During difficult market conditions, such as the asset - backed commercial paper
crisis in the summer of 2007 and the
global financial crisis of late 2008, the BAX has consistently
provided customers with price transparency, liquidity and central counterparty guaranteed transactions.
In related research, Viviani, Revelli, and Fall (2015) studied a short history that covers the
global financial crisis, from 2006 to 2012, and concluded that companies with better social responsibility scores, including those linked to human resources, as
provided by Vigeo Eiris, had lower downside risk
during this period based on Value - at - Risk statistics.