Now that the worst of the financial storm is over, regulators are setting new strategies to deal with the systemic importance of the $427 trillion ($604 trillion) over-the-counter (OTC) derivatives market. This paper explores the three major sources of disruptive effects in OTC derivatives...

In this study we disentangle two dimensions of banks' systemic risk: the level of bank tail risk and the linkage between a bank's tail risk and severe shocks in the financial system. We employ a measure of the systemic risk of financial institutions that can be decomposed into two subcomponents...

Digitization dramatically changes entrepreneurs’ business models and their implications for the type and timing of finance that support them. It creates new financial channels (including crowd-investors and initial coin offerings) that complement, and in part substitute, traditional...

The winner-takes-all business model followed by many U.S. Internet firms predicts that spending on intangibles will exhibit increasing profitability returns-to-scale. That is, larger expenditures should be more profitable per dollar of investment than small expenditures because larger...