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 …

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

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 …

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

The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make …, and changes in implicit subsidies and costs of bank activities can explain these shifts. Declines in securitization cost … size. Implicit banks' costs and subsidies explain shifting bank balance sheet composition. Together, these forces explain …

regime, which affects firms at different points in time depending on their fiscal year-ends, auditors, and the timing of …

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 …

corporate loans from entrant banks. Consequently, in deregulated cities, private firms with bank credit access increase asset …Using proprietary individual level loan data, this paper explores the economic consequences of the 2009 bank entry … following deregulation. Deregulation also amplifies bank credit from productive private firms to inefficient SOEs due mainly to …