Institutional investor ownership has often been considered a corporate governance variable, typically used to proxy those investors' ability to influence managers and to expropriate wealth from smaller shareholders. Large institutional investors have developed common holdings across numerous...

We model how a cyber attack may be amplified through the U.S. financial system, focusing on the wholesale payments network. We estimate that the impairment of any of the five most active U.S. banks will result in significant spillovers to other banks, with 38 percent of the network affected on...