investors to be less prone to run individual banks, but runs will be systemic. In addition, we show that bank runs are …

hedge to fund drawn credit lines and other commitments. We shed new light on this issue by studying the behavior of bank …

the security level for each bank in each period, we find that during the crisis, banks with higher trading expertise …

the proprietary bank-to-bank European interbank dataset extracted from Target2 and also exploit the Lehman and sovereign …

requirements, more so by banks with less capital, and while still providing recourse to bank balance sheets for outside investors …

behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks …. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative … externalities are strong and bank franchise values are not too low, the private equilibrium can feature excess dividends relative to …

A regulator resolving a bank faces two audiences: depositors, who may run if they believe the regulator will not …