We exploit the 2007-2009 financial crisis to analyze how risk relates to bank business models. Institutions with higher risk exposure had less capital, larger size, greater reliance on short-term market funding, and aggressive credit growth. Business models related to significantly reduced bank...

One of the difficulties of measuring performance in the deliver y of police services from surveys is the problem of reconciling views about the quality of policing of distinct groups of respondents with different prior outlook about policing. This paper suggests a method for addressing the...

In an empirical contribution to the literature of foreign aid, we estimate the impact of foreign aid on democracy in a panel of 93 developing economies during 1971-2010. We find that foreign aid promotes democracy, with the result robust to different estimation methodologies and control...

We examine the impact of European Union banks' strategic similarities on post-merger performance. We find that, on average, bank mergers have resulted in improved performance. We also find that for domestic deals, it can be quite costly to integrate institutions which are dissimilar in terms of...