Exploiting an exogenous increase to capital charges from cross-border banking laws as a source of variation in loan retention, this paper shows that banks relax contractual restrictions and originate riskier loans. The probability of default increases by 7 percentage points (45% in relative...

We study the impact of ring-fencing on bank risk using short-term repo rates. Exploiting confidential data on the near-universe of sterling-denominated repo transactions, we find compelling evidence that banking groups subject to ring-fencing are perceived to be safer; repo investors lend to...

We study the impact of ring-fencing on bank risk using short-term repo rates. Exploiting confidential data on the near-universe of sterling-denominated repo transactions, we find compelling evidence that banking groups subject to ring-fencing are perceived to be safer; repo investors lend to...

In this paper, we document a link between interest-on-excess-reserves (IOER) and global banks' internal capital markets. We find that foreign bank affiliates in the U.S. receive less funding from their parent banks when their home Central Bank increases the rate paid on excess reserves. We find...

Energy Service Companies (ESCOs) are private sector instruments that offer energy-emission-improvement (energy saving, energy efficiency, energy conservation, emission reduction) projects in the developed and in some developing countries. Literature reveals that energy-/emission-improvements of...