1932
0
  1. Home
  2. A-Z Publications
  3. Annual Review of Financial Economics
  4. Volume 7, 2015
  5. Article

Annual Review of Financial Economics

Volume 7, 2015

Financial Stability Monitoring

Abstract

We present a forward-looking monitoring program to identify and track the sources of systemic risk over time and to facilitate the development of preemptive policies to promote financial stability. We offer a framework that distinguishes between shocks, which are difficult to prevent, and vulnerabilities, which amplify shocks. Building on substantial research, we focus on leverage, maturity transformation, interconnectedness, complexity, and the pricing of risk as the primary vulnerabilities in the financial system. The monitoring program tracks these vulnerabilities in four areas: the banking sector, shadow banking, asset markets, and the nonfinancial sector. The framework also highlights the policy trade-off between reducing systemic risk and raising the cost of financial intermediation by taking preemptive actions to reduce vulnerabilities.

Keyword(s): asset valuations, financial stability, macroprudential policies, shadow banking, systemic risk
Loading

Article metrics loading...

/content/journals/10.1146/annurev-financial-111914-042008
2015-12-07
2025-04-25
Loading full text...

Full text loading...

/deliver/fulltext/financial/7/1/annurev-financial-111914-042008.html?itemId=/content/journals/10.1146/annurev-financial-111914-042008&mimeType=html&fmt=ahah

