; investment bank advisors ; commercial bank advisors ; certification effect ; conflict of interest effect ; mergers ; acquisitions …"This paper looks at the role of both commercial and investment banks in providing merger advisory services. In this … investment banks. In their dual role as lenders and advisors to firms that are the target or the acquirer in a merger, banks can …

Option prices embed predictive content for the outcomes of pending mergers and acquisitions. This is particularly … important in merger arbitrage, where deal failure is a key risk. In this paper, I propose a dynamic asset pricing model that … addition, the model accurately predicts that merger arbitrage exhibits low volatility and a large Sharpe ratio when deals are …

correlated in the cross section, and (ii) the various components of bank value — the synergies among the bank’s assets and …-sectionally related to bank capital. When we confront the predictions with the data on bank acquisitions, we find strong support. The …We address two questions: (i) Are bank capital structure and value correlated in the cross section, and if so, how? (ii …

We examine liquidity creation per unit of assets by banks subject to the Liquidity Coverage Ratio (LCR) using the … asset pair with different LCR weights, and the differential implementation of LCR by the very large and less-large LCR banks …. We find that, since 2013, there has been reduced liquidity creation by LCR banks compared to non-LCR banks, occurring …

bank opacity and the value of government monitoring of banks. -- Supervisory capital assessment program ; capital gap …We investigate whether the “stress test,” the extraordinary examination of the nineteen largest U.S. bank holding … companies conducted by federal bank supervisors in 2009, produced information demanded by the market. Using standard event study …

suggest possible solutions. We begin this paper by explaining why governance of banks differs from governance of nonfinancial … discuss promising solutions and areas where further research is needed. -- governance, banks …

In recent years, U.S. banks have increasingly relied on deposits from financial intermediaries, especially money market … funds (MMFs), which collect funds from large institutional investors and lend them to banks. In this paper, we show that … intermediation through MMFs allows investors to limit their exposure to a given bank (i.e., reap gains from diversifi cation …

regulatory balance sheet data for U.S. commercial banks and repo market data for broker-dealers. Even for moderate shocks in … normal times, fire-sale externalities can be substantial. For commercial banks, a 1 percent exogenous shock to assets in 2013 … but shows a notable increase starting in 2004, ahead of many other systemic risk indicators. Although the largest banks …