The Value of Regulators as Monitors: Evidence from Banking

The Value of Regulators as Monitors: Evidence from Banking

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The Value of Regulators as Monitors: Evidence from Banking

While conventional wisdom suggests that financial supervision is costly for bank shareholders, agency theory suggests that supervisors’ audits can reduce shareholder monitoring costs. I study this trade-off in the context of an unexpected decrease in off-site surveillance intensity by the US Federal Reserve.

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