This paper studies the connection between risk taking and executive compensation in financial institutions. A theoretical model of shareholders, debtholders, depositors, and an executive suggests that 1) in principle, excessive risk taking (in the form of risk shifting) may be addressed by...

"We analyze contagious sovereign debt crises in financially integrated economies. Under financial integration banks optimally diversify their holdings of sovereign debt in an effort to minimize the costs with respect to an individual country's sovereign debt default. While diversification...

Keynote addresses -- The state of sovereign wealth funds -- Benchmarking and performance standards -- Fostering development through socially responsible investment -- Expanding investment horizons: opportunities for long-term investors -- Reducing climate risk -- Managing risk during...