Why do banks fail? We create a panel covering most commercial banks from 1863 through 2024 to study the history of failing banks in the United States. Failing banks are characterized by rising asset l
In this paper, we investigate binary response models for heterogeneous panel data with interactive fixed effects by allowing both the cross sectional dimension and the temporal dimension to diverge. F
Rare events (RE) and long-run risks (LRR) are complementary elements for understanding asset-pricing patterns, including the average equity premium and the volatility of equity returns. We construct a
