Purpose – The regularity of default by countries on their sovereign debt has led to the establishment of a number of evolving institutions or “Clubs”. These institutions' objective is to optimise the impact of imminent default or actual default on both international lending and borrowing....

This paper studies how financial stress is transmitted from advanced to emerging economies, using a new financial stress index for emerging economies. An episode of financial stress is defined as a period when the financial system's ability to intermediate may be impaired. Previous financial...

Purpose – The aim of this paper is to explore the lessons offered by the financial crisis about the appropriate epistemological approaches to apply in the study of human affairs in general, and of the financial markets in particular. Design/methodology/approach – The paper applies a...

Purpose – Previous academic literature indicates that the case of the banking crises recovery, in view of implemented regulations and policies, differs across times and countries. This is explained by varied institutional environments in which banking sectors operate, and in which financial...

Purpose – The purpose of this paper is to study the impact of cross‐listing and cross‐listing location on the terms of the private debt of firms not located in the USA. Specifically, the paper examines the empirical relationship between three syndicated loan terms (pricing, maturity and...

Purpose – This paper seeks to identify factors potentially conditioning firms’ financial internationalization. Companies often internationalize their financial areas as part of their larger internationalization strategy. In other words, such an initiative is associated with the...

Purpose – The Basel II Accord requires that banks and other authorized deposit‐taking institutions (ADIs) communicate their daily risk forecasts to the appropriate monetary authorities at the beginning of each trading day, using one or more risk models to measure value‐at‐risk (VaR). The...

Purpose – The purpose of this paper is to model the components of credit risk in primary debt markets and evaluate changes in these factors in times of crisis. Design/methodology/approach – The authors use a unique dataset consisting of nearly 163,000 new loans and bond issues in the USA and...