Literature Cited

  1. Acharya V, Pedersen LH, Philippon T, Richardson M. 2010. Measuring systemic risk Presented at Annu. Meet. Am. Finance Assoc., Denver, CO. http://ssrn.com/abstract=1573171 [Google Scholar]
  2. Admati A, DeMarzo P, Hellwig M, Pfleiderer P. 2010. Fallacies, irrelevant facts, and myths in the discussion of capital regulation: why bank equity is not expensive Res. Pap. 2065, Stanf. Grad. Sch. Bus., Stanford, CA. http://ssrn.com/abstract=1669704 [Google Scholar]
  3. Admati A, Hellwig M. 2013. The Bankers' New Clothes: What's Wrong with Banking and What to Do About It Princeton, NJ: Princeton Univ. Press [Google Scholar]
  4. Adrian T, Ashcraft AB. 2012a. Shadow bank regulation. Annu. Rev. Financ. Econ. 4:199–140 [Google Scholar]
  5. Adrian T, Ashcraft AB. 2012b. Shadow banking: a review of the literature. Palgrave Dictionary of Economics SN Durlauf, LE Blume. Palgrave Macmillan. Online ed. http://www.dictionaryofeconomics.com/article?id=pde2012_S000552 [Google Scholar]
  6. Adrian T, Begalle BJ, Copeland A, Martin A. 2013. Repo and securities lending Staff Rep. 529, Fed. Reserve Bank N.Y., New York. http://www.newyorkfed.org/research/staff_reports/sr529.pdf [Google Scholar]
  7. Adrian T, Boyarchenko N. 2012. Intermediary leverage cycles and financial stability Staff Rep. 567, Fed. Reserve Bank N.Y., New York. http://www.newyorkfed.org/research/staff_reports/sr567.pdf [Google Scholar]
  8. Adrian T, Brunnermeier MK. 2010. CoVaR Staff Rep. 348, Fed. Reserve Bank N.Y., New York. http://www.newyorkfed.org/research/staff_reports/sr348.pdf [Google Scholar]
  9. Adrian T, Crump RK, Moench E. 2012. Pricing the term structure with linear regressions Staff Rep. 340, Fed. Reserve Bank N.Y., New York. http://www.newyorkfed.org/research/staff_reports/sr340.pdf [Google Scholar]
  10. Adrian T, Etula E, Muir T. 2012. Financial intermediaries and the cross-section of asset returns. J. Finance 69:62557–96 [Google Scholar]
  11. Adrian T, Fleming M. 2005. What financing data reveal about dealer leverage. Curr. Issues Econ. Finance 11:341281 [Google Scholar]
  12. Adrian T, Kimbrough KJ, Marchioni D. 2011. The Federal Reserve's commercial paper funding facility. Econ. Policy Rev. 17:125–39 [Google Scholar]
  13. Adrian T, Liang N. 2014. Monetary policy, financial conditions, and financial stability Staff Rep. 690, Fed. Reserve Bank N.Y., New York. http://ssrn.com/abstract=2495074 [Google Scholar]
  14. Adrian T, Moench E, Shin HS. 2009. Financial intermediation, asset prices, and macroeconomic dynamics Staff Rep. 422, Fed. Reserve Bank N.Y., New York. http://www.newyorkfed.org/research/staff_reports/sr422.pdf [Google Scholar]
  15. Adrian T, Shin HS. 2008. Financial intermediaries, financial stability, and monetary policy. Proc. Jackson Hole Econ. Symp., Jackson Hole, WY287–334 Kansas City, MO: Fed. Reserve Bank Kansas City [Google Scholar]
  16. Adrian T, Shin HS. 2010. Liquidity and leverage. J. Financ. Intermediation 19:3418–37 [Google Scholar]
  17. Adrian T, Shin HS. 2013. Procyclical leverage and value-at-risk. Rev. Financ. Stud. 27:2373–403 [Google Scholar]
  18. Altman E, Armon P. 2002. Defaults and returns on high yield bonds: analysis through 2001. J. Appl. Finance 12:198–112 [Google Scholar]
  19. Amromin G, Sharpe SA. 2008. Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical? Work. Pap. 2008-17, Finance Econ. Discuss. Ser., Fed. Reserve Board, Washington, DC. http://www.federalreserve.gov/pubs/feds/2008/200817/200817pap.pdf [Google Scholar]
  20. Angelini P, Neri S, Panetta F. 2012. Monetary and macroprudential policies Work. Pap. 1449, Eur. Cent. Bank, Frankfurt, Ger. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1449.pdf [Google Scholar]
  21. Angeloni I, Faia E. 2013. Capital regulation and monetary policy with fragile banks. J. Monet. Econ. 36:11311–24 [Google Scholar]
  22. Aramonte S, Rosen S, Schindler J. 2013. Assessing and combining financial conditions indexes. Staff Work. Pap., Finance Econ. Discuss. Ser. 2013-39, Board Gov., Fed. Reserve Syst., Washington, DC. http://www.federalreserve.gov/pubs/feds/2013/201339/201339pap.pdf
