The international activity of U.S. banks has grown relatively rapidly during the 1990s, as both the trading and derivatives activities of their foreign offices and their cross-border lending have increased. The growth has taken place mainly in relation to the Group of Ten and other industrial...

Following the financial crisis, total outstanding loans to businesses by commercial banks dropped off substantially. Large loans outstanding began to rebound by the third quarter of 2010 and essentially returned to their previous growth trajectory while small loans outstanding continued to...

Using prices of both S&P 500 options and recently introduced VIX options, we study asset pricing implications of volatility risk. While pointing out the joint pricing kernel is not identified nonparametrically, we propose model-free estimates of marginal pricing kernels of the market return and...