By Claudio Borio, William C. Hunter, George G. Kaufman, Kostas Tsatsaronis
Top lecturers and policymakers handle the speculation of industry self-discipline and examine proof throughout varied industries and nations.
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Extra info for Market Discipline across Countries and Industries
This effect may have continued even after the passage of FDICIA in 1991, while the credibility of regulators in foreswearing forbearance remained untested. Even if one can argue that regulators will now let individual banks fail, imposing costs on uninsured creditors, one can also argue that diversified holders of uninsured claims might still rely on regulators’ unwillingness to allow a large number of banks to fail.
In deciding to revise the 1988 Accord, the Basel Committee thought carefully about what improvements to banks’ public reporting would mirror the New Accord’s incentive-based approach to foster improvements in risk management. In recent years, the committee has noted some improvements in the quality of bank reporting worldwide. Annual surveys conducted by the committee suggest that the extent of banks’ public disclosures has increased markedly in some areas. Still, important deficiencies remain.
Examiners are in an excellent position to act as delegated monitors. They have unparalleled access to information, and they can 42 Chapter 5 compel remedial action. Only the board of directors is in as strong a position to monitor and discipline management. Early empirical investigations of this hypothesis found little evidence that the supervisors’ theoretical comparative advantage translated into measurable benefits. However, DeYoung, Flannery, Lang, and Sorescu (2001), using an improved research methodology and a unique data set, find strong evidence that exams do reveal information that is not known to the market.