Alvaro G Taboada

Alvaro G Taboada
Mississippi State University | MSU · Department of Finance and Economics

Ph.D.

About

38
Publications
5,119
Reads
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540
Citations
Citations since 2017
25 Research Items
478 Citations
2017201820192020202120222023020406080100120
2017201820192020202120222023020406080100120
2017201820192020202120222023020406080100120
2017201820192020202120222023020406080100120
Additional affiliations
June 1997 - June 2003
Federal Reserve Bank of Atlanta
Position
  • International Bank Examiner
Education
August 2003 - July 2008
The Ohio State University
Field of study
  • Finance
August 1995 - May 1997
University of Notre Dame
Field of study
  • Finance
August 1991 - May 1995
Florida International University
Field of study
  • Finance and International Business

Publications

Publications (38)
Article
We find that heightened cross-border bank flows are associated with lower systemic risk in a target country’s banking system. The reductions in systemic risk are stronger for flows coming from source countries with stronger regulatory oversight than the target country. Such cross-border bank flows linked to regulatory arbitrage are also associated...
Article
Full-text available
We examine how boardroom gender diversity reforms impact the monitoring role of institutional investors. Using reforms from 25 countries that aim to improve gender diversity on boards, we find that the reforms increase the association between institutional ownership and subsequent female directorships for foreign investors, but not for domestic inv...
Article
Using a sample of 469 banks from 39 countries between 2008 and 2017 and a generalized difference-in-differences methodology, we show that board gender quota laws lead to increased female board representation. We find an increase in risk taking and systemic risk and worse long-run operating performance post quota law for banks most impacted by the r...
Article
Some argue too-big-to-fail (TBTF) status increases the value of the largest banks. In contrast, we find that the value of the largest banks is negatively related to asset size in normal times, but much less so during the crisis. Further, shareholders lose when large banks cross a TBTF threshold through acquisitions. The negative relation between ba...
Preprint
Full-text available
We exploit the staggered implementation of laws mandating higher female representation on boards of directors to assess their impact on bank risk taking and performance. Using a sample of 444 banks from 39 countries between 2008 and 2017, we identify several stylized facts. First, we show that quota laws lead to a significant increase in female boa...
Preprint
Full-text available
In this paper, we examine the impact of adopting macroprudential policies on bank risk taking and systemic risk. Using a difference-in-differences (DiD) design and a sample of 3,342 banks from 77 countries over the period 1997-2016, we find that macroprudential policy instruments mitigate bank risk taking and lower systemic risk. The mitigation dep...
Article
Full-text available
We examine the valuation impact of an employee-friendly (EF) culture. Using a sample of 3446 firms from 43 countries for the period 2003 to 2014, we show that firms with a more EF culture are valued higher and perform better (ROA, ROE). Consistent with the good governance view, the impact is stronger for firms in countries with better investor prot...
Article
We examine the impact of corporate board reforms on firm value in 41 countries. Using a difference-in-differences design, we find that board reforms increase firm value. Reforms involving board and audit committee independence, but not reforms involving separation of chairman and chief executive officer positions, drive the valuation increases. In...
Article
We examine the impact of the enactment of the Market Abuse Directive (MAD) and the Prospectus Directive (PD) across 18 EU countries on seasoned equity offerings (SEOs). Using a difference-in-differences methodology, we document a significant reduction in earnings management, improved post-SEO stock return performance, and a decline in the adverse r...
Article
We study how differences in bank regulation influence cross-border bank acquisition flows and share price reactions to cross-border deal announcements. Using a sample of 7,297 domestic and 916 majority cross-border deals announced between 1995 and 2012, we find evidence of a form of “regulatory arbitrage” whereby acquisition flows involve acquirers...
Article
We examine whether and how an exogenous shock to the information environment enhances insiders’ ability to learn from outsiders using the mandatory adoption of IFRS as our information shock. We find an increase in investment-to-price sensitivity post-IFRS that is concentrated in firms that experience significant increases in foreign institutional o...
Article
We examine the effects of mandatory and voluntary adoption of International Financial Reporting Standards (IFRS) on stock price informativeness. Using a sample of 3,994 firms from 30 countries, we document an increase in stock price informativeness for voluntary IFRS adopters, which suggests that the benefits associated with IFRS adoption accrue mo...
Article
We study how differences in bank regulation influence cross-border bank acquisition flows, share price reactions to cross-border deal announcements, and post-acquisition bank performance. Using a sample of 5,125 domestic and 793 majority cross-border deals announced between 1995 and 2008, we find that cross-border bank acquisition flows involve pri...
Article
The government’s presence in the banking sector through its direct ownership of banks and through regulation affects cross-border acquisition flows, share price reactions to cross-border bank merger and acquisition (M&A) deal announcements, and post-acquisition bank performance. Using a sample of 9,122 domestic and 2,486 cross-border deals announce...
Article
Full-text available
Large-scale bank privatizations over the past ten years have resulted in increased foreign and domestic blockholder ownership of banks. This paper explores how these changes in bank ownership structure affect the performance of individual banks and the banking sector. Increases in large domestic blockholder ownership of banks are associated with po...
Article
Full-text available
A new wave of bank privatizations in the past decade has significantly changed the ownership structure of banking systems around the world. This paper explores how these changes affect the efficiency of capital allocation within countries. We show that increases in domestic blockholder ownership of banks adversely affect the allocation of capital t...
Article
A new wave of bank privatizations in the past decade has significantly changed the ownership structure of banking systems around the world. This paper explores how these changes affect the allocation of capital within countries. Increases in domestic blockholder ownership of banks adversely affect the allocation of capital through increased lending...
Article
Full-text available
We study how government's involvement in the banking sector through supervision and regulation influences cross-border acquisition flows, share price reactions to cross-border deal announcements, and post-acquisition bank performance. Using a sample of 9,121 domestic and 2,486 cross-border deals announced between 1995 and 2008, we find that cross-b...

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