This paper extends the economic growth model tested by Levine and Zervos (1998) by including a measure for capital allocation efficiency proxied by stock price informativeness. Using a sample of 59 countries, this study finds that stock price informativeness as measured by firm-specific return...

This study examines the effect of the opioid epidemic on bank mortgage lending decisions. We find that mortgage loan applications of risky borrowers with larger local opioid exposure are less likely to be approved. We use various fixed effects and matched loan analysis to identify consistent...

This paper investigates whether and how the COVID-19 pandemic affects bank funding costs in China. We find a significantly positive relationship between the offering yields of negotiable certificates of deposit and banks’ pandemic exposure. The surge in bank funding costs is alleviated by...

Chinese banks appear to be freed from the recent financial crisis. While their counterparts in Western countries are suffering from the financial crisis, Chinese banks have been able to cement their positions in the market place. Nevertheless, a deep look at the Chinese banks' lending practices...