We investigate whether the “stress test,” the extraordinary examination of the nineteen largest U.S. bank holding companies conducted by federal bank supervisors in 2009, produced information demanded by the market. Using standard event study techniques, we find that the market had largely...

This paper examines macroprudential stress tests carried out by financial supervisors from a legal perspective. Stress tests are highly contingent because of their use of a number of controversial indicators such as adverse scenarios and risk models. At the same time, they constitute highly...

The U.K. financial sector is globally systemic, open, and complex. It has weathered the COVID-19 pandemic fittingly, thanks to the post-GFC reforms, a proactive macroprudential stance, and an effective multipronged response to maintain financial stability. Brexit uncertainties are being handled...