Using a proprietary set of transaction-level HELOC data from five banks, we explore whether banks actively manage HELOCs for periods prior to and during bank distress. Banks are more likely to revoke credit lines that exhibit potentially problematic characteristics at origination and...

Using unique, daily, account-level balances data we investigate deposit stability and the drivers of deposit outflows and inflows in a distressed bank. We observe an outflow of uninsured depositors from the bank following bad regulatory news. We find that government deposit guarantees, both...

Using unique, daily, account-level balances data we investigate deposit stability and the drivers of deposit outflows and inflows in a distressed bank. We observe an outflow (run-off) of uninsured depositors from the bank following bad regulatory news. We find that government deposit guarantees,...

Using unique, daily, account-level balances data we investigate deposit stability and the drivers of deposit outflows and inflows in a distressed bank. We observe an outflow (run-off) of uninsured depositors from the bank following bad regulatory news. We find that government deposit guarantees,...

In order for deposit insurers to be able to maintain public confidence following a bank failure, they must be able to act quickly to repay depositors and adequately fund the resolution of failed institutions. According to the International Association of Deposit Insurers, the best measure of...

The Value Added Tax, VAT, has become a popular means of raising funds for governments around the world. Countries seeking to reduce variation in tax revenues as well as raise revenue to solve deficits often consider a VAT, and the IMF in particular has become an advocate for the tax for...

Value added taxes have become an important source of government funding in past decades, but little empirical work has been done on their macroeconomic impacts. Because the decision to implement a VAT is endogenous, regression methods analyzing the impact of the policy choice will yield biased...

We develop a model of deposit insurer choices for pricing deposit insurance, determining the target insurance fund, resolving bank failures and managing insurer investments. The academic literature and law treat these four areas as separate processes. Deposit insurers’ experience, however,...

This paper provides a comprehensive theoretical and empirical analysis of “creditor rights” and “information sharing” throughout over 1.8 million private firms in Europe. We show that many of the outcomes associated with greater levels of creditor rights can be obtained with higher...

The earnings announcement premium, whereby a stock earns abnormal returns over its earnings announcement period, has been the subject of extensive research. We provide the first evidence that this premium has disappeared in the US in recent years. We show that the increased filings of material...