Labor unions and bank risk culture: evidence from the financial crisis

Abowd, 1989, The effect of wage bargains on the stock market value of the firms, Am. Econ. Rev., 79, 774 Adams, 2003, Is corporate governance different for bank holding companies?, Econ. Policy Rev., 9, 123 Addison, 1989, Union effects on productivity, profits, and growth: has the long run arrived?, J. Labor Econ., 7, 72, 10.1086/298199 Aebi, 2012, Risk management, corporate governance, and bank performance in the financial crisis, J. Bank. Financ., 36, 3213, 10.1016/j.jbankfin.2011.10.020 Agrawal, 2013, Labor unemployment risk and corporate financing decisions, J. Financ. Econ., 108, 449, 10.1016/j.jfineco.2012.11.006 Barth, 2008, Bank regulations are changing: For better or worse?, Comp. Econ. Stud., 50, 537, 10.1057/ces.2008.33 Becker, 1986, The impact of strikes on shareholder equity, ILR Rev., 39, 425, 10.1177/001979398603900309 Beltratti, 2012, The credit crisis around the globe: why did some banks perform better?, J. Financ. Econ., 105, 1, 10.1016/j.jfineco.2011.12.005 Berger, 2013, How does capital affect bank performance during financial crises?, J. Financ. Econ., 109, 146, 10.1016/j.jfineco.2013.02.008 Berger, 2016, The roles of corporate governance in bank failures during the recent financial crisis, J. Money Credit Bank., 48, 729, 10.1111/jmcb.12316 Beutel, 2019, Does machine learning help us predict banking crises?, J. Financ. Stab., 45, 10.1016/j.jfs.2019.100693 Bhagat, 2015, Size, leverage, and risk-taking of financial institutions, J. Bank. Financ., 59, 520, 10.1016/j.jbankfin.2015.06.018 Botero, 2004, The regulation of labor, Q. J. Econ., 119, 1339, 10.1162/0033553042476215 Brewer, 1996, Alligators in the swamp: the impact of derivatives on the financial performance of depository institutions, J. Money Credit Bank., 28, 482, 10.2307/2077894 Bronars, 1994, Unionization and profitability: evidence of spillover effects, J. Polit. Econ., 102, 1281, 10.1086/261971 Brown, 1978, Trade unions in the production process, J. Polit. Econ., 86, 355, 10.1086/260677 Bushman, 2018, Bank CEO materialism: risk controls, culture and tail risk, J. Account. Econ., 65, 191, 10.1016/j.jacceco.2017.11.014 Chau, 2020, Wisdom of crowds before 2008 global financial crisis, J. Financ. Stab., 46 Chen, 2011, Labor unions, operating flexibility, and the cost of equity, J. Financ. Quant. Anal., 46, 25, 10.1017/S0022109010000645 Clark, 1984, Unionization and firm performance: the impact on profits, growth, and productivity, Am. Econ. Rev., 74, 893 Connolly, 1986, Union rent seeking, intangible capital, and market value of the firm, Rev. Econ. Stat., 68, 567, 10.2307/1924515 Dawkins, 2017, A Normative argument for independent voice and labor unions, J. Bus. Ethics Demirgüç-Kunt, 2002, Does deposit insurance increase banking system stability? An empirical investigation, J. Monet. Econ., 49, 1373, 10.1016/S0304-3932(02)00171-X Demirgüç-Kunt, 2005 Diamond, 1984, Financial intermediation and delegated monitoring, Rev. Econ. Stud., 51, 393, 10.2307/2297430 Djankov, 2007, Private credit in 129 countries, J. Financ. Econ., 84, 299, 10.1016/j.jfineco.2006.03.004 Djankov, 2008, The law and economics of self-dealing, J. Financ. Econ., 88, 430, 10.1016/j.jfineco.2007.02.007 Ellul, 2013, Stronger risk controls, lower risk: evidence from US bank holding companies, J. Finance, 68, 1757, 10.1111/jofi.12057 Erel, 2014, Why did holdings of highly rated securitization tranches differ so much across banks?, Rev. Financ. Stud., 27, 404, 10.1093/rfs/hht077 Erkens, 2012, Corporate governance in the 2007–2008 financial crisis: evidence from financial institutions worldwide, J. Corp. Financ., 