This paper examines whether the effects of changes in the intensity of macroprudential regulation vary with the organisational structure of banks. Our analysis compares the response of foreign banks' branches vs. subsidiaries to changes in the regulation in the home country of the parent bank....

We exploit exogenous legislative changes that alter the priority structure of different classes of debt to study how debtholder monitoring incentives affect bank earnings opacity. We present novel evidence that exposing nondepositors to greater losses in bankruptcy reduces bank earnings opacity,...

This paper examines the implicit subsidy of UK banks by the government and the associated distortions in the financial system. It explains why the subsidy arises, why it is a public policy concern and explores how it can be quantified.Quantifying the implicit subsidy to banks has generated...

Since the 2007–09 crisis, tougher bank liquidity regulation has been imposed which aims to ensure banks an survive a severe funding stress. Critics of this regulation suggest that it raises the cost of maturity transformation and reduces productive lending. In this paper we build a bank run...