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Mandatory Subordinated Debt and the Corporate Governance of Banks

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Listed author(s):
  • Paul Hamalainen

    (The Business School, Loughborough University, Loughborough, UK)

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    Abstract

    Given current debates on the future direction of bank regulatory design, the objective of this paper is to raise awareness of a new and potentially significant tool in the corporate governance of banks. Public policy proposals to improve the nature of bank regulation through private-sector solutions and, in particular, mandatory subordinated debt market discipline provide such an opportunity. This paper argues that apart from creating an additional class of bank stakeholder whose interests align with the risk-reduction objectives of the regulatory authorities, a suitable mandatory subordinated debt policy (MSDP) could also provide a new and meaningful "voice" in the corporate governance of banks. Copyright Blackwell Publishing Ltd. 2004.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-8683.2004.00346.x
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    Article provided by Wiley Blackwell in its journal Corporate Governance.

    Volume (Year): 12 (2004)
    Issue (Month): 1 (01)
    Pages: 93-106

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    Handle: RePEc:bla:corgov:v:12:y:2004:i:1:p:93-106
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    Cited by:

    1. Agoraki, Maria-Eleni K. & Delis, Manthos D. & Pasiouras, Fotios, 2011. "Regulations, competition and bank risk-taking in transition countries," Journal of Financial Stability, Elsevier, vol. 7(1), pages 38-48, January.
    2. Ioannidis, Christos & Pasiouras, Fotios & Zopounidis, Constantin, 2010. "Assessing bank soundness with classification techniques," Omega, Elsevier, vol. 38(5), pages 345-357, October.
    3. Dalla Pellegrina, Lucia & Saraceno, Margherita, 2011. "Securities class actions in the US banking sector: Between investor protection and bank stability," Journal of Financial Stability, Elsevier, vol. 7(4), pages 215-227, December.
    4. Menz, Klaus-Michael, 2010. "Market discipline and the evaluation of Euro financial bonds--An empirical analysis," Research in International Business and Finance, Elsevier, vol. 24(3), pages 315-328, September.
    5. Polo, Andrea, 2007. "Corporate governance of banks: the current state of the debate," MPRA Paper 2325, University Library of Munich, Germany.
    6. Fotios Pasiouras & Chrysovalantis Gaganis & Constantin Zopounidis, 2008. "Regulations, Supervision Approaches and Acquisition Likelihood in the Asian Banking Industry," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 15(2), pages 135-154, June.
    7. repec:dau:papers:123456789/4060 is not listed on IDEAS
    8. Distinguin, Isabelle & Kouassi, Tchudjane & Tarazi, Amine, 2013. "Interbank deposits and market discipline: Evidence from Central and Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 544-560.
    9. Hess, Kurt & Feng, Gary, 2007. "Is there market discipline for New Zealand non-bank financial institutions?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 17(4), pages 326-340, October.

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