"We hypothesize that banks become better able to manage acquisitions, and investors become better able to value those acquisitions, as these parties "learn-by-observing" information that spills-over from previous bank M&As. We find evidence consistent with these hypotheses for 216 M&As of large,...

Analyzing a hand-collected loan level database of heterogeneous REIT borrowings and controlling for REIT risk and loan collateral as well as endogeneity of access to public debt markets, we find that mortgage loans include a rate premium to compensate banks for monitoring. Access to public debt...

Using equity returns on all banks (across 28 countries) that ever issued contingent convertiblecapital securities (CoCos), we identify a “CoCo-induced collapse option,” that apparently was exercised during the March 2023 failure of Credit Suisse. Reflecting this option’s value, abnormal...