What are the effects of payout restrictions on bank risk-shifting? To answer this question, we exploit the restriction policies imposed during the Covid-crisis on US banks as a natural experiment. Using a highfrequency differences-in-differences empirical strategy, we show that, when share...

While much attention has been given to 'de-politicisation', its reversal through 'repoliticisation' is also possible. We examine 'institutional re-politicisation' - increases in the formal powers and discretion of elected politicians' - in hard cases - policies for regulating Cross-Border...