Diversification through pooling and tranching securities was supposed to mitigate creditor runs in financial … liquidity after an adverse shock and increases the probability of a panic run by creditors. We show that diversification, while … larger shock; diversification, inducing stronger strategic complementarities across institutions, makes a self …

for Bank Research (Bankwissenschaftliche Gesellschaft - BWG). The present SUERF Study 2015/2 includes a selection of …, jointly organized by SUERF, the OeNB and the Austrian Society for Bank Research. In reply to the financial crisis, the Great …

management and investment funds and became a key contributor to growth. Diversification into new areas of financial asset … important for further diversification in the financial sector, building on Luxembourg’s existing comparative advantage and … financial market actors, notably investment funds. Given that the bulk of the banks in Luxembourg are affiliates of foreign bank …

COVID-19 pandemic shock. We argue that tighter bank regulation has created incentives for nonbanks to increase their …

The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make …% to 13%. Additionally, the share of loans as a percentage of bank assets has fallen from 70% to 55%. We develop a …, and changes in implicit subsidies and costs of bank activities can explain these shifts. Declines in securitization cost …

for riskless debt and indirectly for securitization, bank assets and leverage move together, banks become interconnected … diversification. The shadow banking system is stable and welfare improving under rational expectations, but vulnerable to crises and …

We formulate and test hypotheses about the role of bank type – small versus large, single-market versus multimarket … Survey of Small Business Finance (SSBF), we conduct two sets of tests. First, we test for the type of bank serving as the … "main" relationship bank for small businesses with different firm and owner characteristics. Second, we test for the …

’ growing practice of making upward adjustments to projected earnings that tend to weaken leverage constraints.Moreover, bank … regulatory changes have incentivized “originate-to-distribute” loan syndications that enable non-bank lenders to hold and trade …

practice of making upward adjustments to projected earnings that tend to weaken leverage constraints.Moreover, bank regulatory … changes have incentivized “originate-to-distribute” loan syndications that enable non-bank lenders to hold and trade leveraged … loans too risky for banks to keep. Syndicated lending now involves greater and greater participation by non-bank or …