Financial intermediation has distinct value from transforming financial claims to create
liquidity and mitigate risks. However, research and policy competition analyses often neglect …

We use a unique cross-country dataset at the loss event level to document the evolution and
characteristics of banks' operational risk. After a spike following the great financial crisis …

Infant formula milk (IFM) is critical in the diet of many babies and must be of high-quality.
Unfortunately, IFM has been a target of adulteration by those attempting to make illegal …

Banks were allowed to enter securities markets and become universal banks during two
periods in the past century-the 1920s and the late 1990s. Both times the ensuing …

Cyber risk is undeniably one of the most critical emerging risks to the financial industry.
However, even though cyber risk is recognized as a significant threat to financial institutions …

ABSTRACT Rampini, Viswanathan, and Vuillemey (RVV) show empirically that net worth
drives hedging. I identify discrepancies to which RVV's key findings are not robust: the …

This study demonstrates that, among large US bank holding companies (BHCs), the largest
ones are exposed to more operational risk. Specifically, they have higher operational losses …

This study shows that banking organization growth is associated with higher operational
losses per dollar of total assets and incidence of tail risks. Event studies using M&A activity …

I examine the relation between Federal Reserve emergency actions and aggregate US
systemic risk during the Global Financial Crisis (GFC) and the COVID-19 crisis. I divide …

This paper examines the influence of Climate Policy Uncertainty (CPU) on the liquidity
creation of banks in China. Through an empirical analysis of data from 387 commercial …