We show that a bank with investors holding simultaneously both its equity and bond (dual-holders) exhibits lower risk and superior performance. Using the 2007-9 financial crisis as a quasi-natural experiment, we find that the presence of dual-holders reduces risky investment and risky business...

This paper studies the impact of collective reputation on the reporting strategy of experts that face conflicts of interest. The framework we propose applies to different settings involving decision makers that rely on experts for making informed decisions, in particular we consider sell-side...

We investigate how the banking industry concentration and the strength of credit relationships (relationship lending) jointly affect the cost of borrowing of firms. Our results indicate that relationship lending is not associated with the rent extraction mechanism deriving from informational...

A large body of literature has tried to identify the relative information contributions of different characteristics - jointly or in isolation - to the cross-section of stock returns. These characteristics generally cover three data sources: market, fundamentals, and analyst recommendations. In...