We examine China's June 2013 liquidity crunch as a negative shock to banks and analyze the wealth effects on exchange … a long-term bank-firm relationship may mitigate the negative effects of a liquidity shock …-listed firms. Our findings suggest that liquidity shocks to financial institutions negatively impact borrower performance …

Does personal litigation risk for independent directors materially affect firm valuation, compensation-related issues … their own equity grants and increased their future litigation risk, to examine these issues. Understanding changes in … independent director litigation risk is important because such changes may affect directors’ willingness or ability to serve on …

After decades of declining litigation risk, independent directors of public companies are viewed as effectively immune … and firms both reacted to this rare increase in director-only litigation risk. First, Delaware firms experienced …

In this paper, we rely on an exogenous shock to examine the impact of litigation risk on real earnings management (REM …). We conduct differences-in-differences tests centered on an unanticipated court ruling that reduced litigation risk for … to other firms, consistent with litigation risk deterring REM. Additional analyses reveal that REM rises more following …

long time. -- liquidity trap ; financial crisis ; rare disasters ; equity capital ; leverage ; bankruptcy risk …This paper explains the emergence of liquidity traps in the aftermath of large-scale financial crises, as happened in … equity capital to the risk-free interest rate. When equity capital falls, bankruptcy risks rise. Firms become more vulnerable …

. Not only are regulatory constraints tightening by the day, but the risk of insolvency is also becoming an increasingly …

-speed algorithmic markets where errors can spread rapidly across multiple exchanges and security types. Even small, “reasonable,” risk …