In this paper, we develop and test the hypothesis that tax repatriation costs increase the uncertainty embedded in cash holdings. The intuition behind our empirical prediction relies on the notion that tax repatriation costs are a strong indication that part of the cash is not available to...

This paper investigates whether the fair value accounting for available-for-sale (AfS) securities and the capital regulation permit to shift risk from shareholders to creditors. Using a sample of 5,510 firm-year observations generated from 754 unique U.S. banks from 1998 to 2013, we find that...

We study whether commonality of incentives and opportunity to commit fraud triggers reputational contagion from culpable firms to nonculpable firms. Relying on a sample of 30 banks involved in fixing the London Interbank Offered Rate (LIBOR) and a control sample of 30 banks, we find that banks'...

The paper investigates the role of CEO risk incentives in increasing the riskiness of securitization transactions in the financial industry. Using a sample of US financial institutions, and a system model to account for the endogeneity problem between risk incentives and securitization, we...