In order to verify whether a delegated monitor can certify its ability to perform its assigned tasks, we test whether syndicated loans in which a larger share of the facility is retained by the arranger have lower interest rates. For a large sample of syndicated loans in over 80 countries during...

It has often been argued during the recent credit crisis that 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 revocation of the Glass-Steagall Act in the United States...

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...

This paper investigates the determinants of the pattern of banks' foreign investment using firm-level data on foreign subsidiaries for a representative sample of 260 large banks from the OECD countries. The empirical analysis shows that measures of the potential profit opportunities in the...

This paper investigates the determinants of the pattern of banks' foreign investment. We extended previous analyses in three directions. First, we use a unique database that includes information on 260 large banks from OECD countries and all their foreign branches and subsidiaries in each one of...

In recent years there has been a surge in mergers and aquisitions in all sectors of economic activity. Cross-border operations have followed this trend, creating global companies operating in all major world markets. In this paper we study the pattern of cross-border Mamp;As in the banking...