We investigate the motivations and effects of financial firms' hiring of former U.S. financial regulatory employees. The number of top executives with regulatory experience per firm has increased 24% over [...]
This paper empirically investigates the incidence of regulatory forbearance during the financial crisis. Using an option pricing technique in concert with valuation data gathered from failed bank sales, I find [...]
We empirically analyze the pricing of political uncertainty, guided by a theoretical model of government policy choice. To isolate political uncertainty, we exploit its variation around national elections and global [...]
Economic policy uncertainty affects decisions of households, businesses, policy makers and financial intermediaries. We first examine the impact of economic policy uncertainty on aggregate bank credit growth. Then we analyze [...]
We use spatial discontinuities associated with congressional district borders to identify the effect of political influences on American banks’ lending. We show that recipients of the 2008 public capital injection [...]
This paper examines the impact of political institutions on bank risk-taking behavior. Using an international sample of banks from 98 countries over the period 1998–2007, I document that sound political [...]
This paper explores the determinants for the leverage decision of financial institutions via the channels of bank-specific characteristics, peer bank behavior, and economic policy uncertainties, which are critical to appropriately [...]
We demonstrate empirically that the collapse of long-term lending relationships amplified the severity of the Great Depression and affected the pace of recovery. We overcome the lack of loan-level data [...]
Increasingly, financial regulation has adopted processes that are inconsistent with adherence to the rule of law. Appropriate regulatory process is fundamental to the ability of regulation to succeed because process [...]
Few Americans Want “More” