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How do prudential regulators discuss and mitigate short-termism?

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thesis
posted on 28.03.2022, 12:04 by Graham John Marshall
The Global Financial Crisis (GFC) of 2007-09 has been correlated with excessive risk-taking and disaster myopia in financial firms. Responses to those forms of short-termism include remuneration principles, attention to culture in firms, and upgraded corporate governance requirements. This thesis provides a cohesive analysis of regulatory responses to short-termism focused on the voice of prudential regulators. The method is structured, focused comparison of prudential regulators public messaging across four jurisdictions - Australia, Canada, Ireland and the United Kingdom - from 2008 to 2018. The thesis confirms and expands elements from Dallas's (2012) framework of information problems, structural problems and individual incentives as causes of short-termism. The thesis finds regulators discussing the components as forming a cohesive whole rather than as discrete elements, consistent with prior research that characterises financial markets as a complex adaptive system. Regulators usually justify the components by referring to international peers, and this thesis recommends they could broaden their sources of knowledge to consider lessons from other complex adaptive systems.

History

Table of Contents

Chapter 1: Introduction -- Chapter 2: Background -- Chapter 3: Literature Review -- Chapter 4: Research Design -- Chapter 5: Findings -- Chapter 6: Analysis -- Chapter 7: Conclusions

Notes

Theoretical thesis. Bibliography: pages 80-85

Awarding Institution

Macquarie University

Degree Type

Thesis MRes

Degree

MRes, Macquarie University, Macquarie Business School, Department of Accounting and Corporate Governance

Department, Centre or School

Department of Accounting and Corporate Governance

Year of Award

2019

Principal Supervisor

James Hazelton

Additional Supervisor 1

Dale Tweedie

Rights

Copyright Graham John Marshall 2019

Language

English

Extent

1 online resource (x, 85 pages) : illustrations

Former Identifiers

mq:72221 http://hdl.handle.net/1959.14/1282613