"Leading authorities contribute papers on a wide variety of topics related to recent developments in the country's financial system. Topics include integration with the new global markets, effects of financial reform on the macroeconomy, deregulation, and reforms in the country's stock...

We apply the Diebold and Yilmaz (2014) methodology to daily stock prices of the largest 40 U.S. financial institutions to construct a volatility connectedness index. We then estimate the contemporaneous return sensitivity of every non-financial U.S. company to this index. We find that there is a...