Does a decline in shareholder litigation enhance managers’ monitoring efforts by ensuring adequate firm risk management? We explore how state Universal Demand laws (which limit shareholder litigation as a mechanism to discipline managers, UD law hereafter), affects bank holding companies’...

Many sophisticated investors rely on scenario analysis to select a portfolio. These investors define prospective economic scenarios, assign probabilities to them, translate the scenarios into expected asset class returns, and select the portfolio with the highest expected return or expected...