With an international dataset of credit default spreads as a credit risk measure, we propose a novel empirical framework to identify the structure of credit risk network across major financial institutions around the recent 2007-2008 global credit crisis. The findings directly shed light on credit risk transmission in a financial network and help find systemically important financial institutio...

Although large-scale comparisons of privacy practices acrossan industry have the potential to illuminate the state ofconsumer privacy and to uncover egregious practices, thefreeform legalese of most privacy policies makes comparisonstime-consuming and expensive. Financial institutions in theUnited States are required by the Gramm-Leach-Bliley Actto provide annual privacy...

CONTEXT Despite federal regulations on faculty conflicts of interest in federally funded research, academic-industry ties are common, and evidence exists that financial considerations bias the research record. Public scrutiny of these ties is increasing, especially in cases where researchers have financial interests in the corporate sponsors of their clinical research. OBJECTIVE To review pol...

Payments systems operate virtually unnoticed in our daily lives and yet are crucial to a wellfunctioning economy and financial system. Because they explicitly link financial institutions, payments systems provide a way to transmit risk within, and between, financial systems. Ideally, payments systems should be designed and operated so as not to add risk in the event of a crisis. The author exam...

The success of recent massive Internet-based attacks and frauds targeting financial institutions highlights the inadequacy of these institutions when facing such threats in isolation. There is a need for financial players to coordinate their efforts by sharing and correlating suspicious activities occurring at multiple, geographically distributed sites. CoMiFin, an EU funded project, is develop...

1. 1. 1. 1. General introduction General introduction General introduction General introduction Since the late 1990s, a series of papers published in leading economics and finance journals contain evidence for a significant impact of institutions on financial and economic development (e. this literature, high-quality institutions cause financial development. In turn, financial development is a ...

Numerous states have recently legalized recreational marijuana, which has created a burgeoning marijuana industry needing and demanding access to a variety of banking and financial services. Due, however, to the interplay between the federal criminalization of marijuana and federal anti-money laundering laws, U.S. financial institutions cannot handle legally the proceeds from marijuana activity...

Introduced in late-2007, SFAS 157 redefined existing accounting standards concerning fair value accounting and significantly impacted financial reporting for financial institutions. Prior studies, using larger samples of financial firms, have concluded that Level 3 fair values (the most opaque and subjective fair values) were heavily discounted by the market. Consistent with prior studies, this...

Discussions of financial systems tend to identify banks (financial intermediaries) and markets as the major institutions determining the workings of the financial system as it guides the flow of funds from the household sector to the production sector of the economy. The contrast of "bankdominated" and "market-oriented" financial systems has for a long time occupied centre stage of the literatu...