18, 389, 10.1016/j.jcorpfin.2012.01.005 Fahlenbrach, 2011, Bank CEO incentives and the credit crisis, J. Financ. Econ., 99, 11, 10.1016/j.jfineco.2010.08.010 Fahlenbrach, 2012, This time is the same: using bank performance in 1998 to explain bank performance during the recent financial crisis, J. Finance, 67, 2139, 10.1111/j.1540-6261.2012.01783.x Faleye, 2006, When labor has a voice in corporate governance, J. Financ. Quant. Anal., 41, 489, 10.1017/S0022109000002519 Francis, 2012, Do corporate boards matter during the current financial crisis?, Rev. Financ. Econ., 21, 39, 10.1016/j.rfe.2012.03.001 Freeman, 1984, What do unions do?, Ind. Labor Relat. Rev., 38, 244 Heckman, 1978, Dummy endogenous variables in a simultaneous equations system, Econometrica, 46, 931, 10.2307/1909757 Heckman, 1979, Sample selection bias as a specification error, Econometrica, 47, 153, 10.2307/1912352 Ho, 2016, CEO overconfidence and financial crisis: evidence from bank lending and leverage, J. Financ. Econ., 120, 194, 10.1016/j.jfineco.2015.04.007 Ivashina, 2010, Bank lending during the financial crisis of 2008, J. Financ. Econ., 97, 319, 10.1016/j.jfineco.2009.12.001 John, 2008, Corporate governance and risk-taking, J. Finance, 63, 1679, 10.1111/j.1540-6261.2008.01372.x Kaufmann, 2009 Keeley, 1990, Deposit insurance, risk, and market power in banking, Am. Econ. Rev., 80, 1183 La Porta, 1998, Law and finance, J. Polit. Econ., 106, 1113, 10.1086/250042 Laeven, 2007, Is there a diversification discount in financial conglomerates?, J. Financ. Econ., 85, 331, 10.1016/j.jfineco.2005.06.001 Lee, 2012, Long-run impacts of unions on firms: new evidence from financial markets, 1961-1999, Q. J. Econ., 127, 333, 10.1093/qje/qjr058 Lin, 2020, Do short sellers exploit the risky business models of banks? Evidence from two banking crises, J. Financ. Stab., 48 Merton, 1977, An analytical derivation of the cost of deposit insuronce and loan guarantees: an application of modern option pricing theory, J. Bank. Financ., 1, 3, 10.1016/0378-4266(77)90015-2 Minton, 2014, Financial expertise of the board, risk taking, and performance: Evidence from bank holding companies, J. Financ. Quant. Anal., 49, 1, 10.1017/S0022109014000283 Palvia, 2015, Are female CEOs and chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis, J. Bus. Ethics, 131, 577, 10.1007/s10551-014-2288-3 Peni, 2012, Did good corporate governance improve bank performance during the financial crisis?, J. Financ. Serv. Res., 41, 19, 10.1007/s10693-011-0108-9 Petersen, 2009, Estimating standard errors in finance panel data sets: comparing approaches, Rev. Financ. Stud., 22, 435, 10.1093/rfs/hhn053 Ruback, 1984, Unionization and profitability: evidence from the capital market, J. Polit. Econ., 92, 1134, 10.1086/261278 Schmid, 2009, Do financial conglomerates create or destroy economic value?, J. Financ. Intermediation, 18, 193, 10.1016/j.jfi.2008.07.002 Tiróle, 1996, A theory of collective reputations (with applications to the persistence ruption and to firm quality), Rev. Econ. Stud., 63, 1, 10.2307/2298112 Tölö, 2020, Predicting systemic financial crises with recurrent neural networks, J. Financ. Stab., 49, 10.1016/j.jfs.2020.100746 Vedder, 2002, The economic effects of labor unions revisited, J. Labor Res., 23, 105, 10.1007/s12122-002-1021-7 Verwijmeren, 2010, Employee well-being, firm leverage, and bankruptcy risk, J. Bank. Financ., 34, 956, 10.1016/j.jbankfin.2009.10.006 White, 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica, 48, 817, 10.2307/1912934 Zardkoohi, 2018, Managerial risk-taking behavior: a too-big-to-fail story, J. Bus. Ethics, 149, 221, 10.1007/s10551-016-3133-7