We analyze theoretically banks choice of organization and leverage in branches or subsidiaries in the presence of organizational and financial synergies, government bailouts, bankruptcy costs and varying correlations between risk-factors. The social efficiency of banks’ choices are analyzed as...

Since July 2007 the world economy has experienced a severe financial crisis originating in the U.S. housing market. The crisis has subsequently spread to the financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises...

Volvo Cars' economic exposure to exchange rates and other macroeconomic variables is estimated using quarterly cash flows as the firm's target variable. We discuss first several issues relating to management's view of the macroeconomic environment, as well as the firm's objective and structure....