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Little is known about how socioeconomic characteristics of executive teams affect corporate governance in banking. Exploiting a unique dataset, we show how age, gender, and education composition of executive teams affect risk taking of financial institutions. First, we establish that age, gender, and education jointly affect the variability of bank performance. Second, we use difference-in-difference estimations that focus exclusively on mandatory executive retirements and find that younger executive teams increase risk taking, as do board changes that result in a higher proportion of female executives. In contrast, if board changes increase the representation of executives holding Ph.D. degrees, risk taking declines. -- Banks ; executives ; risk taking ; age ; gender ; education

Haaheim reviews the book 'Women Writers in Traditional China: An Anthology of Poetry and Criticism' edited by Kang-I Sun Chang and Haun Saussy.

Front Cover -- TARP AND OTHER BANK BAILOUTS AND BAIL-INS AROUND THE WORLD -- TARP AND OTHER BANK BAILOUTS AND BAIL-INS AROUND THE WORLD: Connecting Wall Street, Main Street, and the Financial System -- Copyright -- Dedication -- Contents -- Author Biographies -- Foreword -- Preface -- Acknowledgments -- 1 - Introductory materials -- 1 - Introduction to bank bailouts, bail-ins and related topics covered in the book -- 1.1 The focus of the book -- 1.1.1 Descriptions of bailouts -- 1.1.2 Consequences of bailouts -- 1.1.3 Descriptions of bail-ins -- 1.1.4 Descriptions of bank resolution approaches other than bailouts and bail-ins -- 1.1.4.1 Bankruptcy/Failure -- 1.1.4.2 Reorganizing large, complex banking organizations using living wills -- 1.1.4.3 Regulatory forbearance -- 1.2 Other introductory materials -- 1.2.1 Conditions that generally bring about bailouts, bail-ins, and other resolution methods -- 1.2.2 Descriptions of TARP and other bank bailouts, bail-ins, and other resolutions in the US and around the world -- 1.2.3 Theoretical background on bank bailouts, bail-ins, and other resolution approaches -- 1.3 Empirical research on TARP -- 1.3.1 Methodologies used in most of the TARP empirical studies -- 1.3.2 Determinants of applying for and receiving TARP funds and exiting early from the program -- 1.3.3 Effects of TARP on recipient banks' valuations -- 1.3.4 Effects of TARP on market discipline -- 1.3.5 Effects of TARP on bank leverage risk -- 1.3.6 Effects of TARP on bank competition -- 1.3.7 Effects of TARP on bank credit supply -- 1.3.8 Effects of TARP on recipient bank portfolio risk -- 1.3.9 Effects of TARP on recipient banks' credit customers -- 1.3.10 Effects of TARP on the real economy -- 1.3.11 Effects of TARP on systemic risk -- 1.4 Empirical research on bank bailouts other than TARP, bail-ins, and other resolution approaches.

PurposeThe purpose of this paper is to identify which small businesses are most "debt sensitive", or most likely to be affected by banking market conditions.Design/methodology/approachFor the primary debt sensitivity categories, the paper hypothesizes that bank conditions are most likely to have significant effects on firms in size classes and industries that are "on the bubble" for credit availability (probability of credit close to 0.50), rather than those with "relatively easy" or "relatively difficult" access to credit (probability much higher or lower, respectively). The secondary classifications also require that loans fund a substantial proportion of assets for the firms in the category that have loans. These hypotheses are tested using a comprehensive data set of US small businesses by size class and industry matched with variables measuring bank market power, market structure, and efficiency in the firm's local markets.FindingsFindings show that the data are consistent with the hypotheses, with the strongest support for the hypotheses occurring using the secondary classifications. In terms of policy implications, the findings suggest that the credit availability of small, debt‐sensitive firms may be reduced by within‐market mergers that increase concentration in rural markets, but that the more common type of recent consolidation – creating larger banks that operate in more markets – may be associated with an increase in credit availability for these sensitive firms. Such an increase in credit availability would be magnified if consolidation resulted in increased bank operating efficiency.Originality/valueThe paper offers insights into the effect of banks on "debt‐sensitive" small businesses.