“Everybody talks about financial innovation, but (almost) nobody empirically tests hypotheses about it” Frame and White (2004).The financial turmoil from 2007 onwards has spurred renewed debates on the “bright” and “dark” sides of financial innovation. Using bank-, industry- and...

“Everybody talks about financial innovation, but (almost) nobody empirically tests hypotheses about it”. Frame and White (2004)The financial turmoil from 2007 onwards has spurred renewed debates on the “bright” and “dark” sides of financial innovation. Using bank-, industry- and...