We investigate the relationship between borrower quality and the structure of the pool of banks. First, we develop a theoretical model where the size of the banking pool is a credible signal of firm quality. We argue that better borrowers seek to disclose their quality in a credible way through...

[fre] Cet article présente un modèle des relations banques-entreprises en situation d'anti-sélection. L'asymétrie de l'information y est résolue par un double mécanisme : d'une part, les entreprises choisissent de diversifier plus ou moins leur approvisionnement en capitaux empruntés en...

In this work, we built a model of bank-enterprise relationships in an adverse selection situation. The informational problem is resolved by a double device. First, firms choose the number of potential lenders, then banks deduce some information of debtors?quality, therefore, we obtain a...

Within a framework of information asymmetry, we study the informative content of a lease financing decision. The riskiest firms being most disposed to increase their economic risk, we show the rationality of a signalling equilibrium in which the firms of better quality voluntarily restrict their...

In this paper, we investigate the extent in which creditor rights protection in bankruptcy induces banks to take more risk, leading to a higher level of systemic risk in the financial system. We apply ∆CoVaR, introduced by Adrian and Brunnermeier (2011), as the measure of systemic risk. Our...

The joint plan by the U.S. Treasury and the Federal Deposit Insurance Corporation, announced on Monday, October 13, 2008, represented the largest financial transfer from taxpayers to financial institutions in U.S. history. Existing academic studies have analyzed whether this massive state...

The joint plan by the U.S. Treasury and the Federal Deposit Insurance Corporation, announced on Monday, October 13, 2008, represented the largest financial transfer from taxpayers to financial institutions in U.S. history. Existing academic studies have analyzed whether this massive state...

In France, mutual banks played a key role during the recent period of consolidation of the banking industry because they acquired many privately listed banks. Our analysis of the acquisition of the private bank Crédit Lyonnais by the mutual bank Crédit Agricole illustrates three findings....

We investigate the relationship between borrower quality and the structure of the pool of banks. First, we develop a theoretical model where the size of the banking pool is a credible signal of firm quality. We argue that better borrowers seek to disclose their quality in a credible way through...

How does competition affect innovation in the banking industry? We use the 1994 Riegle-Neal Interstate Banking and Branching Efficiency Act as a major exogenous shock on U.S. banking industry competition and study its impact on innovation. Addressing this issue is challenging however because...