We analyse the impact of environmental policy in a vertical chain where an upstream monopolist uses a mixed portfolio, consisting of a polluting and a green technology. We examine and compare a no-intervention benchmark, a green subsidy, an abatement tax, a mandatory green standard, and a...

Using a unique data set on German banks' sector specific loan exposures to the real economy and the corresponding write-offs and write-downs, we examine the impact of loan portfolio sector concentration on credit risk. By controlling for common risk factors, we separate the bank-specific...

U.S. banking assets have become substantially more concentrated within a few large institutions. However, decreasing relative rates of big-bank growth and of idiosyncratic volatility—an indicator of individual bank susceptibility to shocks and a resulting redistribution of assets—suggest a...