Credit Rating Agencies (CRAs) have been in the regulator's spotlight since the subprime crisis occurred and they remain under criticism due to suspected conflicts of interest that could arise from clients soliciting a rating. The aim of this paper is to contribute to the current discussion on...

This paper provides empirical evidence that higher lobbying expenditures are associated with higher operational performance variability. The estimates indicate a positive relationship between lobbying expenditures and the variability of return on asset and return on equity. The results are...

The aim of this paper is to contribute to the debate on systemic risk by assessing the extent to which distress within the main different financial sectors, namely, the banking, insurance and other financial services industries contribute to systemic risk. To this end, we rely on the ∆CoVaR...