This paper investigates systemic risk of bank holding companies (BHCs) following the enactment of mandatory clearing of derivatives by the Dodd–Frank Act. We find that BHCs that were bigger users of derivatives experienced a larger drop in systemic risk after mandatory clearing, all else being...

Based on the daily data of 45 listed financial institutions from 2015 to 2022 in Chinese financial market, we construct higher-order temporal causal networks via the variable-lag Granger-causality test and higher-order temporal network model, and rank the systemic important financial...

Using the unbalanced data of 1714 listed firms between 2008 and 2019, this study investigates the impact of share pledging on the Chinese A-share market. Our findings show a positive relationship between share pledging and different measures of systemic risk, confirming that a higher level of...

Based on the daily data of 45 listed financial institutions between January 1, 2008 and January 31, 2022, we employed the functional data analysis (FDA) method to measure systemic risk of China’s financial system, and constructed a complex network to analyze the contagion mechanism of systemic...