In recent decades U.S. firms increasingly finance themselves with bonds instead of bank loans, a development with important macroeconomic implications. What causes this change in corporate debt composition? This paper finds that bank scope expansion significantly contributes to the development....

We find that spreads on loans originated by lenders affiliated to the IPO underwriters (informed lenders) are 12 basis points (bps) higher than loans originated by unaffiliated (uninformed) lenders. The price of these affiliated post-IPO loans is 59 bps higher than that of those unaffiliated...

We use a unique security-level data set to analyze correlations in bond trading of banks, their respective retail customers and their affiliated mutual funds. Matching banks' proprietary holdings with the holdings of their funds and their retail customers for the period 2009-2016 at the security...

It has often been argued during the recent credit crisis that commercial banks’ involvement in investment banking activities might have had an impact on the intensity of their underwriting standards. We turn to evidence from the period prior to the complete revocation of the Glass-Steagall Act...

Purpose: Many countries both develop and developing have issues concerning corporate governance mechanisms, policy, and implementations and there needs to be addressed by researchers and academics. Our study seeks to investigate whether bank stability and corporate governance variables have a...