The abnormal decline in the number of US public firms is often blamed on merger activity, private equity investments, and stock market regulations. We compare and quantify the effects of these channels on the evolution of the US listing gap in a unified framework. In the US, an extra 100 mergers...

Section 1 presents tests for the hypothesis that shifts in technology and industry composition might have played a key role in causing the U.S. listing gap. We replicate our core analysis at the industry level and find no evidence that the dynamics of the number of listing is driven by industry...

The abnormal decline in the number of US public firms is often blamed on merger activity, private equity investments, and stock market regulations. We compare the effects of these channels in a unified framework. In the US, an extra 100 mergers is associated with 41.56 additional missing public...

The abnormal decline in the number of US public firms is often blamed on mergers, private equity, and stock market regulations. We compare and quantify the effects of these channels in a unified framework. In the US, an extra 100 mergers is associated with 22.01 additional missing public firms,...

When the Covid-19 crisis struck, banks using internal-rating based (IRB) models quickly recognized the increase in risk and reduced lending more than banks using a standardized approach. This effect is not driven by borrowers' quality or by banks in countries with credit booms before the...

In a financial revolution, new determinants of performance arise and interest in the way performance is measured and communicated to stakeholders grows. This book presents a wide and accurate analysis of the impact that regulation, structural changes and new financial products have on the...

This book explores risk culture in banks following the financial crisis. It analyses the role of national and institutional risk culture, market competitiveness, organisational systems and institutional practices that led to a weakening of risk culture in financial institutions leading up to the...