markets, banks hold less liquidity than is socially optimal due to risk-shifting incentives; otherwise, banks may hold even …

risk. In this model, banks face taxation, flotation costs of securities, and default costs and maximize shareholder value …

programmes on banks' risk and valuation, looking at the behaviour of CDS premia and stock prices. We then proceed to analyse the …

programmes on banks' risk and valuation, looking at the behaviour of CDS premia and stock prices. We then proceed to analyse the …

Rather than taking on more risk, US insurers hit hard by the crisis pulled back from risk taking, relative to insurers … hit less hard by the crisis. Capital requirements alone do not explain this risk reduction: insurers hit hard reduced risk … within assets with identical regulatory treatment. State level US insurance regulation makes it unlikely this risk reduction …