(3):958–992.Crossref, Google Scholar
- General Accounting Office (1994) Bank Insider Activities: Insider Problems and Violations Indicate Broader Management Deficiencies. Report, General Accounting Office, Washington, DC.Google Scholar
- (2017) US Savings Banks’ Demutualization and Depositor Welfare. Working paper, Banque de France, Paris.Google Scholar
- (2010) Does corporate governance matter in competitive industries? J. Financial Econ. 95(3):312–331.Crossref, Google Scholar
- (2011) Corporate governance, product market competition, and equity prices. J. Finance 66(2):563–600.Crossref, Google Scholar
- (2018) Competition and bank stability. J. Financial Intermediation 35:57–69.Crossref, Google Scholar
- (2013) Identifying the valuation effects and agency costs of corporate diversification: Evidence from the geographic diversification of US banks. Rev. Financial Stud. 26(7):1787–1823.Crossref, Google Scholar
- (2014) Competition, managerial slack, and corporate governance. Rev. Corporate Finance Stud. 4(1):43–68.Crossref, Google Scholar
- (2004) CEO compensation and incentives: Evidence from M&A bonuses. J. Financial Econom. 73(1):119–143.Crossref, Google Scholar
- (1983) The market mechanism as an incentive scheme. Bell J. Econom. 14(2):366–382.Crossref, Google Scholar
- (1996) The finance-growth nexus: Evidence from bank branch deregulation. Quart. J. Econom. 111(3):639–670.Crossref, Google Scholar
- (1986) Agency costs of free cash flow, corporate finance, and takeovers. Amer. Econom. Rev. 76(2):323–329.Google Scholar
- (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure. J. Financial Econom. 3(4):305–360.Crossref, Google Scholar
- (2013) How does competition affect bank risk-taking? J. Financial Stability 9(2):185–195.Crossref, Google Scholar
- (2008) Assessing a decade of interstate bank branching. Washington Lee Law Rev. 65(1):73–127.Google Scholar
- (1996) De jure interstate banking: Why only now? J. Money Credit Banking 28(2):141–161.Crossref, Google Scholar
- (2012) Enjoying the quiet life under deregulation? Evidence from adjusted Lerner indices for US banks. Rev. Econom. Statist. 94(2):462–480.Crossref, Google Scholar
- (1999) What drives deregulation? Economics and politics of the relaxation of bank branching restrictions. Quart. J. Econom. 114(4):1437–1467.Crossref, Google Scholar
- (2014) Regulation and deregulation of the US banking industry: causes, consequences, and implications for the future. Rose N, ed. Economic Regulation and Its Reform: What Have We Learned? (University of Chicago Press, Chicago, IL), 485–543.Google Scholar
- (2001) Insider lending and bank ownership: The case of Russia. J. Comparative Econom. 29(2):207–229.Crossref, Google Scholar
- (1996) The effect of prison population size on crime rates: Evidence from prison overcrowding litigation. Quart. J. Econom. 111(2):319–351.Crossref, Google Scholar
- (2007) Corporate governance and acquirer returns. J. Finance 62(4):1851–1889.Crossref, Google Scholar
- (2003) Related lending. Quart. J. Econom. 118(1):231–268.Crossref, Google Scholar
- (2006) Are perks purely managerial excess? J. Financial Econom. 79(1):1–33.Crossref, Google Scholar
- (2010) Does credit competition affect small-firm finance? J. Finance 65(3):861–889.Crossref, Google Scholar
- (2003) Is three a crowd? Competition among regulators in banking. J. Money Credit Banking 35(6):967–998.Crossref, Google Scholar
- (1988) Product-market competition and managerial slack. RAND J. Econom. 19(1):147–155.Crossref, Google Scholar
- (1997) Managerial incentives and product market competition. Rev. Econom. Stud. 64(2):191–213.Crossref, Google Scholar
- (1990) Asymmetric information, bank lending, and implicit contracts: A stylized model of customer relationships. J. Finance 45(4):1069–1087.Google Scholar
- (2018) Pay me now (and later): Pension benefit manipulation before plan freezes and executive retirement. J. Financial Econom. 127(1):152–173.Crossref, Google Scholar
- (2003) Competitive dynamics of deregulation: Evidence from US banking. J. Money Credit Banking 35(5):801–828.Crossref, Google Scholar
- (1987) Corporate governance and market structure. Economic Policy in Theory and Practice. Razin A, Sadka E, eds. Economic Policy in Theory and Practice (Palgrave Macmillan, London), 481–503.Crossref, Google Scholar
- (2006) Flights of fancy: Corporate jets, CEO perquisites, and inferior shareholder returns. J. Financial Econom. 80(1):211–242.Crossref, Google Scholar
- (2015) What drives managerial perks? An empirical test of competing theoretical perspectives. J. Bus. Ethics 132(2):259–275.Crossref, Google Scholar

