Minority-owned banks have a mission to promote economic well-being in their communities. In particular, specialization in lending based on a central mechanism of shared-minority identity can yield an advantage in serving community needs through times of financial and economic crises. To test...

Many aspects of the Paycheck Protection Program (PPP) are well-studied, but we focus on an important exception: bank efficiency. Bank efficiency is also well-studied for other topics in banking, but not PPP. Using instrumental variables for identification, we find more intense PPP lending...

Many aspects of the Paycheck Protection Program (PPP) are well-studied, but we focus on an important exception: bank efficiency. Bank efficiency is also well-studied for other topics in banking, but not PPP. Using instrumental variables for identification, we find more intense PPP lending...

We test opposing hypotheses regarding the previously unexplored effects of taxes on bank liquidity creation using the exogenous shock of the Tokyo bank tax. We find reduced liquidity creation, consistent with empirical domination of the Risk Absorption Hypothesis over the Financial...