estimate bank biases at the credit level by comparing bank-generated risk estimates within loan syndicates. The biases are … positively correlated with measures of regulatory capital, even in the presence of bank fixed effects, consistent with an effort …

of bank regulatory capital. Our results show that following Basel I, undrawn fees and all-in-drawn credit spreads on …

explain at most 60 percent of bank exposures estimated off general equilibrium models. Moreover, we find evidence of bank …