This paper provides an overview of conceptual issues and recent research findings concerning the structure and the role of financial systems and an introduction into the new research area of comparative financial systems. The authors start by pointing out the importance of financial systems in...

UBS recently announced it would pay part of the bonuses of 6,500 highly compensated employees with bonds that would be forfeited if the bank does not meet its capital requirements. This memo underscores the benefits of contingent deferred compensation and makes recommendations for how such...

We examine corporate lobbying as a means of influencing federal securities class action litigation outcomes and increasing firm value for financial firms. First, we show that political lobbying lowers litigation likelihood for financial institutions. Secondly, lobbying firms experience a higher...

We examine the relationship between corporate lobbying, shareholder-based litigation outcomes, and firm value for financial firms. First, we show that political lobbying lowers the litigation likelihood for financial institutions. Secondly, lobbying firms experience a higher likelihood of having...

We examine the relationship between corporate lobbying, shareholder-based litigation outcomes, and firm value for financial firms. First, we show that political lobbying lowers the litigation likelihood for financial institutions. Secondly, lobbying firms experience a higher likelihood of having...

We examine the relationship between corporate lobbying, shareholder-based litigation outcomes, and firm value for financial firms. First, we show that political lobbying lowers the litigation likelihood for financial institutions. Secondly, lobbying firms experience a higher likelihood of having...

The paper deals with Chinese banks and in particular the role Chinese banks have in the development and functioning of those particular corporate transactions collectively defined as "mergers and acquisitions" (M&A). M&A transactions have a close and complex interconnection with banks, firstly...

In this paper, we examine how the timeliness of loan loss recognition within the banking system affects borrowers' debt structure. Using data from 55 countries, we find that more timely loan loss recognition reduces firms' reliance on bank debt, consistent with firms relying less on bank debt...

We study the relationship between banks' IT capabilities and their ability to serve customers during the demand shock for digital banking services generated by the COVID-19 pandemic. Amid mobility restrictions, banks with better IT experience larger reductions in physical branch visits and...

In this study the tail systemic risk of the Brazilian banking system is examined, using the conditional quantile as the risk measure. Multivariate conditional dependence between Brazilian banks is modelled with a vine copula hierarchical structure. The results demonstrate that Brazilian...