Social Norms and Strategic Default, Martin Brown (University of St. Gallen), Jan Schmitz (University of Lausanne) and Christian Zehnder (University of Lausanne)

Does Diversification Contribute to the Resiliency of a Residential Loans Guarantee Scheme?, Michel Dietsch (University of Strasbourg & ACPR – Banque de France) and Joël Petey (University of Strasbourg)

The Transmission of Liquidity Shocks to the Real Economy, H. Özlem Dursun-de Neef (Aarhus University)

The ICA-based Factor Decomposition of the Eurozone Sovereign CDS Spreads, Frank J. Fabozzi (EDHEC Business School), Rosella Giacometti (University of Bergamo) and Naoshi Tsuchida (Bank of Japan)

Foreign Monetary Policy and Firms’ Default Risk, Jonatan Groba (Lancaster University), David Martínez-Miera (University Carlos III of Madrid) and Pedro Serrano (University Carlos III of Madrid)

Model and Estimation Risk in Credit Risk Stress Tests, Peter Grundke (Osnabrück University), Kamil Pliszka (Deutsche Bundesbank) and Michael Tuchscherer (Osnabrück University)

Some Defaults Are Deeper than Others. Understanding Long-term Mortgage Arrears, Robert Kelly (Central Bank of Ireland) and Fergal McCann (Central Bank of Ireland)

Accuracy of Mortgage Portfolio Risk Forecasts during Financial Crises, Yongwoong Lee (Hankuk University of Foreign Studies), Daniel Rösch (University of Regensburg) and Harald Scheule (University of Technology, Sydney)