This paper reviews the progress in European banking integration over the last twenty years,
and evaluates the current system of banking supervision and deposit insurance based on …

We study how parent liability for subsidiaries' environmental cleanup costs affects industrial
pollution and production. Our empirical setting exploits a Supreme Court decision that …

We study the interaction between relationship banking and short-term arm's length activities
of banks, called trading. We show that a bank can use the franchise value of its relationships …

Equity capital allocation plays a particularly important role for financial institutions such as
banks, who issue equity infrequently but have continuous access to debt capital. In such a …

We analyze the credit supply and real effects of bank bail-ins by exploiting the unexpected
failure and subsequent resolution of a major Portuguese bank. Using loan-level data, we …

Twenty years into the integration of European banking markets, we review the impact on
European banks, their customers and regulators. In Section 1, we review the history of …

A business group operation, as a strategic organizational form, is critical for corporate
development. However, how business groups allocate their debt between parent and …

This paper examines whether multinational banks have a stabilizing or a destabilizing role
during times of financial distress. With a focus on Europe, it looks at how these banks' …

More than ever, the current crisis has highlighted the cost of banking crises in budgetary and
economic growth terms. Whether or not to restructure a bank is a key determinant of who …

This paper examines national regulators' incentives to intervene in a multinational bank's
activities and the extent to which these incentives differ with the bank's foreign …