Our data show that land prices were more volatile than house prices during the recent boom/bust cycle. In areas where land was inexpensive in 2000, the land share of property value jumped during the boom, and this rise in the landshare was a useful predictor of the subsequent crash in house...

In a financial intermediary, risk managers can expend effort to reduce loan probability of default and loss given default, but effort is unobservable. Incentive compensation (IC) can induce manager effort. When deposit insurance is subsidized, the demand for risk management declines. Regulatory...

New bank regulations include macroprudential policies to control bank loan growth. We find bank funding costs and supervisory monitoring intensity to be the most important determinants of loan growth followed by loan portfolio performance and bank profitability. Bank capital and liquidity ratios...

An emerging literature proposes using conditional value at risk and marginal expected shortfall to measure financial institution systemic risk. We identify two weaknesses in this literature: (1) it lacks formal statistical hypothesis tests; and, (2) it confounds systemic and systematic risk. We...

This book recommends the creation of a new, alternative legal structure for collective investment, the "managed investment trust."

Two achievements--up the poor and animating civil society--are powerful moral claims for business corporations but schemes for corporate governance jeopardize these achievements.

This study providesa comprehensive description of the global insurance industry and details the current state of international agreements that govern trade in insurance.

This monograph is a critical and constructive response to the Basel Committee on Bank Supervision for reforming international bank capital standards.

This book discusses banking, insurance, and securities regulation, as well as issues in consumer finance and electronic commerce.

Today's knowledge-based economy requires an entirely new system of assessing the value of companies--a system tapping the vast communication capabilities of the Internet.