Policies that spur more efficient corporate restructuring can revive productivity growth by targeting three inter-related sources of labour productivity weakness: the survival of “zombie” firms (low productivity firms that would typically exit in a competitive market), capital misallocation...

This amicus brief was filed in Anderson v. Credit One Bank, No. 16-2496 (2d. Cir.). The brief explains why a debtor's claim for violation of the bankruptcy discharge injunction is not subject to a predispute arbitration agreement. The brief makes three arguments: (1) the history of the...

It is well accepted that access to entrepreneurial finance encourages entrepreneurship and growth. Empirical studies on topic, however, segregate the effect of entrepreneurial finance on entrepreneurship by the source of capital. In this paper, we compare the effect of two main sources of...

A book review of a history of bankruptcy in the United States told through an interdisciplinary lens of law, history and economics. The main contribution of this book is to evaluate changes in federal bankruptcy rates and bankruptcy law in relation to state collections law. Bankruptcy in America...

This research paper investigates the impact of Demonetization on public sector banks stock price volatility in BSE. The purpose of the above objective, this study used the secondary daily closing stock price data of selected top five largest public sectors banks in India in 2018, based on their...

The correlation across US states in house price growth increased steadily between 1976 and 2000. This paper shows that the contemporaneous geographic integration of the US banking market, via the emergence of large banks, was a primary driver of this phenomenon. To this end, we first...

The impact of house price declines on collateral values for consumer debt is well documented; we are the first to highlight a complementary effect through the bank branching network. Our identification strategy depends on following price declines in one housing market to all bank branches outside...

Discrimination in lending can occur either in face-to-face decisions or in algorithmic scoring. We provide a workable interpretation of the courts' legitimate-business-necessity defense of statistical discrimination. We then estimate the extent of racial/ethnic discrimination in the largest...

We interview 379 European bank CEOs to identify their banks' main competitors. We then provide evidence on the drivers of bilateral bank competition, construct a novel competition measure at the locality level, and assess how well it explains variation in firms' credit constraints. We find that...

This paper shows the importance of interest rate risk and prepayment risk in fixed-rate mortgages in influencing banks’ securitization of mortgages. Banks with longer-maturity liabilities are more capable of taking the interest rate risk and therefore securitize fewer mortgages. In contrast,...