This paper documents large cross-country variation in the relationship between bank competition and bank stability and explores market, regulatory and institutional features that can explain this variation. We show that an increase in competition will have a larger impact on banks' fragility in...

We examine how investors' perception of bank balance sheet risk evolved before and during the March-April 2023 bank run. To do so, we estimate the covariance ("beta") of bank excess stock returns with returns on factors constructed from long-short portfolios sorted on shares of uninsured...

Acknowledgements -- Preface to the 2019 edition -- Introduction -- Gambling with other people's money -- Did creditors expect to get rescued? -- What about equity holders? -- Heads : they win a ridiculously enormous amount : tails : they win just an enormous amount -- How creditor rescue and...

The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from...

Offers an account of the most dramatic and anxiety-ridden era in national socioeconomic history--not merely a recounting of the collapse of Wall Street's legendary firms, but a broad examination of the people and the forces who killed Wall Street