Liquidity production is a central role of banks. When there is a market premium for the production of (socially valuable) liquid financial claims and no...
We examine the current state of the American public corporation and how it has evolved over the last forty years. There are fewer public corporations now...
We distill evidence about the effects of COVID-19 on companies. Stock price reactions to the shock differed greatly across firms, depending on their...
This paper provides an exhaustive literature review of the motives for public-to-private LBO transactions. First, the paper develops the theoretical...
We consider a model in which the threat of bank liquidations by creditors as well as equity-based compensation incentives both discipline bankers, but...
The moral hazard incentives of the bank safety net predict that distressed banks take on more risk and higher leverage. Since many factors reduce these...