How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper … finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending …

bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By …

labeled a contagion of fear. Using geocoded, microdata on bank distress, we develop metrics that illuminate the incidence of … other words, caused about 41% of the decline in bank lending and about nine-tenths of the decline in the money multiplier …

We analyze the microeconomic determinants of cross-border bank acquisitions in 16 transition economies over the period …

This paper analyzes the implications of the gradual rise in bank concentration since the 1990s for the transmission of … the level of local bank concentration and bank capitalization. I find that banks operating in high-concentration markets … in local deposit and loan markets, along with bank capital requirements, lead to frictions on the pass-through to the …

We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its … core. The estimated model matches four facts about banks’ Tobin’s Q that summarize bank leverage dynamics. (1) Book and … market equity values diverge, especially during crises; (2) Tobin’s Q predicts future bank profitability; (3) neither book …

quasi-exogenous increases in bank size in postwar Germany. I show that firms did not grow faster after their relationship …, but worked with riskier borrowers. Bank managers benefited through higher salaries and media attention. The paper presents …

bias in corporate taxation. It is well known that this reform reduces bank leverage. This paper analyzes a novel …