We find that repeated borrowing from the same lender translates into a 10–17 bps lowering
of loan spreads and that relationships are especially valuable when borrower transparency …

The most cutting-edge read on the pricing, modeling, and management of credit risk available
The rise of credit risk measurement and the credit derivatives market started in the early …

Procyclicality has emerged as a potential drawback to adoption of risk-sensitive bank capital
requirements. Systematic risk factors may result in increases (decreases) in bank capital …

This paper looks at the role of commercial banks and investment banks as financial advisors.
In their role as lenders and advisors, banks can be viewed as serving a certification function…

We show that concentrating bank regulation on bank capital ratios may be ineffective in
controlling risk taking. We propose, instead, a more direct mechanism of influencing bank risk-…

This article examines debt securities underwritten by Section 20 subsidiaries of bank holding
companies relative to those underwritten by investment houses. Consistent with a net …

This study is the first to examine empirically the propensity of banks to engage in window
dressing behavior. We found evidence of a systematic upward window dressing adjustment in …

This book provides an innovative approach that focuses on managing return and risk in
modern financial institutions. The central theme is that the risks faced by financial institutions …

This paper investigates the relationship between bank ownership structure and risk taking. It
is hypothesized that stockholder controlled banks have incentives to take higher risk than …

This paper traces developments in the credit risk measurement literature over the last 20
years. The paper is essentially divided into two parts. In the first part the evolution of the …