  23. Bassett W, Chosak MB, Driscoll J, Zakrajsek E. 2012. Changes in bank lending standards and the macroeconomy Work. Pap. 2012-24, Finance Econ. Discuss. Ser., Fed. Reserve Board, Washington, DC. http://www.federalreserve.gov/pubs/feds/2012/201224/201224pap.pdf [Google Scholar]
  24. Bernanke B. 2012. Reflections on the Crisis and the Policy Response. Presented at Russell Sage Found. Century Found. Conf. Rethinking Finance, April 13, New York. http://www.federalreserve.gov/newsevents/speech/bernanke20120413a.pdf [Google Scholar]
  25. Bernanke B, Gertler M. 1989. Agency costs, net worth, and business fluctuations. Am. Econ. Rev. 79:114–31 [Google Scholar]
  26. Bianchi J, Mendoza E. 2011. Overborrowing, financial crises and macroprudential policy Work. Pap. 11/24, Int. Monet. Fund, Washington, DC. http://www.imf.org/external/pubs/ft/wp/2011/wp1124.pdf [Google Scholar]
  27. Blanchard OJ, Shiller R, Siegel JJ. 1993. Movements in the equity premium. Brookings Pap. Econ. Act. 1993:275–138 [Google Scholar]
  28. Borio C, Drehmann M, Tsatsaronis K. 2011. Anchoring countercyclical capital buffers: the role of credit aggregates. Int. J. Cent. Bank. 7:4189–240 [Google Scholar]
  29. Borio C, Furfine C, Lowe P. 2001. Procyclicality of the financial system and financial stability: issues and policy options BIS Pap. 1, Bank Int. Settl., Basel, Switz. http://www.bis.org/publ/bppdf/bispap01a.pdf [Google Scholar]
  30. Borio C, White W. 2003. Whither monetary and financial stability? The implications of evolving policy regimes. Proc. Jackson Hole Econ. Symp., 26th, Jackson Hole, WY131–211 Kansas City, MO: Fed. Reserve Bank Kansas City [Google Scholar]
  31. Brunetti C, Gordy M. 2012. Monitoring counterparty credit risk and interconnectedness in CDS trade repository data Work. Pap., Fed. Reserve Board [Google Scholar]
  32. Brunnermeier M, Pedersen LH. 2009. Market liquidity and funding liquidity. Rev. Financ. Stud. 22:62201–38 [Google Scholar]
  33. Brunnermeier M, Sannikov Y. 2011. The I theory of money Work. Pap., Princeton Univ. http://www.princeton.edu/∼markus/research/papers/i_theory.pdf [Google Scholar]
  34. Campbell JY, Shiller RJ. 1984. A simple account of the behavior of long-term interest rates. Am. Econ. Rev. 74:244–48 [Google Scholar]
  35. Campbell JY, Shiller RJ. 1988. The dividend-price ratio and expectations of future dividends and discount factors. Rev. Financ. Stud. 1:3195–228 [Google Scholar]
  36. Campbell JY, Shiller RJ. 1991. Yield spreads and interest rate movements: a bird's eye view. Rev. Econ. Stud. 58:3495–514 [Google Scholar]
  37. Campbell SD, Covitz DM, Nelson WR, Pence K. 2011. Securitization markets and central banking: an evaluation of the term asset-backed securities loan facility. J. Monet. Econ. 58:5518–31 [Google Scholar]
  38. Campbell SD, Davis MA, Gallin J, Martin RF. 2009. What moves housing markets: a variance decomposition of the rent-price ratio. J. Urban Econ. 66:290–102 [Google Scholar]
  39. Case K, Shiller RJ. 2003. Is there a bubble in the housing market?. Brookings Pap. Econ. Act. 2003:2299–362 [Google Scholar]
  40. Chava S, Roberts MR. 2008. How does financing impact investment? The role of debt covenants. J. Finance 63:52083–121 [Google Scholar]
  41. Cheng IH, Raina S, Xiong W. 2012. Wall Street and the housing bubble NBER Work. Pap. 18904, Cambridge, MA. http://www.nber.org/papers/w18904 [Google Scholar]
  42. Christensen I, Meh C, Moran K. 2011. Bank leverage regulation and macroeconomic dynamics Work. Pap. 2011-32, Bank Can., Ottawa, Can. http://www.bankofcanada.ca/wp-content/uploads/2011/12/wp2011-32.pdf [Google Scholar]
  43. Christensen J, Diebold F, Rudebusch G. 2011. The affine arbitrage-free class of Nelson-Siegel term structure models. J. Econom. 164:14–20 [Google Scholar]
  44. Clouse J. 2013. Monetary policy and financial stability risks: an example Work. Pap. 2013-41, Finance Econ. Discuss. Ser., Fed. Reserve Board, Washington, DC. http://www.federalreserve.gov/pubs/feds/2013/201341/201341abs.html [Google Scholar]
