enforce collection of sales taxes on a destination basis. This has reduced state tax competition with an essentially … among policy makers and researchers. We provide a detailed discussion of state and local sales tax features and the extent … to which they have fostered sales tax competition in recent decades. We then explore the extent to which greater …

increased credit to unaffected parts of the conforming-mortgage market. Banks responded by reallocating provision of speculative … are most pronounced where banks do not own branches. The results suggest that banks manage credit provision not only in a …

We analyze the effect of a major central bank digital currency (CBDC) - the digital euro - on the payment industry to … firms increase in response to positive announcements on the digital euro. Bank stocks do not react. We estimate a loss in …

less likely than white-owned recipients to borrow from banks and more likely to borrow from fintech lenders is driven … likely than white-owned firms to apply to banks and 7.8 percentage points more likely to apply to fintechs. However, they … face similar average approval disparities at banks (7.4 percentage points) and fintechs (8.4 percentage points). Sorting by …

period, banks with low branch density benefited from large deposits inflows, leading to even lower density. But the virtuous … cycle of deposits growth in these banks stopped spinning when investors became wary about their financial health. Stock … prices of banks with low branch density plummeted during the 2023 Banking Crisis as these banks experienced larger outflows …

banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as … substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation … transformed over time rather than as having migrated from banks to NBFIs. These transformations are at least in part a response to …

Bank payout policy is strongly affected by regulation and politics, especially for the largest banks. Banks, but not … the Global Financial Crisis, bank regulators' influence on payout policies of the largest banks increases sharply and … repurchases become more important than dividends for these banks. Repurchases respond more to regulatory climate changes than …

recent increases in tax scrutiny have led to changes in trading behavior by crypto traders. We predict under a simple … theoretical framework and then empirically document that increased tax scrutiny leads crypto investors to utilize legal tax … planning with tax-loss harvesting as an alternative to non-compliance. In particular, domestic traders increase tax …