In the light of the recent financial crisis, the discussion on the nature of runs and on the stabilizing role of liquidity holdings has intensified. This paper explores the cash management conducted by German open-end equity funds for the period between 2005 and 2010. Since ownership structures...

In the aftermath of the 20078 crisis, senior policymakers and the media have blamed excessive risk-taking undertaken by bank executives, in response to their compensation incentives, for the crisis. The inevitable follow-up to this was to introduce stronger financial regulation, in the hope that...

Acknowledgments -- Beginning -- The early days in Adams and University of 4 Massachusetts in Amherst -- Reminiscences of the early days in Berkeley -- The start of a new department in Vancouver -- What is Japan doing right to get all that -- Money? : will they lose it? -- The bond-stock earnings...