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Empirical Corporate Finance and Banking: Risk Management in an Uncertain...
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Empirical Corporate Finance and Banking: Risk Management in an Uncertain World

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: 30 May 2026 | Viewed by 2528

Special Issue Editors

Dr. Michal Wojewodzki

E-Mail Website
Guest Editor
Department of Finance, Faculty of Business, Lingnan University, 8 Castle Peak Road, Tuen Mun, Hong Kong
Interests: corporate finance and banking; climate and environmental finance; uncertainty and financial systems; technological and financial innovation; energy and resource economics
Dr. Chi Keung Marco Lau

E-Mail Website
Guest Editor
Department of Economics and Finance, The Hang Seng University of Hong Kong, Siu Lek Yuen, Shatin, Hong Kong
Interests: financial econometrics; regional economics; financial economics; international finance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Corporate finance and banking are no strangers to risks, but in today’s world, uncertainty has become the new normal. The increase in political turmoil, climate challenges, financial crises, and the double-edged sword of fintech have created a cocktail of complexity that requires deeper analysis. This Special Issue invites scholars to explore both these challenges and others, contributing fresh insights to a rapidly evolving field.

While topics such as fintech’s role in risk management, ESG principles, climate policy uncertainties, climate risk, volatility spillovers, and capital structures are front and center, we welcome submissions that tackle any aspect of risk and uncertainty in corporate finance and banking. Whether you are dissecting geopolitical risks, uncovering novel strategies for financial stability, or bringing new tools to the table, we are eager to see your data-driven insights.

Let this be your chance to shine a spotlight on pressing issues or unearth hidden dynamics. Bring your best work and join us in charting the future of risk management in corporate finance and banking. Creativity, rigor, and impactful findings are encouraged—bonus points if you can make it engaging too!

Dr. Michal Wojewodzki
Dr. Chi Keung Marco Lau
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Risks is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate finance
  • banking risk management
  • political uncertainty
  • climate risk
  • financial crises
  • volatility spillovers
  • capital structure
  • ESG
  • geopolitical risk
  • fintech

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Published Papers (2 papers)

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Research

20 pages, 821 KB  
Article
Tracking Pillar 2 Adjustments Through Macroeconomic Factors: Insights from PCA and BVAR
by Bojan Baškot, Milan Lazarević, Ognjen Erić and Dalibor Tomaš
Risks 2025, 13(11), 207; https://doi.org/10.3390/risks13110207 - 29 Oct 2025
Viewed by 842
Abstract
This paper investigates the systemic macroeconomic determinants of Pillar 2 Requirements (P2R) imposed by the European Central Bank (ECB) under the Single Supervisory Mechanism (SSM). While P2R is formally calibrated at the individual bank level through the Supervisory Review and Evaluation Process (SREP), [...] Read more.
This paper investigates the systemic macroeconomic determinants of Pillar 2 Requirements (P2R) imposed by the European Central Bank (ECB) under the Single Supervisory Mechanism (SSM). While P2R is formally calibrated at the individual bank level through the Supervisory Review and Evaluation Process (SREP), we explore the extent to which common macro-financial shocks influence supervisory capital expectations across banks. Using a panel dataset covering euro area banks between 2021 and 2025, we match bank-level P2R data with country-level macroeconomic indicators. Those variables include real GDP growth, HICP inflation and index levels, government fiscal balance, euro yield curve spreads, net turnover, FDI inflows, construction and industrial production indices, the price-to-income ratio in real estate, and trade balance measures. We apply Principal Component Analysis (PCA) to extract latent variables related to the macroeconomic factors from a broad set of variables, which are then introduced into a Bayesian Vector Autoregression (BVAR) model to assess their dynamic impact on P2R. Our results identify three principal components that capture general macroeconomic cycles, sector-specific real activity, and financial/external imbalances. The impulse response analysis shows that sectoral and external shocks have a more immediate and statistically significant influence on P2R adjustments than broader macroeconomic trends. These findings clearly support the use of systemic macro-financial conditions in supervisory decision-making and support the integration of anticipating macro-prudential analysis into capital requirement frameworks. Full article
(This article belongs to the Special Issue Empirical Corporate Finance and Banking: Risk Management in an Uncertain World)
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23 pages, 423 KB  
Article
Bank Mergers, Information Asymmetry, and the Architecture of Syndicated Loans: Global Evidence, 1982–2020
by Mohammed Saharti
Risks 2025, 13(9), 173; https://doi.org/10.3390/risks13090173 - 11 Sep 2025
Viewed by 1099
Abstract
This study investigates how bank mergers and acquisitions (M&As) reshape the monitoring architecture of syndicated loans and, by extension, borrowers’ financing conditions. Using a global panel of 20,299 syndicated loan contracts, originating in 43 countries between 1982 and 2020, we link LPC DealScan [...] Read more.
This study investigates how bank mergers and acquisitions (M&As) reshape the monitoring architecture of syndicated loans and, by extension, borrowers’ financing conditions. Using a global panel of 20,299 syndicated loan contracts, originating in 43 countries between 1982 and 2020, we link LPC DealScan data to Securities Data Company M&A records to trace each loan’s lead arrangers before and after consolidation events. Fixed-effects regressions, enriched with borrower- and loan-level controls, reveal three key patterns. First, post-merger loans exhibit significantly more concentrated syndicates: the Herfindahl–Hirschman Index rises by roughly 130 points and lead arrangers retain an additional 0.8–1.1 percentage points of the loan, consistent with heightened monitoring incentives. Second, these effects are amplified when information asymmetry is acute, i.e., for opaque or unrated firms, supporting moral hazard theory predictions that lenders internalize greater risk by holding larger stakes. Third, relational capital tempers the impact of consolidation: borrowers with repeated pre-merger relationships face smaller increases in syndicate concentration, while switchers experience the most significant jumps. Robustness checks using lead arranger market share, alternative spread measures, and lag structures confirm the findings. Overall, the results suggest that bank consolidation strengthens lead arrangers’ incentives to monitor but simultaneously reduces risk-sharing among participant lenders. For borrowers, the net effect is a trade-off between potentially tighter oversight and reduced syndicate diversification, with the balance hinging on transparency and prior ties to the lender. These insights refine our understanding of how structural shifts in the banking sector cascade into corporate credit markets and should inform both antitrust assessments and borrower funding strategies. Full article
(This article belongs to the Special Issue Empirical Corporate Finance and Banking: Risk Management in an Uncertain World)
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