We consider a multi-battle team contest in which players from two rival teams form pairwise matches to fight in distinct component battles, which are carried out sequentially or (partially) simultaneously. A team wins if and only if its players win a majority of battles. Each player benefits from his team's win, while he can also receive a private reward for winning his own battle. We find that the outcomes of past battles do not distort the outcomes of future battles. Neither the total expected effort nor the overall outcome of the contest depends on the contest's temporal structure or its feedback policy. (JEL C72, D72, D74, D82)

We examine the impact of bank liquidity creation on systemic risk and its heterogeneous impact over the network connectedness. We find that excessive liquidity creation increases the systemic risk with a “U shape” relationship, while internal and external liquidity creation drives systemic risk in a different way. Network connectedness of banks strengthens the relationship between liquidity creation and systemic risk. Our results provide supporting evidence on regulating bank liquidity creation to enhance the financial stability.