In this study, we examine how banks' stock price crash risk is affected by recourse uncertainty embedded in securitizations. By recourse uncertainty, we mean the difficulty for equity market participants to assess the true extent of risk transfer between securitizing banks and investors in...

We provide new evidence on the role of bank lending in corporate innovation by exploiting the implementation of SFAS 166/167, which removed the off--balance sheet status of certain securitized assets of banks. The regulation affects bank lending and thus represents a credit supply shock to...

The U.S. Consumer Financial Protection Bureau has accepted complaints about banks' financial products and services since 2011 and has released the complaint database to the public since 2013. We analyze the effectiveness of this public disclosure in protecting mortgage borrowers. We find a...

The Community Reinvestment Act requires banks to disclose the geographic distribution of their small business lending, which informs the public about their performance in meeting the credit needs of local communities. We investigate whether such disclosures increase public pressure and thus have...