__Abstract__ Address delivered in shortened form at the occasion of accepting the appointment as Extraordinary Professor of Financial markets on behalf of Vereniging Trustfonds EUR at the Rotterdam School of Management, on Friday March 7, 2014. "In this address, I consider “The Social Value of...

There is an important information deficit on political and financial risks in Africa. This paper fills this gap by compiling a unique database of financial (sovereign, banking, currency, expropriation) and political crises (regime changes, ethnic and revolutionary wars, genocides, armed...

To answer the question what causes an asset to be illiquid, we analyze the impact that transparency of corporate accounting information has on the liquidity of its traded bonds. In particular, we focus on how this relationship depends on aggregate liquidity and the financial state of the firm....

L'articolo esamina le misure di sostegno alle banche adottate dall'amministrazione Usa nella grande crisi del '29. Gli interventi iniziarono con l'amministrazione Hoover e proseguirono - con maggiore intensità ma in sostanziale continuità con il passato - con l'amministrazione Roosevelt. Le...

This article will argue that the shadow banking system has been at the heart of the Great Crisis since its first manifestations in the summer of 2007. This system has been purposefully misunderstood, as it is essentially a complex machine of too-big-to-fail banks designed to make large private...

We propose a new theory of systemic risk based on Knightian uncertainty (or "ambiguity"). We show that, due to uncertainty aversion, beliefs on future asset returns are endogenous, and bad news on one asset class induces investors to be more pessimistic about other asset classes as well. This...

Similarities between the Great Depression and the Great Recession are documented with respect to the behavior of financial markets. A Great Depression regime is identified by using a Markov-switching VAR. The probability of this regime has remained close to zero for many decades, but spiked for...

В статье рассматривается проблема формирования успешной и гибкой стратегии развития кредитной организации. Автор предлагает современный подход к формированию...

Explicit deposit insurance has spread very quickly in the last period of time, even in countries with a low degree of financial and institutional development. Financial-economic theory indicates that the structural elements of deposit insurance interact with some specific elements of the country...

This paper is amongst the first to investigate weak-form efficiency of the most developed (G-20) countries in the world. It also measures the impact of the 2007 financial crisis on the stock markets of these countries, in terms of their efficiency. Serial correlation test, ADF unit root test, Lo...