Working Paper

01 February 2014

Market Efficiency after the Financial Crisis: It?s Still a Matter of Information Costs

Compared to the worldwide financial carnage that followed the Subprime Crisis of 2007-2008, it may seem of small consequence that it is also said to have demonstrated the bankruptcy of an academic financial institution: the Efficient...

Ronald Gilson | Reinier Kraakman
01 April 2008

Information Sharing and Credit: Firm-Level Evidence from Transition Countries

We investigate whether information sharing among banks has affected credit market performance in the transition countries of Eastern Europe and the former Soviet Union, using a large sample of firm-level data. Our estimates show that...

Martin Brown | Tullio Jappelli | Marco Pagano
01 October 2013

The Effect of Creditor Rights on Bank Monitoring, Capital Structure and Risk-taking

We examine the multi-faceted effect of creditor rights on the way banks monitor, operate and finance themselves. We present a simple analytical model that shows that a strengthening of creditor rights reduces the need for banks to...

Sudarshan Jayaraman | Anjan Thakor