Stablecoins are at the center of debate surrounding decentralized finance. We develop a
dynamic model to analyze the instability mechanism of stablecoins, the complex incentives …

The promise of contingent convertible capital securities (CoCos) as a” bail-in” solution has
been the subject of considerable theoretical analysis and debate, but little is known about …

The soaring popularity of blockchain investing and cryptocurrencies has captured the
attention of policymakers and investors alike. However, as cryptocurrencies remain the most …

Abstract Contingent Convertible (CoCo) bonds are subject to a considerable theoretical and
practical debate. This article presents a systematic literature survey from five databases …

For globally systemically important banks (GSIBs) with US headquarters, we find significant
reductions in market-implied probabilities of government bailout after the Global Financial …

One of the most important elements of the post-crisis financial reforms was to establish
credible resolution frameworks allowing for creditor bail-in when banks are entering …

We study how contingent capital affects banks' risk choices. When triggered in highly
levered states, going-concern conversion reduces risk-taking incentives, unlike conversion …

This paper investigates the announcement effects of CoCo bonds issued by global banks
between January 2009 and June 2014. Using a sample of 34 financial institutions, we …

The crisis demonstrated that microprudential regulation focusing on the risks taken by
individual banks is not sufficient to prevent crises. This is because it ignores systemic risk …

We conduct a first comprehensive empirical study of the bank contingent convertible (CoCo)
issues market from 2009 to 2015. Large banks with relatively adequate core capital bases …