Using unsecured bonds traded in the US from 1990 to 2020, we examine the sensitivity of
credit spreads to changes in firm risk. In the time period preceding the implementation of the …

For globally systemically important banks (GSIBs) with US headquarters, we find significant
reductions in market-implied probabilities of government bailout after the Global Financial …

Banks' ratio of the market value to book value of their equity was close to 1 until the 1990s,
then more than doubled during the 1996–2007 period, and fell again to values close to 1 …

This article demonstrates that low bank capital carries a negative externality because it
amplifies local shock spillovers. We exploit a natural disaster that is transmitted to firms in …

Fiscal deficits represent an important variable for banks' aggregate credit risk, revealing
governments' ability to curb banks' losses in bad states, either with direct cash infusions or …

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 …

The ramifications of the Global Financial Crisis, which erupted in 2007, continue to surprise
not only the general public but also finance professionals, economists, and journalists …

The stability of a banking system ultimately depends on the strength and credibility of the
fiscal backstop. While large countries can still afford to resolve large global banks on their …

Using a synthetic control research design, we find that living will regulation increases a
bank's annual cost of capital by 22 bps, or 10% of total funding costs. This effect is stronger …

This study aims to assess the efficiency of housing finance companies operating in India by
applying Data Envelopment Analysis (DEA). We analyse 26 housing finance companies' …