![]() ![]() However, as companies increasingly by-pass financial institutions and go directly to the debt markets, the markets themselves must provide the monitoring and discipline. Banks, for example, have played a governance role in their credit approval process and monitoring of corporate performance after a loan has been granted. Other aspects of the system have not picked up the slack. In essence, institutions that historically have played a significant role in governance now play a lesser role, as more reliance has been placed on the financial markets. Deregulation and growth of financial markets, as well as changes in the competitive environment, have had important consequences that weakened corporate governance. View DetailsĬorporate scandals beginning in the late 1990s focused renewed attention on corporate governance, but significant cracks in the governance system also contributed to recent problems. The Global Financial System: A Functional Perspective. Boston: Harvard Business School Press, 1995. in Economics from Carnegie Mellon University. He is a graduate of the Massachusetts Institute of Technology and attended the University of Michigan for his MBA. Prior to joining the Harvard Business School faculty, Professor Crane was an economist and Director of Operations Research at Mellon Bank in Pittsburgh. He has also published numerous articles in Harvard Business Review, Financial Analysts Journal, Journal of Portfolio Management, Journal of Financial Services Research, California Management Review, and other journals. This work has led to several co-authored books, including The Global Financial System: A Functional Perspective and Doing Deals: Investment Banks at Work. Professor Crane's research work has included a number of topics related to financial service firms, financial management and coporate governance. ![]() He is also Chair of the Board of Trustees of Old South Church in Boston. He was formerly a Director of the Harvard Business School Publishing Corporation and has served on the boards of other private and public companies. Professor Crane is a member of the Board of Legg Mason Partners Equity Funds and serves as Lead Director. He has been a consultant to a number of financial institutions and companies in the United States and abroad. He was also one of the faculty coordinators of the HBS Global Corporate Governance Initiative. Most recently he was the Chair of the School's European Research Initiative. Professor Crane was Senior Associate Dean at Harvard Business School for eight years, including service as Director of Faculty Development and Director of Research. He continues to be a faculty member in "Making Corporate Boards More Effective" and other executive programs at the Harvard Business School. He taught in the MBA and executive education programs at the School, most recently serving as Chair of the Owner/President Management Program and teaching Financial Management in this program for entrepreneurial executives. Crane was a member of the Finance Faculty at Harvard Business School for a number of years, working primarily in the field of financial institutions and corporate governance. ![]()
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