The issue of bank dividend regulation has become highly controversial as the stress induced on bank capital during the 2008 financial crisis and the covid pandemic created a demand for enhanced regulation and restrictions on bank dividend payments. This paper examines this issue from a...

This paper investigates how explicit deposit insurance (EDI) scheme in place influence bank lending during the global financial crisis. Earlier studies reveal tightened overall corporate lending, even lesser amount to foreign borrowers (a “flight home” effect) charging higher interest rates...

Do changes in the IPO regulatory environment affect private firms' exit choices, bargaining abilities, and valuations? Using the JOBS Act as an exogenous shock to the exit decisions among private firms, we observe that their valuations as M&A targets increase by 36% after the Act, negatively...

We consider loans being marked to market to constitute information about borrowing firms' profitability and risk only immediately available to large institutional traders, so-called qualified institutional buyers (QIBs). Smaller investors, so-called non-QIBs, do not have immediate access to such...

This online appendix to "Brexit" and the Contraction of Syndicated Lending presents further robustness tests of the Brexit effect, cross-sectional results of the Brexit effect for UK firms, further results on the type of the shock the Brexit represents, the Siamese Twins matching methodology as...

We consider loans being marked to market to constitute new information that is only immediately available to large institutional traders, so-called qualified institutional buyers (QIBs). Smaller investors (non-QIBs) do not have instant access to such information. Investigating the effects of...

As machines replace humans in financial markets, how is informational efficiency impacted? We shed light on this issue by exploiting a unique data-set that allows us to identify when machines access important company information (8-K filings) versus when humans access the same information. We...

We use secondary corporate loan market prices to construct a novel loan market-based credit spread. This measure has additional predictive power across macroeconomic outcomes beyond existing bond credit spreads as well as other commonly used predictors in both the U.S. and Europe. Consistent...