Financial companies’ failures: early warning information from systematic and systemic risk measures,

The paper aims at comparing the systemic risk measures and the earlier market risk measures regarding their predictive ability toward the failure of financial companies. Focusing on the 2007–2008 period and considering 28 large US financial companies, four systematic and four systemic risk measures are used to rank the companies according to their risk and to estimate their relationship with the company's failure through a survival Cox model.