The beginning of the year 2023 is marked by continued economic instability, some of it still lingering from economic ramifications of the COVID-19 pandemic, some brought on by the war in Ukraine, high energy prices and other more regional factors. For businesses of all shapes and sizes, this...

In this study, we analyze the relation between risk governance and risk and performance measures for a global sample of 107 insurance companies from 2004 to 2012. Our risk governance index covers several Solvency II provisions and includes the existence of chief risk officer on the executive...

This paper aims to examine the underlying causes of the sharp reduction in bank lending, which in turn is highlighting some structural weaknesses of Italian firms and financial system. The structure of this paper is as follows. Section 1 introduces the paper. Section 2 analyzes some drivers of...

Defining as normal cash holdings the holdings a firm with the same characteristics would have had in the late 1990s, we find that the abnormal cash holdings of U.S. firms after the crisis represent on average 1.86% of assets. While U.S. firms held less cash than comparable foreign firms in the...