This study investigates how the presence of a female chief risk officers (CROs) affects risk-taking practices in banks. We follow the enterprise risk management (ERM) perspective by considering the environment surrounding the CROs (i.e., female representation in both the risk committee and the...

This paper investigates the link between the optimal level of non-financial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic uncertainty increases the firm will decrease its optimal level of...

This study investigates the link between bank lending behavior and country-level instability. Our dynamic model of bank's profit maximization predicts a non-monotonic relationship between bank lending and macroeconomic uncertainty. We test this proposition using a panel of Ukrainian banks over...