This study analyzes information production and trading behavior of banks with lending relationships. We combine trade …-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of … corporate events. We find that relationship banks build up positive (negative) trading positions in the two weeks before events …

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 …

Several recent analyses have suggested that the revenue-maximizing corporate tax rate resides in the low-30's. We … challenge this result by re-examining this relationship using a new compilation of changes in corporate tax base definitions for … OECD countries between 1980 and 2004. By considering tax base changes in addition to tax rate changes, we can address the …

This paper investigates how tax rates and tax enforcement jointly impact fiscal capacity in low-income countries. We … study a policy experiment in the D.R. Congo that randomly assigned 38,028 property owners to the status quo tax rate or to a … rate reduction. This variation in tax liabilities reveals that the status quo rate lies above the revenue-maximizing tax …

Much criticism of the income tax involves administration: the enormous complexity of the system is responsible for … large compliance costs, public and private, and the tax gap is large despite substantial resources devoted to enforcement … fundamental restructuring of the tax system. But evaluation of such changes is difficult because the underlying problems have not …

Global liquidity refers to the volumes of financial flows - largely intermediated through global banks and non … liquidity provision. Strong prudential policies in the home countries of global banks and official facilities reduce funding …

. Initially, we confirm the vital role of community banks' small business lending in local development. Contrary to popular belief …, we find that a decrease in community banks positively affects community investment, through small business loan (SBL …) originations. Key factors include the local presence of other community banks and the continuity of the consolidating bank …

seek safety in state-owned public sector banks (PSBs). We trace the consequences of this reallocation using granular data … and credit quality improves at the run banks but worsens at the recipient PSBs. The effects are pronounced in weaker PSBs …

important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative … addresses these questions and discusses how banks and nonbanks helped provide liquidity to the nonfinancial sector during the …