perquisites that yield private benefits). The privately optimal level of bank leverage is neither too low nor too high: It … substitution induced at high levels of leverage. However, when correlated bank failures can impose significant social costs …, governments may have no option but to bail out bank creditors. Anticipation of this generates an equilibrium featuring systemic …

particular, I find that a bank affiliated with a multi-bank holding company is significantly safer than either a stand-alone bank … or a bank affiliated with a one-bank holding company. Not only does affiliation reduce the probability of future … other banks. Moreover, the effects of affiliation are strengthened for an expanding bank holding company. However, the …

This paper examines the relationship between the amount of information disclosed by bank holding companies (BHCs) and …

Many large U.S. bank holding companies (BHCs) continued to pay dividends during the recent financial crisis, even as …

not sufficiently restrain monopoly rents already. Thus, our results suggest that in Germany's bank-dominated financial …