Financial systemic risk is an important issue in economics and financial systems. Trying to
detect and respond to systemic risk with growing amounts of data produced in financial …

We study the sources of corporate default clustering in the United States. We reject the
hypothesis that firms' default times are correlated only because their conditional default rates …

This paper examines the short-term market reaction of Silicon Valley Bank and Credit Suisse
failure in the European banking industry. Using an event study, I show that stocks react …

We document that suppliers to purely financially distressed companies that are highly likely
to reorganize in bankruptcy incur little or no spillover costs. In contrast, suppliers to …

The existing literature provides strong evidence that working capital management affects a
firm's performance and value. In this paper, we examine how CEO age affects firms' working …

This paper investigates how social capital, defined by the strength of civic norms and the
density of social networks, affects firms' trade credit risk. The results show that social capital …

This paper investigates how the introduction of the Single Supervisory Mechanism, the
European Union's implementation of harmonized banking supervision, has affected the …

The crisis demonstrated that microprudential regulation focusing on the risks taken by
individual banks is not sufficient to prevent crises. This is because it ignores systemic risk …

This paper provides a new approach to developing a firm's distress and recovery prediction
score. This score was designated the FL-Score and was structured from the interaction …

To shed light on the role of international bank connections in the transmission of financial
sector shocks, we construct a global network of interbank exposures. We then study the …