tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a …

bank market values hardly respond to changes in the default risk of individual systemic banks. Together, however, changes …

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank. …

Bank distress can have severe negative consequences for the stability of the financial system, the real economy, and … public finances. Regimes for restructuring and restoring banks financed by bank levies and fiscal backstops seek to reduce … these costs. Bank levies attempt to internalize systemic risk and increase the costs of leverage. This paper evaluates the …

This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of … guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value …

Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central … bankruptcy. We term these factors discipline and stability effects, respectively. The central bank’s welfare decreases with …