that failed during the 2007/2008 crisis. Excess equity returns in response to bank bailouts are overall negative and …

are more likely to enter foreign markets by means of foreign direct investment. We combine detailed proprietary bank …-level data on the international activities of all German banks with publicly available bank micro data from possible destination …

governmen-owned bank mergers. We compare forced to voluntary bank exits and show that the former cause better bank profitability … and efficiency at the expense of riskier financial profiles. Regarding real effects, firms exposed to forced bank mergers …