effects of bank regulation and the impact of deregulation. We find that where entry was more restricted the cost of credit was …We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the … increase in bad loans. In provinces where restrictions to bank competition were most severe, the proportion of bad loans after …

The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro …-prudential regimes internationally. For such regulation to be effective in controlling the aggregate supply of credit it must be the case … that: (i) changes in capital requirements affect loan supply by regulated banks, and (ii) unregulated substitute sources of …

investor wealth drives the demand for riskless debt and indirectly for securitization, ii) intermediary assets and leverage …

This paper shows that securitization reduces the influence of bank financial condition on loan supply. Low-cost funding …. By extension, securitization has weakened the link from bank funding conditions to credit supply in aggregate, thereby … and increased balance-sheet liquidity raise bank willingness to approve mortgages that are hard to sell (jumbo mortgages …

to be affected by securitization, and to different definitions of delinquency. Our results are strongest in subsamples in …

fiscal year-ends, auditors, and the rollout of auditor inspections. We find that investors respond more strongly to earnings …

results suggest reformed incentives for third-party auditors can improve their reporting and make regulation more effective …In many regulated markets, private, third-party auditors are chosen and paid by the firms that they audit, potentially … accurate reporting. There are three main results. First, the status quo system was largely corrupted, with auditors …

have been the focus of policy discussions: a) further supply concentration due to one of the "Big 4" auditors exiting and b …; they do not include the likely fee increases resulting from less competition among auditors. We calculate that the latter …

Using comprehensive loan-level data in China, we investigate how the deregulation on bank entry barriers alters local … deregulation are adversely mitigated by entrant banks’ preferences for lending to SOEs over more productive private firms. This … to provide more guarantees and higher ratings to borrow from entrant banks but enjoy lower interest rates. Access to …

-rated tranches were economically trivial for the typical bank, but banks with greater holdings performed more poorly during the …-rated tranches are not higher for banks with large trading books in regressions that control for bank size. The ratio of highly …-rated tranches holdings to assets increases with bank assets, but not for banks with more than $50 billion of assets. This evidence …