Central bank informal communications became more frequent and acquired more mass media attention after the global financial crisis. Do investors react to the content (e.g., future expansionary or restrictive policy) of informal central bank communications? And especially, do investors have a...

The recent financial crisis has shown that the stability of the investment banking industry plays a key role for the soundness of the financial system as a whole. Do high competition and/or cost inefficiencies increase investment banks' insolvency (and capital) risks? Or, conversely, do...