This paper develops three distinct methods to quantify the risk of a systemic failure in the
global banking system. We examine a sample of 334 banks (representing 80% of global bank …

We test whether ratings are comparable across asset classes. We examine default rates by
initial rating, accuracy ratios, migration metrics, instantaneous upgrade and downgrade …

The diversification discount (multiple segment firm value below the value imputed using single
segment firm multiples) is commonly thought to be generated by agency problems, a lack …

We investigate the effects of opioid abuse on municipal finance. We employ instrumental
variables, border discontinuity difference-in-differences regressions, and coarsened exact …

We analyze whether investors in opaque markets price information from more transparent
markets. Exploiting the natural experiment created by bond-insurer insolvency, we show that …

Economic theory predicts that bond insurance lowers issuers’ financing costs by resolving
asymmetric information and mitigating credit risk. With comprehensive data over the last 36 …

Liquidity risk is an important component of the yield spread on both corporate and sovereign
bonds in emerging markets, explaining about half as much of the yield spread as credit risk …

The Cameroonian model represents a departure from the long established pattern of state
courts in Africa to set alleged witches free for lack of concrete evidence and to prosecute and …

Investment spending by US public firms is highly concentrated. The 100 largest spenders
account for 60% of total capital expenditures and drive most of the variation in aggregate …

The South African Suppression of Witchcraft Act of 1957 outlawed tribal mediation by chiefs
and sangomas (African priest-diviners) in witchcraft accusation trials. This Western …