conditions implementation on sufficient bank participation. Preferred stock plus warrants reduces opportunistic participation by … aggregate credit risk exceed the cost of implicit transfers to bank debt holders …

We develop a theory of bank board risk committees. With this theory, such committees are valuable even though there is … no expectation that bank risk is lower if the bank has a well-functioning risk committee. As predicted by our theory (1 …) many large and complex banks voluntarily chose to have a risk committee before the Dodd-Frank Act forced bank holding …

. Finally, for Europe we assess the relative importance of cross-border bank spillovers as compared to domestic bank spillovers …

monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank …