We test the hypothesis that practicing Enterprise Risk Management (ERM) reduces firms' cost of reducing risk. Adoption of ERM represents a radical paradigm shift from the traditional method of managing risks individually to managing risks collectively allowing ERM-adopting firms to better...

We document a positive effect of monitoring institutional ownership on firm innovation after controlling for traditional measures of institutional ownership. We further find that monitoring institutions enhance firm innovation by: 1) incentivizing CEO risk-taking and reducing intense board...

[...]The final force of change is the continual evolution of thedelivery channels through which financial services are offered.This has occurred in many ways and in several stages. First, theuse of postal services substituted for physical market presence;this was followed by increased use of...

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The United States government enacted the Banking Act of 1933, commonly known as the Glass-Steagall Act, at least partially in an effort to calm fears stemming from bank failures during the Great Depression. While there has been a recent debate concerning the historic realism of characterizing...

Insurance regulators, policyholders, and investors are interested in the ability of insurers to fulfill their financial obligations. Economic and finance theory suggests that, all else equal, more efficient firms should be financially stronger firms. Efficiency scores represent a quantitative...

Public opinion plays an important role in affecting policy outcomes. Additionally, risk plays an equally important role in decision making (economic and noneconomic). Yet, we know little about how individuals incorporate risk when forming attitudes on public policy issues. When asked to give an...

We estimate the effects on county-wide housing development in Florida of community-level participation in the National Flood Insurance Program using panel data methods and observed variation in the timing of the decision to join the program. We find that program participation increased housing...