Using bank level measures of competition and co-dependence, we show a robust negative relationship between bank competition and systemic risk. Whereas much of the extant literature has focused on the relationship between competition and the absolute level of risk of individual banks, in this...

We model the relation between excess returns, fund size and industry size for active equity funds within four markets – global equities, emerging markets, Australia core and Australia small caps – and use the results to investigate the extent to which funds deviate from estimated capacity....

We investigate the nexus between corporate social responsibility (CSR) and firms’ stock market liquidity. Using actual firm-level CSR expenditure data and a quasi-natural experiment setup of a mandated CSR regulation in India, we find that firms complying with the mandate and expending on CSR...

This paper examines the impact of preferential trade agreements (PTAs) on the duration of antidumping protection. It employs a two-step selection model where the first step accounts for the impact of PTA membership on the original antidumping determination and the second step estimates the...

Partial observability is a prominent feature of accounting fraud. Not only the act of committing fraud is not directly observable, but the detected frauds are often revealed to the public with substantial time delays. In this article, we specify an underlying fraud data generating process that...

There is often substantial time delay in uncovering accounting misstatements, which is largely ignored in prior misstatement prediction literature. In this study, we incorporate the release lag in detecting material misstatements in a novel model framework. This has profound implications for...

The 'Gulf Falcons'-the countries of the Gulf Cooperation Council-have high living standards as a result of large income flows from oil. The decline of oil prices between summer 2014 and fall 2015 underscores the urgency for the Gulf Falcons to diversify away from their current heavy reliance on...

Deposit insurance is widely offered in a number of countries as part of a financial system safety net to promote stability. An unintended consequence of deposit insurance is the reduction in the incentive of depositors to monitor banks, which leads to excessive risk-taking. This paper examines...