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The Risk Sensitivity of Capital Requirements: Evidence from an International Sample of Large Banks*
Using an international sample of large banks between 2000 and 2010, we evaluate the risk sensitivity of minimum capital requirements. Our results show that risk-weighted assets (the regulatoryExpand
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Women on Board: Does Boardroom Gender Diversity Affect Firm Risk?
We investigate the relationship between boardroom gender diversity and firm risk. To identify a causal effect of gender on risk, we use a dynamic model that controls for reverse causality and forExpand
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Investor Protection and the Value Effects of Bank Merger Announcements in Europe and the US
Investor protection regimes have been shown to partly explain why the same type of corporate event may attract different investor reactions across countries. We compare the value effects of largeExpand
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CEO pay incentives and risk-taking: Evidence from bank acquisitions
We analyze how the structure of executive compensation affects the risk choices made by bank CEOs. For a sample of acquiring U.S. banks, we employ the Merton distance to default model to show thatExpand
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The impact of European bank mergers on bidder default risk
We analyze the implications of European bank consolidation on the default risk of acquiring banks. For a sample of 134 bidding banks, we employ the Merton distance to default model to show that, onExpand
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The Risk Implications of Insurance Securitization: The Case of Catastrophe Bonds
Catastrophe (Cat) bonds are insurance securitization vehicles which are supposed to transfer catastrophe-related underwriting risk from issuers to capital markets. This paper addresses key,Expand
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Women on board: does boardroom gender diversity affect firm risk?
We investigate the relationship between boardroom gender diversity and firm risk. To identify a causal effect of gender on risk, we use a dynamic model that controls for reverse causality and forExpand
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Post-Merger Strategy and Performance: Evidence from the US and European Banking Industries
The banking industry has one of the most active markets for mergers and acquisitions. However, little is known about the type of operational strategies adopted by banking firms in the years followingExpand
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What do premiums paid for bank M&As reflect? The case of the European Union
We analyze the takeover premiums paid for a sample of domestic and cross-border bank takeovers in the European Union between 1997 and 2007. We find that acquiring banks value profitable, high-growthExpand
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CEO Bonus Compensation and Bank Default Risk: Evidence from the U.S. And Europe
We investigate the link between the incentive mechanisms embedded in CEO cash bonuses and the riskiness of banks. For a sample of U.S. and European banks, we employ the Merton distance to defaultExpand
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