This paper is the first to examine the effects of consolidation in the international insurance industry on the acquirers' contribution to systemic risk. We analyze a sample of 394 international domestic and cross-border mergers and find a strong positive relation between consolidation in the...

In recent history, financial markets worldwide experienced severe turmoil due to the subprime crisis originating from the practice of US mortgage banks to securitise loans given especially to subprime borrowers. In the same crisis, several distressed banks were bailed out by states with even...

We analyze the effect of bank capital, regulation and deposit insurance on the global systemic risk of international banks during the period of 1999-2012. Using a comprehensive panel of large global banks, we identify factors that influence the build-up of systemic risk worldwide across a large...

We show that the information on derivatives usage and securitization activities of U.S. banks as disclosed in their pre-crisis 10-K filings predicts their systemic equity risk during the financial crisis. Investors predominantly exited stocks of banks that had previously disclosed a more...