Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate … leads to strategic restraint banks endogenously restrict the riskiness of their portfolio relative to their peers in order …

We investigate the motives and consequences of the consolidation of banks in Japan during the period of fiscal year …-improving motive also seems to have driven the M&As conducted by major banks and regional banks in the post-crisis period, while the … market-power motive seems to have driven the M&As conducted by regional banks and corporative (shinkin) banks. We obtain no …

, there is significant variation in the cross-section of stock returns of large banks across the world during that period. We … performance of banks during the credit crisis. More specifically, we investigate whether bank performance is related to bank … the crisis. Banks that the market favored in 2006 had especially poor returns during the crisis. Using conventional …

Which public policies and ownership structures enhance the governance of banks? This paper constructs a new database on … the ownership of banks internationally and then assesses the ramifications of ownership, shareholder protection laws, and … supervisory/regulatory policies on bank valuations. Except in a few countries with very strong shareholder protection laws, banks …