) accumulation. We estimate a benchmark NPL levels on the judicial inefficiency dimension, controlling for country- and bank …

We analyze the impact of efficiency on bank risk. We also consider whether bank capital has an effect on this … supporting the bad management and efficiency version of the moral hazard hypotheses. In contrast, bank efficiency improvements … contribute to shore up bank capital levels. Our findings suggest that banks lagging behind in their efficiency levels might …

effect produced by M&A transactions on bank efficiency and shareholder value. …