underpricing and strategic disclosure as potential hedges against litigation risk. This tradeoff explains a significant fraction of …. Underwriters who fail to adequately hedge litigation risk experience economically large penalties including loss of market share. …

The existing structural models of credit risk have relied almost exclusively on diffusion processes to model the … curves are sometimes flat or even downward-sloping. If a diffusion approach cannot capture the basic features of credit risk …, what approach can? This paper develops a new structural approach to valuing default-risky securities by modeling the …

setup in the United States underscore the importance of enhancing systemic risk oversight and building effective …

.S. banking landscape, banking system assets represent only about 22 percent of total financial system assets. The systemic risk …