Exploiting the heterogeneity in legal constraints on local bank employees' mobility, I show that access to local … information influences banks' modes of expansion. Banks entering a new market typically establish new branches directly when … among banks …

We investigate the connections between bank capital regulation and the prevalence of lightly regulated nonbanks (shadow … banks) in the U.S. corporate loan market. For identification, we exploit a supervisory credit register of syndicated loans … Basel III. We find that less-capitalized banks reduce loan retention and nonbanks step in, particularly among loans with …