The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make … overall private lending has declined from 60% in 1970 to 35% in 2023, while the deposit share of savings has declined from 22 … size. Implicit banks' costs and subsidies explain shifting bank balance sheet composition. Together, these forces explain …

We examine the long-term return performance of U.S. IPOs underwritten by relationship banks. We show that, over one- to … three-year horizons, IPOs managed by relationship banks experience buy-and-hold benchmark-adjusted returns that are similar … portfolio that is long the stocks underwritten by relationship banks and short ex-ante similar stocks taken public by non …

banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as … substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation … transformed over time rather than as having migrated from banks to NBFIs. These transformations are at least in part a response to …

rationing, and other inefficiencies that arise when borrowers hold ex ante private information. There is no clear empirical … evidence regarding the central implication of this literature - that a reduction in asymmetric information reduces the … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information …

literature explain collateral as arising from the existence of either ex ante private information or ex post incentive problems … private information about borrower risk that is unobserved by the lender. The data also include public information about …

systemically important major dealer banks. Under current U.S. bankruptcy law, these contracts are exempted from the automatic stay …