We study the spatial expansion of banks in response to banking deregulation in the 1980s and 90s. During this period …, large banks expanded rapidly, mostly by adding new branches in new locations, while many small banks exited. We document … that large banks sorted into the densest markets, but that sorting weakened over time as large banks expanded to more …

important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative … addresses these questions and discusses how banks and nonbanks helped provide liquidity to the nonfinancial sector during the …

The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make … size. Implicit banks' costs and subsidies explain shifting bank balance sheet composition. Together, these forces explain …

they finance companies and leverage levels that banks would not fund. The direct lending funds target unlevered returns … that appear high relative to their risk. They use leverage in their funds, but appreciably less than banks and … similar on many dimensions, but the European funds rely less on PE sponsors and compete more with banks. Overall, the private …