ownership (control transfers). Such changes are more likely for firms with high leverage, while they are less likely for larger … control transfers. Control transfers are followed by increased management turnover, and for listed firms also by asset … are preceded by poor performance, while they are hindered by com-plex ownership structures. Control transfers are followed …

divergent when volatility clusters idiosyncratically.It is illustrated that this property is important for empirical …

This paper deals with stress tests for credit risk and shows how exploiting the discretion when setting up and … probabilities are less exposed to model and estimation risk. In addition, the risk horizon over which the stress default … extensive robustness checks for model-based credit risk stress tests. …