Working Paper
Who Directs the Fed?
During the financial crisis, questions arose concerning links between the Federal Reserve and the business community. This paper provides the first...
Read moreThe Effect of Creditor Rights on Bank Monitoring, Capital Structure and Risk-taking
We examine the multi-faceted effect of creditor rights on the way banks monitor, operate and finance themselves. We present a simple analytical model...
Read moreDecision-Making during the Crisis: Why did the Treasury let Commercial Banks fail?
Limited attention has been paid to the comparative fate of banks benefiting from TARP Capital Purchase Program (CPP) funding and less fortunate banks...
Read morePost-Crisis Corporate Culture and Governance in Banking
This paper provides a brief assessment of how ethics, culture and corporate governance have evolved in banking since the financial crisis. It concludes...
Read moreUnbundling Banking, Money, and Payments
For centuries, our systems of banking, money, and payments have been legally and institutionally intertwined. The fact that these...
Read moreSecuritization, Covered Bonds and the Risk Taking Behavior of European Banks
This study investigates the impact of securitization and the issuance of covered bonds on the credit risk taking behavior of banks. We collected data for...
Read more'Glossy Green' Banks: The Disconnect Between Environmental Disclosures and Lending Activities
Using a credit registry of European banks’ new loan issuance and content analysis on their environmental disclosures, we show that banks that discuss...
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