Even after controlling for other observable factors, reciprocal deposits are associated with higher bank risk as measured by the probability of failure and the <italic>Z</italic>-score. These results are consistent with the moral hazard hypothesis and reject the risk substitution hypothesis.

Expanded public availability of U.S. banking data has prompted a need to reexamine end-of-quarter window dressing. We find substantial heterogeneity in the pattern of window dressing across banks and products, not all of which can be explained as customerinitiated, and some of which is...

As bidders reach capacity throughout a sequential common value auction, theory predicts they will account for the option value of purchasing later units against fewer rivals. Mergers, joint purchasing arrangements, or a common bidding agent may result in a capacity advantaged bidder. Using...

This paper investigates the market reaction to a firm switching from a male CEO to a female CEO. We compare these firms against a four dimensional matched sample of male to male CEO appointments. Our results indicate that female CEO appointments are followed by small insignificant negative...