This study examines whether and how family ownership enhances or damages firm value using a sample of Canadian companies listed on the Toronto Stock Exchange (TSX) between 1999 and 2007. Our results suggest that family companies are generally superior to non-family companies. In addition, we...

The effectiveness of macroprudential policies in lowering Chinese firms’ financial leverage is discussed in this paper. Combining 2255 listed nonfinancial firms with information on the implemented macroprudential policies from 2001Q1 to 2014Q4 in China, we find that macroprudential policies...

Fiscal fragility can undermine a government’s ability to honor its bank deposit insurance pledge and induces a positive correlation between sovereign default risk and financial (bank) default risk. We show that this positive relation is reversed if bank capital requirements in fiscally weak...