Financial regulators and politicians unsuccessfully maintained the safety and soundness of the U.S. financial system not only because they lacked the proper tools but also because they lacked the proper incentives. While filling regulatory gaps and improving supervisory tools are worthwhile...

There was a systemic failure of financial regulation: senior policymakers repeatedly enacted and implemented policies that destabilised the global financial system. They maintained these policies even as they learned of the consequences of their policies during the decade before the crisis. The...

We evaluate the role of insider ownership in shaping banks' equity issuances in response to the global financial crisis. We construct a unique dataset on the ownership structure of U.S. banks and their equity issuances and discover that greater insider ownership leads to less equity issuances....