We study the role of a company founder in its internal governance. Using a sample of 484 CEO turnovers for 2000-2015, we establish that CEOs are red for poor performance. However, the likelihood of a poor-performing founder-CEO being fi red is lower than that of an outsider CEO. Moreover, having...

This study documents significant differences in the interbank market lending and borrowing levels across countries. We argue that the existing differences in interbank market usage can be explained by the trust of the market participants in the stability of the country's banking sector and...

We examine the consequences of imposing a high tax levy on bank assets. Employing unique supervisory bank-level data, we exploit different channels through which the new tax may impair the stability of the banking sector. We find that following the introduction of the levy, banks increase the...

In this paper, by employing a novel approach, we study the relationship between bank type and small-business lending in a post-transition country. Using a unique dataset on bank branches and firm-level data, we find that local cooperative banks lend more to small businesses than do large...

The Warsaw Stock Exchange is one of Europe's largest exchanges by the number of IPOs, although it retains features of a market in post-transition countries, including a relatively small size, shallowness and a weak institutional framework. In this study, we use a large dataset to explore firms'...

In this paper, by employing a novel approach, we study the relationship between bank type and small-business lending in a post-transition country. Using a unique dataset on bank branches and firm-level data, we find that local cooperative banks lend more to small businesses than do large...

In this paper, we investigate, for the first time in the literature, whether the ability of the public sector or government (GLR), to effectively help banks or guarantee bank liabilities affects the sensitivity of interest costs and deposit dynamics to banks' fundamentals. To test our...

This paper describes the trends in foreign bank ownership across the world and presents, for the first time, empirical evidence on the causes of foreign banks' withdrawal from other nations. Using maximum likelihood estimation techniques and data on 81 closed foreign bank subsidiaries across 37...

​In this paper, by employing a novel approach, we study the relationship between bank type and small-business lending in a post-transition country. Using a unique dataset on bank branches and firm-level data, we find that local cooperative banks lend more to small businesses than do large...

This paper provides new evidence on how imperfectly competitive markets with excess capacity mitigate the adverse impact of supply shocks on prices. We study the potash market, which is controlled by a syndicate that assigns output quotas in proportion to production capacity of its members. This...