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4. Measuring Systemic Risk
Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance
Foreword. Preface. PROLOGUE: A BIRD'S-EYE VIEW. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Viral V. Acharya, Thomas Cooley, Matthew Richardson, Richard Sylla, and Ingo Walter).… Expand
How Much of the Diversification Discount Can Be Explained by Poor Corporate Governance?
We investigate whether the diversification discount occurs partly as an artifact of poor corporate governance. In panel data models, we find that the discount narrows by 16% to 21% when we add… Expand
Bank Underwriting of Debt Securities: Modern Evidence
This article examines debt securities underwritten by Section 20 subsidiaries of bank holding companies relative to those underwritten by investment houses. Consistent with a net certification… Expand
Do Financial Conglomerates Create or Destroy Economic Value?
This paper investigates whether functional diversification is value-enhancing or value-destroying in the financial services sector, broadly defined. Based on a U.S. dataset comprising approximately… Expand
Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007-09
We argue that the fundamental cause of the financial crisis of 2007–2009 was that large, complex financial institutions ("LCFIs") took excessive leverage in the form of manufacturing tail risks that… Expand
Can Microfinance Reduce Portfolio Volatility?
Microfinance is arguably one of the most effective techniques for poverty alleviation in developing countries. Although traditionally supported by nongovernmental organizations and socially oriented… Expand
Universal banking in the United States : what could we gain? What could we lose?
In 1933 and 1956, the United States sharply limited the kinds of securities, commercial, and insurance activities banks could engage in. These regulations remain in place despite profound changes in… Expand
Political Economy of Financial Integration in Europe: The Battle of the Systems
Few aspects of the great European integration project have been as difficult and fraught with political conflict as the creation of a single financial market and monetary union. It is clear, however,… Expand