Our paper investigates the nexus between the CBOE Volatility Index (VIX) and the market leverage of firms listed on the US stock market. Analyzing the yearly database of non-financial US firms from 2000 to 2019, we find that an increase in the VIX index has a positive impact on the leverage of...

In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years...

Kathryn Judge of Columbia University documents how financial intermediaries persistently impose high fees compared to the value rendered, attributes this to political influence, and suggests countervailing policy strategies, including stoking competition and enhancing disclosure to reduce...

This paper compares funding structure, financial facilities, and evolution of roles and activities of Export-Import Banks (EXIMs) in six Asian economies -- Japan, Korea, Taiwan of China (hereinafter referred as Taiwan), India, Thailand, and China. It examines the similarities and differences...

This paper examines the evolvement, categories, legal basis, operating characteristics, and key concerns of credit guarantee schemes (CGSs) in China. It aims at providing background note on China's CGS as well as useful references for the sustainable development of China's CGS

European family-controlled public companies tend to perform less well in the stock market than their American counterparts. Also, while more and more investment funds that focus on family-firm opportunities are being formed in the United States, data indicates that institutional investors remain...

How do developments at lending institutions that alter the way they grant and monitor loans influence their borrowers' financial reporting quality (FRQ)? We examine this question by investigating the influence that privatizations of Chinese state banks (CSBs) had on the quality of their...

This paper uses bank fragility to explain why bank loans are senior in firm capital structure. High leverage makes banks more vulnerable to financial distress than the typical bond investor, and thus makes banks willing to pay for seniority. Bank seniority emerges even when banks need skin in...

This Article compares the development of cross-border solutions for resolving and reorganizing commercial entities to those solutions available for financial institutions. This Article argues that the resolution regime for financial institutions needs to move forward from the existing...