consequences for the financial sector worldwide. More over securitization techniques enabled single banks to reduce their …

In spite of mounting losses banks continued to pay dividends during the crisis. We present a model that addresses this … behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks …. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative …

We argue that the entry of commercial banks into bond underwriting led to the evolution of co-led underwriting … commercial banks stole substantial market share. Similar patterns do not hold in bust markets where investors are likely to …

commercial banks and depositors should be ring-fenced. Theoretical assumptions and pros and cons of these proposals are compared …