The recent global economic crisis has revealed that the prevailing risk management systems in the banking and financial sectors are utterly inadequate to protect the public from unacceptable levels of risk. Such "black holes of risk," which expose all of us to catastrophic harm, are increasingly...

This chapter investigates the effectiveness and the motivation behind the choice of different types of distress resolution strategies in the banking sector. This is a global study that analyzes key financial characteristics of distressed banks that were either acquired by other banks, divested...

We characterize asset return linkages during periods of stress by an extremal dependence measure. Contrary to correlation analysis, this nonparametric measure is not predisposed toward the normal distribution and can allow for nonlinear relationships. Our estimates for the G-5 countries suggest...

The aim of this paper is to clarify the concept of alternative trading systems (ATS) and to present an interpretation of their role in the securities markets.The discussion focuses on trading venues related to debt instruments and equities.Geographically, the American and European markets are...

The aim of this paper is to clarify the concept of alternative trading systems (ATS) and to present an interpretation of their role in the securities markets. The discussion focuses on trading venues related to debt instruments and equities. Geographically, the American and European markets are...