This paper examines the impacts of air pollution on criminal activities by exploiting three dimensions of variations in a rich quasi-experiment: the NOx Budget Trading Program. This program has been well documented to decrease air pollution concentrations in participating states. Employing a...

This paper develops a theoretical framework in which asset linkages in a syndicated loan agreement can infect a healthy bank when its partner bank fails. We investigate how capital constraints affect the choice of the healthy bank to takeover or liquidate the exposure held jointly with the...

We examine the impact of the COVID-19 pandemic on CDS spreads of companies around the world. We find that the pandemic-induced increases in corporate CDS spreads are concentrated in firms with higher leverage, non-investment-grade rating, lower profitability, and higher stock volatility. Further...