We propose a framework for estimating network-driven time-varying systemic risk contributions that is applicable to a high-dimensional financial system. Tail risk dependencies and contributions are estimated based on a penalized two-stage fixed-effects quantile approach, which explicitly links...

Corporate financial fragility preceding the Asian financial crisis heightened vulnerabilities. Many countries in the region undertook significant corporate financial restructuring after the crisis, with some countries bouncing back much faster than others. These sounder corporate financial...

We propose the realized systemic risk beta as a measure for financial companies' contribution to systemic risk given network interdependence between firms' tail risk exposures. Conditional on statistically pre-identified network spillover effects and market and balance sheet information, we...

We show the translation of income inequality into wealth inequality, arguably via the channel of corporate financing. For 15,812 publicly listed firms operating in 41 developed and developing countries, we find robust empirical evidence of a positive impact of national income inequality on...

Blockchain is one of the most disruptive innovations in the field of technology in 21st century. Blockchain, a distributed ledger technology (DLT) and smart contracts, has emerged as a ground-breaking application in the financial sector. The three key properties of Blockchain technology,...

This study identifies and quantifies the contribution of the listed financial institutions to systemic risk in the UK. A financial network is constructed based on conditional Value at Risk (CoVar), to show the interdependence between the financial institutions' tail risk. The spillover effects...

This paper investigates the nature of the Interim Financial Reporting (IFR) and the degree of compliance with the disclosure requirements of IAS 34 by the financial-based public listed companies. Attention in this research has been given to examine nature of the IFR practice, and whether the...

This paper tests the average relationship between competition and bank stability for 70 banks operating in the Gulf Cooperation Council Countries during the period 2001-2011. Our results show that an increase in competition contributes to bank fragility and that its contribution depends on the...

We provide an overview of the relationship between financial networks and systemic risk. We present a taxonomy of different types of systemic risk, differentiating between direct externalities between financial organizations (e.g., defaults, correlated portfolios and firesales), and perceptions...

While it is recognized that the high degree of leverage used by financial institutions creates systemic risks and other negative externalities, many argue that equity financing is “expensive,” and that increased capital requirements will increase the cost of credit. Public subsidies of debt...