Regulation shapes the boundaries of firms. When prudential standards bind asymmetrically across subsidiaries of an integrated organization, internal capital markets become a mechanism for regulatory arbitrage. We study this in U.S. banking, where holding companies encompass both heavily...

This paper documents the methodology, content, and evolution of the ifo Human Resources (HR) Survey, a quarterly survey conducted by the ifo Institute since 2008 that targets human resource managers in German firms. While the ifo Institute’s traditional business surveys capture general...