We model the impact of bank mergers on loan competition, reserve holdings and aggregate liquidity. A merger changes the … distribution of bank sizes and aggregate liquidity needs. Mergers among large banks tend to increase aggregate liquidity needs and … thus the public provision of liquidity through monetary operations of the central bank. …

secured interbank market is an optimal risk-sharing device when banks report liquidity needs truthfully. It allows … diversification without the risk of cross-regional financial contagion. However, free-riding on the liquidity provision in this market …This paper compares four forms of inter-regional financial risk sharing: (i) segmentation, (ii) integration trough the …

industries, they will exploit the enhanced risk sharing opportunities through more specialization in lending. The enhanced … concentration in lending does not increase risk, because a well-functioning interbank market allows to achieve the necessary … diversification. The greater need for risk sharing through it increases, however, the risk of cross-border contagion. Better risk …

, investments increase off-net traffic from the investor’s network but also from competitors’ networks. Regulation changes the … functions. Testing for a common regulation-investment effect provides evidence that the negative investment externality is not … due to regulation. …

This paper considers the impact of European telecom regulation on the value of affected companies. Employing a … repeating ARGARCH model, I compare the effect of three types of regulation which are categorized based on the addressed subject …, i.e. cross-market, country-specific and company-specific regulation. While standard event study approaches are a special …