We show that, in the presence of correlated investment opportunities across firms, risk sharing between firm shareholders and firm managers leads to...
An important question in banking is how strict supervision affects bank lending. Supervisors forcing banks to recognize losses could choke off lending...
Despite its massive size, the corporate debt market is often considered a sleepy refuge for the risk-averse. Yet, corporate debt contracts are often...
In the wake of the global financial crisis, attention has often focused on whether incentives generated by bank executives? compensation programs led...