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Financial constraints are frictions that prevent firms from funding all desired investments, which might affect firm value and aggregate economic activity. We investigate whether and how bank governance, especially private vs. non-private bank ownership, affects financial constraints of small...
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This paper investigates whether, and through which channel, the active use of credit derivatives changes bank behavior in the credit market, and how this channel was affected by the crisis of 2007-2009. Our principal finding is that banks with larger gross positions in credit derivatives charge...
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We study the effects of the interplay between deregulation and governance on risk taking in the financial industry. We consider a large natural experiment in Spain where the removal of regulatory geographic constraints for savings banks led to a nationwide expansion of these banks during the...
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