We develop a theory of bank board risk committees. With this theory, such committees are valuable even though there is … no expectation that bank risk is lower if the bank has a well-functioning risk committee. As predicted by our theory (1 …) many large and complex banks voluntarily chose to have a risk committee before the Dodd-Frank Act forced bank holding …

Price-based liquidity metrics are better in 2013-2014 for small trades and large high-yield bond trades, but not for … relative to 2010-2012. This evidence contrasts with the widely-held view among practitioners that liquidity has worsened …-crisis liquidity could be low when markets are stressed. We consider three stress events: extreme VIX increases, extreme bond yield …

Bank liquid asset holdings vary significantly across banks and through time. The determinants of liquid asset holdings …

Bank payout policy is strongly affected by regulation and politics, especially for the largest banks. Banks, but not … the Global Financial Crisis, bank regulators' influence on payout policies of the largest banks increases sharply and …

forfeited if the bank does not meet its capital requirements. This memo underscores the benefits of contingent deferred …