In the 1990s, the European Commission, through the then-novel Leader Initiative, launched rural development programs whose main objective was economic diversification based on the development of new recreational, touristic, or agro-industrial uses that were emerging. The modest size of the...

Regulation needs effective supervision; but regulated entities may deviate with unobserved actions. For identification, we analyze banks, exploiting ECB's asset-quality-review (AQR) and supervisory security and credit registers. After AQR announcement, reviewed banks reduce riskier securities...