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We develop a comprehensive empirical specification that treats risk-management and risk-taking as integrated facets of a financial intermediary’s risk profile. Three main results emerge from a sample of 518 U.S. bank holding companies during 1991–2000: (1) The corporate risk-management theories most consistently supported are those related to financial distress costs and debt holder-related agency...
The endogeneity problem has received a mixed treatment in corporate finance research. Although many studies implicitly acknowledge its existence, the literature does not consistently account for endogeneity using formal econometric methods. This chapter reviews the instrumental variables approach to endogeneity from the point of view of a finance researcher who is implementing instrumental variable...
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