This paper presents a model of a multinational firm''s optimal debt policy that incorporates international taxation factors. The model yields the prediction that a multinational firm''s indebtedness in a country depends on a weighted average of national tax rates and differences between national...

This paper shows that banks use accounting discretion to overstate the value of distressed assets. Banks'' balance sheets overvalue real estate-related assets compared to the market value of these assets, especially during the U.S. mortgage crisis. Share prices of banks with large exposure to...

The proposed SDN documents the evolution of bank size and activities over the past 20 years. It discusses whether this evolution can be explained by economies of scale or “too big to fail” subsidies. The paper then presents evidence on the extent to which bank size and market-based...

Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop...

In episodes of significant banking distress or perceived systemic risk to the financial system, policymakers have often opted for issuing blanket guarantees on bank liabilities to stop or avoid widespread bank runs. In theory, blanket guarantees can prevent bank runs if they are credible....

Purpose: The purpose of this paper is to investigate the main predictors of university students’ intention to invest in a pension fund: an understanding of how young people perceive retirement planning is relevant for its policy implications. Design/methodology/approach: The authors apply the...

Emerging banking systems / P. Bongini, S. Chiarlone, and G. Ferri -- China / S. Chiarlone and G. Ferri -- India / S. Chiarlone and S. Ghosh -- Indonesia / P. Bongini -- Brazil / M. Lossani, L. Ruggerone and M. Zaninelli -- North Africa / A. Cicogna -- Russia / A. Marra -- Turkey / A. Cimenoglu,...