In this paper, we study a large sample of Spanish firms acquired by private equity funds in leveraged buyout transactions. Leveraged buyouts are controversial in the U.S., yet European researchers link leveraged buyouts and growth. We argue that growth is merely industry consolidation, not...

During the 2010s, the number of community banks in the United States declined by almost one-third, a trend that has worried many stakeholders including communities losing their primary bank, regulators, and the industry itself. This paper provides evidence that the disappearance of community...