robustness to labor market competition both theoretically and experimentally. Consistent with our theoretical model, we observe … substantial ratchet effects in the absence of competition, which is nearly eliminated when competition is introduced; this is true …

uneven playing field enables non-bank FinTech firms to challenge banks for specific products whose success is not tied to …

Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires … that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value …-insensitive assets. For the economy as a whole, firms endogenously separate into bank finance and capital market/stock market finance …

established through bank-to-bank lending and provide evidence to support this claim. To analyze dynamics of formation of such …

greater insider ownership leads to less equity issuances. Several tests are consistent with the view that bank insiders are … between bank equity and lending, the results stress that ownership structure can shape the resilience of banks—and hence the …

traditional partnership replaced by public companies. The organizational change has increased the competition for managerial … talent, which may have weakened the commitment between investors and managers. We show how increased competition and the …