  45. Cochrane J. 2011. Presidential address: discount rates. J. Finance 66:41047–108 [Google Scholar]
  46. Cochrane JH, Piazzesi M. 2005. Bond risk premia. Am. Econ. Rev. 95:1138–60 [Google Scholar]
  47. Cont R, Moussa A, Santos EB. 2013. Network structure and systemic risk in banking systems. Handbook on Systemic Risk JP Fouque, J Langsam 327–65 New York: Cambridge Univ. Press [Google Scholar]
  48. Copeland A, Martin A, Walker MW. 2010. The tri-party repo market before the 2010 reforms Staff Rep. 477, Fed. Reserve Bank N.Y., New York. http://www.newyorkfed.org/research/staff_reports/sr477.pdf [Google Scholar]
  49. Covitz D, Liang N, Suarez G. 2013. The evolution of a financial crisis: panic in the asset-backed commercial paper market. J. Finance 68:3815–48 [Google Scholar]
  50. Crump R, Eusepi S, Moench E. 2015. The term structure of expectations and bond yields Work. Pap., Fed. Reserve Bank N.Y., New York [Google Scholar]
  51. Dell'Ariccia G, Marquez D. 2014. The role of real interest rates on bank leverage and risk taking. J. Econ. Theory 149:65–99 [Google Scholar]
  52. Duygan-Bump B, Parkinson PM, Rosengren ES, Suarez GA, Willen PS. 2013. How effective were the Federal Reserve emergency liquidity facilities? Evidence from the asset-backed commercial paper money market mutual fund liquidity facility. J. Finance 68:2715–37 [Google Scholar]
  53. Edge RM, Meisenzahl RR. 2011. The unreliability of credit-to-GDP ratio gaps in real time: implications for countercyclical capital buffers. Int. J. Cent. Bank. 7:4261–98 [Google Scholar]
  54. Eichner MJ, Natalucci FM. 2010. Capturing the evolution of dealer credit terms related to securities financing and OTC derivatives: some initial results from the new senior credit officer opinion survey on dealer financing terms Work. Pap. 2010-47, Finance Econ. Discuss. Ser., Fed. Reserve Board, Washington, DC. http://www.federalreserve.gov/pubs/feds/2010/201047/201047pap.pdf [Google Scholar]
  55. Elton E, Gruber M, Agrawal D, Mann C. 2001. Explaining the rate spread on corporate bonds. J. Finance 56:1247–78 [Google Scholar]
  56. Falato A, Liang N. 2015. Do creditor rights increase employment risk? Evidence from loan covenants. J. Finance. In press [Google Scholar]
  57. Feroli M, Kashyap A, Schoenholtz K, Shin H. 2014. Market tantrums and monetary policy Chic. Booth Res. Pap. 14-09, Chicago, IL [Google Scholar]
  58. Fleming MJ, Garbade KD. 2003. The repurchase agreement refined: GCF repo. Curr. Issues Econ. Finance 9:61–7 [Google Scholar]
  59. FRB (Fed. Reserve Board) 2012. About commercial paper. Fed. Reserve Board, Washington, DC. http://www.federalreserve.gov/releases/cp/about.htm [Google Scholar]
  60. FRB (Fed. Reserve Board) 2014a. Comprehensive capital analysis and review 2014: assessment framework and results. Fed. Reserve Board, Washington, DC. http://www.federalreserve.gov/newsevents/press/bcreg/ccar_20140326.pdf [Google Scholar]
  61. FRB (Fed. Reserve Board) 2014b. Financial accounts of the United States: flow of funds, balance sheets, and integrated macroeconomic accounts. Stat. Release Z.1, Board Gov. Fed. Reserve Syst., Washington, DC. http://www.federalreserve.gov/Releases/Z1/ [Google Scholar]
  62. FRB (Fed. Reserve Board) 2014c. Senior loan officer opinion survey on bank lending practices. Fed. Reserve Board, Washington, DC. http://www.federalreserve.gov/boarddocs/snloansurvey/ [Google Scholar]
  63. Froot K. 1989. New hope for the expectations hypothesis of the term structure of interest rates. J. Finance 44:2283–305 [Google Scholar]
  64. Garbade K. 2006. The evolution of repo contracting conventions in the 1980s. Econ. Policy Rev. 12:127–42 [Google Scholar]
  65. Garratt R, Mahadeva L, Svirydzenka K. 2011. Mapping systemic risk in the international banking network Work. Pap. 413, Bank Engl., London. http://www.bankofengland.co.uk/research/Documents/workingpapers/2011/wp413.pdf [Google Scholar]
  66. Gennaioli N, Shleifer A, Vishny R. 2013. A model of shadow banking. J. Finance 68:41331–63 [Google Scholar]
  67. Gerardi K, Lehnert A, Sherlund SM, Willen P. 2008. Making sense of the subprime crisis. Brookings Pap. Econ. Act. 2008:269–145 [Google Scholar]
