Countries differ on the extent to which their financial system relies on banks or on the financial market. We offer a …

core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and … nor market leverage constraints are binding for most banks; (4) bank leverage and Tobin's Q are mean reverting but highly … market equity values diverge, especially during crises; (2) Tobin's Q predicts future bank profitability; (3) neither book …

traditional banks to modernize their core business activities. Banks attempt to confront the challenges of digitalization by … banks to form alliances with fintechs. Furthermore, we analyze whether such bank-fintech alliances affect the market … valuation of banks. We provide descriptive evidence on the different forms of alliances occurring in practice. Using hand …

us to construct a new and better financial development index which measures the level of loans extended by banks to …

Using hand-collected data spanning more than a decade on European banks' sovereign debt portfolios, we show that the … subsidiaries for several reasons, including banks' tendency to hire internally across borders for high-level managerial positions …. We therefore leverage the geography of multinational bank branch networks to construct a bank-specific measure of culture …

institutions precede crises and, interestingly, positive reforms occur thereafter. Strong institutions shorten the duration of … crises, ethnic cleavages do the reverse. However, the negative effects of ethnic cleavages are not insurmountable: an …

the Eurozone crisis and countries' institutional specificities. Although leverage and financial constraints affect firm …-level productivity negatively, high-leverage firms suffer more from financial constraints only in Italy, when they are relatively small … common break date. One size does not fit all when it comes to identifying the impact of financial crises on firm level …