This paper studies the extent to which risk-taking incentives of CEOs and other governancefeatures in a range of years prior to the recent financial crisis were related to the write-downsof U.S. financial institutions during the crisis. We document that institutions whose CEOs hadparticularly...

The persistence of financial instability calls into question the adequacy of the current regulatory regime. Acritical review of the three pillars at the core of current financial regulation exposes some structural flaws.[...]