In this study, we examine non-government-assisted US commercial bank merger activity prior to, and during the recent financial crisis. Mergers that occur throughout the crisis appear to be more significant events for both targets and acquirers. Acquirers seek out relatively larger targets during...

Failures in governance, especially concerning boards, have been blamed for the 2007-2008 financial crisis. The increased public scrutiny regarding the actions and role of the board of directors in banks, following the crisis, inspires to examine whether and to what extent do board's...

We analyze 188 bank mergers and acquisitions from the 2005-2016 period in Asia and report significant Positive Abnormal Returns for acquirers in both the crises and post crisis periods. Market model event studies provide a natural setting to tackle problems of endogeneity. Acquirers seem to be...

This paper examines whether the systemic risk of financial institutions is associated with the risk-taking incentives generated by executive compensation. We measure managerial risk-taking incentives with the sensitivities of chief executive officer (CEO) and chief financial officer (CFO)...

This paper explores the link between systemic risk and firm value gain in the context of bank acquisitions. We find that bank acquisitions on average lead to an increase in acquires' systemic risk (a public cost), which is in turn associated with an increase in firm value (a private benefit) for...

This paper examines which factors determine the pricing of loans for LBOs, using a worldwide sample of 11,111 loans closed in the 2000-2016 period. Our findings are consistent with the hypothesis that loans for LBOs are priced differently by common factors than other syndicated loans. We show...

This paper compares four commonly used systemic risk metrics using data on U.S. financial institutions over the period 2005-2014. The four systemic risk measures examined are the (i) marginal expected shortfall, (ii) codependence risk, (iii) delta conditional value at risk, and (iv) lower tail...

The large compensation received by bank executives is among the many factors blamed for the risk-taking that led to the 2008-2009 financial crisis. We test whether and how pay disparities between CEO and non-CEO executives—the so-called CEO pay gap—influenced risk taking at publicly traded...

Italian Abstract: Il processo di riorganizzazione dell'articolazione delle filiali recentemente condotto dai gruppi bancari italiani ha portato molte banche controllate a operare in territori via via privi di presidi fisici della capogruppo. Questa delega al presidio fisico territoriale può...