We document a significant decline in the level of generalized trust among finance professionals relative to the decline of trust in the general U.S. population. This decline occurs across all subsectors and at all hierarchy levels and is unique to the finance industry. It is related to a lack of...

It is well known that Micro and Small and Medium sized Enterprises (SMEs) are the backbone of the economy. Most of these companies use external financing sources like debt and equity capital to finance their activities. However, in general, in the area of SMEs' access to finance, there are...

This paper provides evidence on how the new international regulation on Global Systemically Important Banks (G-SIBs) impacts the market value of large banks. We analyze the stock price reactions for the 300 largest banks from 52 countries across 12 relevant regulatory announcement and...

Microfinance is the provision of a broad range of financial services to poor and low-income households and their microenterprises (Asian Development Bank). Microfinance Institutions (MFIs) have, hence, traditionally been funded by developmental bodies such as the World Bank, United Nations,...

In the wake of the recent financial crisis, Congress has sought to regulate the proprietary trading activities of Wall Street banks. The Volcker Rule, passed into law as section 619 of the Dodd-Frank Act, bans proprietary trading for deposit-taking banks and bank holding companies with...

During the recent financial crisis, financial expertise among independent directors of financial institutions is negatively related to changes in both Tobin's Q and cumulative stock returns. Furthermore, financial expertise is positively associated with risk-taking levels in the run-up to the...