This paper studies how the elimination of the corporate tax bias on bank leverage affects banks' credit provisioning using the introduction of an allowance for corporate equity (ACE) in Belgium. We find that affected banks increased their contribution within cross-border syndicated loan...

Asset price bubbles play an important role in resource allocation and affect the industry dynamics. We use the Chinese Stock market data and the micro data for manufacturing firms in China between 1998 and 2007 to develop an estimation on industry dynamics from four channels including...

An increase in collateral availability can reduce the need for bank auditing. We test this hypothesis using reforms which expanded the set of pledgeable assets in secured lending, and find heterogeneous effects in the cross-section of banks. Smaller (relationship) banks are safer and earn a...

During times of high economic policy uncertainty, domestic banks increase cross- border syndicated lending. We control for credit demand by including time-varying borrower country fixed effects in our regressions. The credit migration effects are strongest for banks with diverse income, and when...

An increase in borrowers’ collateral availability can reduce the need for soft information acquisition by banks. I test this hypothesis using reforms which expanded the set of pledgeable assets in secured lending and find heterogeneous effects in the cross-section of banks. Relationship...

In this paper, we focus on two issues. First, we analyze the potential biases in reported hedge fund returns, in particular survivorship bias and backfill bias, and attempt to create an unbiased return sample. Second, we decompose these returns into their three A,B,C components: the value added...

Despite the retrenchment of the hedge fund industry in 2008, hedge fund assets under management are currently over one and a half trillion dollars. We analyze the potential biases in reported hedge fund returns, in particular survivor-ship bias and back fill bias. We then decompose the returns...

Humanism has never been able to establish a firm place in technical education, which remains predominantly pragmatist in response to industry needs, certification requirements and educational standardisation. However, after a period of decline, humanism has made somewhat of a comeback as part of...