We use a large sample of non-US banks to examine the propagation of the 2007-2009 crisis. Using both stock market and structural variables we test whether the relative incidence of the crisis was better explained by crisis models or by the VaR-type analysis of the Basel system. Consistent with...

Using a large sample of cross-border mergers we measure the effect of a change in location on systematic risk. When a target firm's location moves a large part of its systematic risk switches from being related to its home equity market to that of the acquirer. On average the change in betas is...

Using a large sample of cross-border mergers we measure the effect of a change in location on systematic risk. We document a large, widespread, and robust effect. When a target firm's location moves as a result of an international merger, a large part of its systematic risk switches from being...