Welcome to the ARIA 2021 Annual Meeting Agenda App. You are seeing this in simple view. Click on any session to see Presenters, Discussants and a Session Description. Click on Presenters to find a single presenter and their sessions. If you find an error, please email gphillips@aria.org. Registrants have been added and will continue to be updated until 7/29/21 when registration closes. Zoom links will be shared directly with all participants two days prior to the conference. Please make notifications@sched.com a "safe sender" in your email system. We will be sending messages throughout the conference through this medium.
The financial crisis pushed some large financial institutions to the brink of insolvency. Instead of gambling for resurrection, financial institutions in severe distress pulled back from risk taking, becoming systematically less willing to take on risky incremental investments than institutions with low default probabilities. Regulatory constraints alone cannot explain these findings: institutions in distress reduced risk even within investment opportunities with identical regulatory treatment. These findings suggest that risk shifting incentives do not necessarily dominate for large financial institutions. Actions that clarify ongoing survival, like stress tests, may be needed to support risk appetite during crises. JEL codes: G22, G21, G32, G28
