Did the Comprehensive Assessment (CA), preceding the Single Supervisory Mechanism's launch in Europe, achieve its aims of producing new valuable information for the market? We show that the CA achieved the goal of increasing transparency: investors were able to detect weak banks at the...

Financial instruments in levels 2 and 3 for accounting purposes are complex and opaque products and their evaluation is problematic. The amount of these assets held by banks in Europe is exceptionally high (€3 trillion in 2019) and there is no empirical evidence as to the extent, if at all, to...

In the last decade, most credit-industries registered a decline in lending volumes, with the exception of the factoring industries that instead registered a substantial increase. Surprisingly, only a handful of papers so far investigate factoring companies. Do factoring firms display the same...

The opacity of the banking business has been identified as a main source of stock crash risk. Level 3 financial instruments are particularly opaque products, as their fair value is neither directly available nor measurable using market prices. Focusing on Europe, we find robust evidence that L3...

Objective: The objective of this article is to examine the value of academics as board members. Using upper echelons theory to explain how top management's characteristics affect corporate decision-making, we particularly investigated whether academics as independent directors contribute to firm...

Indonesia ranks sixth globally in terms of wealth distribution inequality. Changes in human capital development may affect labor force efficiency and productivity as well as wages and income inequality levels. This study applies a nonlinear autoregressive distributed lag (NARDL) model to data...