The recent bailout of Credit Suisse is noteworthy for many reasons. One of them is that, while AT1 bondholders were wiped out, shareholders were not. This violates the ‘absolute priority rule’ which is central to corporate reorganisations and bank resolution regimes. In this article, we...

In this essay, we propose a principled approach for government bailouts of critical/systemic firms who find themselves in COVID-19-induced financial distress. We also demonstrate why bankruptcy is the wrong tool to address the problems of these types of firms. The current pandemic threatens...

A lack of longitudinal data prevents many countries from estimating dynamic models and, thus, from obtaining valuable evidence for policy making in the field of education. This is the case of Spain, where recent education reforms have targeted secondary schools, but their design has been based...

Most recent available evidence points to the scarce efficacy of grade retention for levelling the performance of students. Yet, the fact that many countries persist in applying this measure reflects longstanding traditions, cultural factors and social beliefs as well, it would seem, the lack of...