Despite the measures that have already been put in place to strengthen the international financial architecture in the wake of the Asian financial crisis, still much remain to be done. This paper tried to distinguish developing economies' views, in general, and East Asian views, in particular,...

Given the growing importance of terrorism in today's world, it is essential to understand its impact on the global economy. This paper examines the case of Israel to consider the impact of this phenomenon on the nation's economy. Specifically, it will aim to determine whether the Israeli...

Angel investors finance small high growth entrepreneurial firms in exchange for equity. Unlike private equity (PE) and venture capital (VC) funds, which invest capital from institutional investors, angels invest with their own money. We compare the impact from legal and cultural conditions on...

The global financial crisis triggered a vast number of new laws and regulations at international level, including initiatives that can be classified as "soft law". The legitimacy and efficacy of these new norms are subject to intensive academic and political debates. At the same time, soft law...

This paper examines the relationship between banks' observed credit default swap (CDS) spreads and possible measures of systemic importance. We use five-year CDS spreads from Markit with an international sample of 71 banks to investigate whether market participants are giving them a discount on...

The urgency of estimating the impact of climate risks on the financial system is increasingly recognized among scholars and practitioners. By adopting a network approach to financial dependencies, we look at how climate policy risk might propagate through the financial system. We develop a...

This paper provides a review of the alternative investments literature in emerging markets, with a focus on art and wine, angel investment, venture capital and private equity, private debt, hedge funds, crowdfunding, and IPOs. We show that there has been relatively more growth in the scholarly...

Reduced-form models of default calibrated to expected default losses and comovements between default losses and an equity-based pricing kernel generate CDS spreads that tend to fall below historical values. In frictionless markets, resolving this credit spread puzzle requires credit-market...

On 23rd February 2017, SUERF and EY organized a conference on "Brexit and the Implications for Financial Services" at EY's offices, Churchill Place, Canary Wharf, London. While the outcome of the Brexit negotiations remains highly uncertain, the conference discussed the burning questions for...

We document that the choice between disintermediated individual angel investments and intermediated private equity and venture capital investments depends on legal, economic, and cultural differences. We find evidence of this using PitchBook's comprehensive data on more than 5,000 angel and...