, liquidity management, and synergy improvements that reduce risk. The outcomes of such trade-offs may depend on bank governance … governance structures have, in some cases, significantly affected the buildup of BHC complexity, better governance arrangements …

benefits. Contrary to claims in the literature that “equity is expensive” and that regulation requiring more equity in the … funding mix entails costs to society, such regulation actually helps create useful commitment for banks to avoid the … inefficiently high borrowing that comes under laissez-faire. Effective regulation is beneficial even without considering systemic …

. Contrary to claims in the literature that "equity is expensive" and that regulation requiring more equity in the funding mix … entails costs to society, such regulation actually helps create useful commitment for banks to avoid the inefficiently high … borrowing that comes under laissez-faire. Effective regulation is beneficial even without considering systemic risk; if such …