The aim of this paper is to analyze the determinants of multiple-bank lending - one of the main features of the bank-firm relationships in Italy. The analysis suggests that multiple bank lending is significantly and importantly linked with firms’ governance characteristics. In particular, it...

We examine whether two commonly used indicators of bank fragility, the subordinated debt spread and KMV’s distance to default, yield signals in line with supervisors’ interests. We argue that supervisors would prefer indicators that are strictly increasing in earnings, and decreasing in...

We analyse co-movements in the fragility of EU banks and verify to which extent such co-movements have increased in time, following, for example, the completion of Monetary Union and the introduction of the euro. To this end, we provide a measure of co-movements in bank risk by means of a...