  68. Gertler M, Kiyotaki N. 2012. Banking, liquidity, and bank runs in an infinite horizon economy NBER Work. Pap. 19129, Cambridge, MA. http://www.nber.org/papers/w19129 [Google Scholar]
  69. Goodhart C, Kashyap AK, Tsomocos DP, Vardoulakis A. 2012. Financial regulation in general equilibrium NBER Work. Pap. 17909, Cambridge, MA. http://www.nber.org/papers/w17909 [Google Scholar]
  70. Goodhart C, Kashyap AK, Tsomocos DP, Vardoulakis A. 2013. An integrated framework for analyzing multiple financial regulations. Int. J. Cent. Bank. 9:1109–43 [Google Scholar]
  71. Gorton GB, Metrick A. 2010. Regulating the shadow banking system. Brookings Pap. Econ. Act. 2010:261–97 [Google Scholar]
  72. Gorton GB, Metrick A. 2012. Securitized banking and the run on repo. J. Financ. Econ. 104:3425–51 [Google Scholar]
  73. Greenwood R, Hanson SG. 2013. Issuer quality and corporate bond returns. Rev. Financ. Stud. 26(6):21483–525 [Google Scholar]
  74. Hanson SG, Kashyap AK, Stein JC. 2011. A macroprudential approach to financial regulation. J. Econ. Perspect. 25:13–28 [Google Scholar]
  75. Haughwout A, Lee D, Tracy J, van der Klaauw W. 2011. Real estate investors, the leverage cycle, and the housing market crisis Staff Rep. 514, Fed. Reserve Bank N.Y., New York. http://www.newyorkfed.org/research/staff_reports/sr514.pdf [Google Scholar]
  76. Himmelberg C, Mayer C, Sinai T. 2005. Assessing high house prices: bubbles, fundamentals, and misperceptions. J. Econ. Perspect. 19:467–92 [Google Scholar]
  77. Holmström B, Tirole J. 1998. Private and public supply of liquidity. J. Polit. Econ. 106:11–40 [Google Scholar]
  78. Huang J-Z, Huang M. 2012. How much of the corporate-treasury yield spread is due to credit risk?. Rev. Asset Pricing Stud. 2:2153–202 [Google Scholar]
  79. Huang X, Zhou H, Zhu H. 2009. A framework for assessing the systemic risk of major financial institutions. J. Bank. Finance 33:112036–49 [Google Scholar]
  80. Ivashina V, Sun Z. 2011. Institutional demand pressure and the cost of corporate loans. J. Financ. Econ. 99:3500–22 [Google Scholar]
  81. Jiménez G, Ongena S, Peydró J-L, Saurina J. 2012. Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications. Am. Econ. Rev. 102:52301–26 [Google Scholar]
  82. Kaplan SN, Stein J. 1993. The evolution of buyout pricing and financial structure in the 1980s. Q. J. Econ. 108:2313–57 [Google Scholar]
  83. Kashyap A, Berner R, Goodhart C. 2011. The macroprudential toolkit. Int. Monet. Fund Econ. Rev. 59:2145–61 [Google Scholar]
  84. Kiley M, Sim J. 2012. Intermediary leverage, macroeconomic dynamics, and macroprudential policy. Work. Pap., Fed. Reserve Bank San Franc., San Francisco. http://www.frbsf.org/economic-research/events/2013/january/federal-reserve-day-ahead-financial-markets-institutions/files/Session_2_Paper_1_Kiley_Sim_macroprudential.pdf [Google Scholar]
  85. Kiley M, Sim J. 2014. Optimal monetary and macroprudential policies: gains and pitfalls in a model of financial intermediation Work. Pap., Fed. Reserve Bank San Franc., San Francisco. http://www.frbsf.org/economic-research/events/2014/march/monetary-policy-financial-markets/agenda/Optimal-Monetary-and-Liquidity-Policies-Gains-and-Pitfalls-of-a-Macroprudential-Approach.pdf [Google Scholar]
  86. Kim DH, Wright JH. 2005. An arbitrage-free three-factor term structure model and the recent behavior of long-term yields and distant-horizon forward rates Work. Pap. 2005-33, Finance Econ. Discuss. Ser., Fed. Reserve Board, Washington, DC. http://www.federalreserve.gov/pubs/feds/2005/200533/200533abs.html [Google Scholar]
  87. Krishnamurthy A, Nagel S, Orlov D. 2012. Sizing up repo NBER Work. Pap. 17768, Cambridge, MA. http://www.nber.org/papers/w17768 [Google Scholar]
  88. Liang N. 2013. Implementing macroprudential policies Presented at Conf. Financ. Stab. Analysis, May 31, Washington, DC. http://financialresearch.gov/conferences/files/implementing_macroprudential_policies_may31-2013.pdf [Google Scholar]
