For a sample of 83 financial institutions during 2003–2011, this paper attempts to answer three questions: first, what is the evolution of banks’ stock price exposure to country-level and global risk factors as approximated by equity indices; second, which bank-specific characteristics...

La crisi finanziaria scoppiata nel 2007 è stata affrontata con decisione e in modo coordinato da governi e banche centrali, con politiche basate su salvataggi bancari, garanzie pubbliche sulle passività degli intermediari ed eccezionali iniezioni di fondi a basso costo. Nel frattempo, si...

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,...

High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of private sector losses to the sovereign balance sheet. This paper examines the macroeconomic...

We investigate the impact of bank loan announcements on borrower value during the recent boom and bust cycle of the 2000s using a sample of 253 large loans to French borrowers. We find a significant and negative stock market reaction to bank loan announcements during the Global Financial Crisis....

We examine the impact of the 2008–2009 financial crisis on the earnings management behavior of European-listed firms. We find that earnings management has significantly decreased in the crisis years. This trend is confirmed in most of the 16 countries under review. We also report a link...