We examine whether the discretionary governance practices of pension board of trustees have a significant impact on the returns of the plan’s invested assets. We construct a unique database of board practices by analyzing meeting minutes of public …

Native Community Development Financial Institutions (NCDFIs) promote financial inclusion in financially underserved Native communities by adopting innovative lending strategies, including designing their own soft-information-based measures of …

We use the bank-level measure of political risk from Hassan et al. (2019), which is based on textual analysis of conference calls, to investigate whether banks’ exposure to political risk is associated with an increase in their rates for …

Concerns have been expressed that public disclosure of outcomes from regulatory inspections of banks could lead to contagion and instability in the financial systems. This paper exploits Denmark's system of open inspection reports to analyze …

We examine whether the level of environmental disclosure in financial reports equates with less brown lending by banks. We use granular credit register data and detailed information on the firm-level intensity of greenhouse gas emissions and find …

I study how bank relationships affected the timing and geographic distribution of Paycheck Protection Program (PPP) lending. Half of banks’ PPP loans went to borrowers within two miles of a branch, mostly driven by relationship lending. Firms near …

This paper examines lessons from the previously unconventional monetary policy measures deployed since the Global Financial Crisis and the emerging evidence on policy responses to the Covid-19 pandemic in 2020. The Bank of England’s quantitative …

This paper identifies banks born with a digital business model (‘neobanks’) and examines their performance and riskiness vis-à-vis traditional peers. We propose a novel approach to identify neobanks, based on non-financial hand-collected data, and …

In this paper, we examine how the implementation of deposit insurance influences the impact of bank capital, excess lending, banking competition and monetary policy on liquidity creation of banks. Our examination uses China’s introduction of …

In this paper, we examine the influence of owner guarantees on loan rates. Other studies on the influence of business collateral have used survey and credit register data to establish this link. They support it with the pre-lending information …

In this study, we empirically assess the determinants of FinTech development for a sample of 28 Sub-Saharan African (SSA) countries over the period from 2007–2018. The results show that: financial development, literacy, regulation, and economic …

Global systemically important banks (GSIBs) are subject to capital surcharges that increase with systemic importance indicators. We show that U.S. GSIBs lower their surcharges to a large extent by reducing one indicator—the notional amount of …

This paper identifies a contemporaneous substitutional relationship between retail deposits and wholesale funds, while the lagged relationship between the two is rather weak-a finding consistent with our “stable capitalization hypothesis.” We find …

This paper documents that companies with bond issuance are larger, are more leveraged, and have higher financing needs, but have lower observed syndicated loan spreads. Using endogenous treatment and outcome estimations, we find that companies …

We investigate how enterprise risk management (ERM) reshapes firm risk-taking behaviors. Using loan-level data, we find that ERM does not affect bank mortgage loan origination but increases loan sales. To strengthen identification, we employ a …

We investigate the role of alumni ties in university endowments’ decision to invest into private equity funds. Based on a sample of 1,590 commitments made by 189 U.S. endowments into 613 funds during the period of 1995 to 2017, we show that …

We examine the effect of bank information on the growth of borrowing firms by using matched bank-firm data from the US credit market. Exploiting the structure of lending syndicates to construct proxies for banks’ information acquisition, we find …

In this paper, I analyze the developments in the euro-area primary bond market during the Covid-19 pandemic. The most surprising effect is the significant increase in the share of investment-grade bonds from 15% to 40%. Over the first phases of …