  89. Lipson P, Sabel B, Keane F. 2012. Securities lending Staff Rep. 555, Fed. Reserve Bank N.Y., New York. http://www.newyorkfed.org/research/staff_reports/sr555.pdf [Google Scholar]
  90. Malz A. 2013. Risk neutral systemic risk indicators Staff Rep. 607, Fed. Reserve Bank N.Y., New York. http://www.newyorkfed.org/research/staff_reports/sr607.pdf [Google Scholar]
  91. McCabe PE. 2010. The cross section of money market fund risks and financial crises Work. Pap. 2010–51, Finance Econ. Discuss. Ser., Fed. Reserve Board, Washington, DC. http://www.federalreserve.gov/pubs/feds/2010/201051/201051pap.pdf [Google Scholar]
  92. Mian A, Sufi A. 2009. The consequences of mortgage credit expansion: evidence from the U.S. mortgage default crisis. Q. J. Econ. 124:41449–96 [Google Scholar]
  93. Mian A, Sufi A. 2010. Household leverage and the recession of 2007–09. Int. Monet. Fund Econ. Rev. 58:174–117 [Google Scholar]
  94. Mian A, Sufi A. 2011. House prices, home equity-based borrowing, and the U.S. household leverage crisis. Am. Econ. Rev. 101:52132–56 [Google Scholar]
  95. Novy-Marx R, Rauh JD. 2009. The liabilities and risks of state-sponsored pension plans. J. Econ. Perspect. 23:4191–210 [Google Scholar]
  96. Opler T, Titman S. 1994. Financial distress and corporate performance. J. Finance 49:31015–40 [Google Scholar]
  97. Paligorova T, Santos J. 2012. Monetary policy and bank risk-taking: evidence from the corporate loan market Work. Pap., Fed. Reserve Bank N.Y., New York. http://ssrn.com/abstract=1991471 [Google Scholar]
  98. Piazzesi M, Schneider M. 2011. Trend and cycle in bond premia Work. Pap., Dep. Econ., Stanf. Univ. http://web.stanford.edu/∼piazzesi/trendcycle.pdf [Google Scholar]
  99. Pozsar Z, Adrian T, Ashcraft A, Boesky H. 2010. Shadow banking Staff Rep. 458, Fed. Reserve Bank N.Y., New York. http://www.newyorkfed.org/research/staff_reports/sr458.pdf [Google Scholar]
  100. Ricks M. 2010. Shadow banking and financial regulation Work. Pap. 370, Cent. Law Econ. Stud., Columbia Univ. http://ssrn.com/abstract=1571290 [Google Scholar]
  101. Sharpe S. 1994. Financial market imperfections, firm leverage, and the cyclicality of employment. Am. Econ. Rev. 84:41060–74 [Google Scholar]
  102. Stein JC. 2010. Securitization, shadow banking, and financial fragility. Daedalus 139:441–51 [Google Scholar]
  103. Stein JC. 2012. Monetary policy as financial stability regulation. Q. J. Econ. 127:157–95 [Google Scholar]
  104. Stein JC. 2013. Overheating in credit markets: origins, measurement, and policy responses Presented at Restoring Household Financial Stability After the Great Recession: Why Household Balance Sheets Matter Res. Symp., Feb. 7, St. Louis, MO. http://www.federalreserve.gov/newsevents/speech/stein20130207a.htm [Google Scholar]
  105. Stein JC. 2014. Incorporating financial stability considerations into a monetary policy framework Presented at Int. Res. Forum Monet. Policy, March 21, Washington, DC. http://www.federalreserve.gov/newsevents/speech/stein20140321a.htm [Google Scholar]
  106. Summers L. 1985. On economics and finance. J. Finance 40:3633–35 [Google Scholar]
  107. Sunderam A. 2012. Money creation and the shadow banking system Work. Pap., Harv. Bus. Sch., Boston. http://www.newyorkfed.org/research/conference/2013/stable_funding/Paper_Sunderam.pdf [Google Scholar]
  108. Tarullo D. 2012. Financial stability regulation Disting. Jurist Lect., Univ. Pa. Law Sch., Oct. 10, Philadelphia, PA. http://www.federalreserve.gov/newsevents/speech/tarullo20121010a.htm [Google Scholar]
  109. Woodford M. 2011. Monetary policy and financial stability Presented at Natl. Bureau Econ. Res. Summer Inst., July 15, Cambridge, MA [Google Scholar]
/content/journals/10.1146/annurev-financial-111914-042008
Loading
Financial Stability Monitoring
Annual Review of Financial Economics 7, 357 (2015); https://doi.org/10.1146/annurev-financial-111914-042008
/content/journals/10.1146/annurev-financial-111914-042008
/content/journals/10.1146/annurev-financial-111914-042008
Loading

Data & Media loading...

  • Article Type: Review Article

Most Cited Most Cited RSS feed

This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error