We investigate the impact of bank culture on bank liquidity creation and risk by analyzing a unique dataset of selected bank holding companies in the United States (U.S.). We argue that internally oriented cultures that prioritize the control mechanisms connected with legislation reinforcement...

Motivated by R&D’s features and its coexistence with the increasing trend of the zero-leverage puzzle over the past four decades, we find that, between 1980 and 2017, zero-leverage US listed firms are concentrated among R&D firms. Increases in R&D investment and increases in the sensitivity to...

This paper uses a loan transactions dataset from China to identify whether shadow loans cost more than formal bank loans even with collateral. This motivates us to explore the reasons as to why a listed firm would opt for such loans. Using propensity-score matched data, we find that...