weaker institutions, systemic risk critically depends on financial health of stronger in the contagion chain. Our analysis …

(measured as a bank's liabilities divided by national GDP) are linked to banks displaying higher tail risk. This effect is not … entirely due to risk channels that disproportionately expose relatively large banks to systematic tail risks, sovereign risks …, or banking crises. Instead, we detect a persistent component in the tail risk of relatively large banks that is bank …

price crash risk, a consequence of managerial bad news hoarding. Using a sample of U.S. public firms with Big 4 auditors, we … find robust evidence that local audit office size is significantly and negatively related to future stock price crash risk …

This study explores whether and how bank characteristics affect general risk-taking and tail risk of Too …-Big-to-Fail (TBTF) and non-TBTF banks differently. We show that TBTF banks’ investment decisions drive their risks, while sources of … contagion risk to the real economy. Regulations designed to limit tail risk, such as raising core capital, do not lower banks …