The Financial Institution as a Different Corporate Animal: Agency Problems and Corporate Governance in the Securities Industry
Project Leader: Emre Erkut
This project will use economic models to demonstrate the governance implications of the co-existence of two principal-agent problems in securities firms: one between shareholders and management, and another between clients and management. Informed by theoretical results, the research will empirically analyze actual governance practices, to check for (1) any empirical differences between the governance of financial and non-financial firms, and (2) any gap between the implications of the co-existence of agency relationships and corporate-governance responses in the financial firm.
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