The 1990s have been called the era of strategic mergers. Powerful change forces have transformed the economic and financial environments. Global markets and exploding technologies have blurred industry boundaries and intensified competition. Strong economic growth and a rising stock market have...

While financial crises can be triggered by a number of causes, runs on short-term liabilities are at the heart of all financial crises with the recent 2007-2009 financial crisis being no exception. Given the unpredictability of crisis triggers and the overwhelming predictability of short-term...