A lending boom is reflected in the composition of bank liabilities when traditional retail deposits (core liabilities …

This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United … States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank …

valuations. We find that there is a diversification discount: The marketvalues financial conglomerates that engage in multiple … indicate that economies of scope arenot sufficiently large to produce a diversification premium …

We assess the impact of the geographic expansion of bank assets on the cost of banks' interest-bearing liabilities … diversification that decreases funding costs. Using a newly developed identification strategy, we discover that the geographic … large risk diversification opportunities that reduce funding costs …

When a bank experiences a negative shock to its equity, one way to return to target leverage is to sell assets. If … asset sales occur at depressed prices, then one bank's sales may impact other banks with common exposures, resulting in … explains how the distribution of bank leverage and risk exposures contributes to a form of systemic risk. We compute bank …

to individual banks in the Merton tradition (1974) as a combination put option for the deep tail of bank losses and a … knock-in stop-loss call on bank assets. This model expresses the value of taxpayer loss exposure from a string of defaults … the face value of the debt of the entire sector. We conceive of an individual bank's systemic risk as its contribution to …

An examination of U.S. banking history shows that economically efficient private bank money requires that information …-revealing securities markets for bank liabilities be closed. That is, banks are optimally opaque, which is why they are regulated and … examined. I show this by examining the transition from private bank notes, the predominant form of money before the U.S. Civil …

first comprehensive empirical analysis of bank CoCo issues, a market segment that comprises over 730 instruments totaling …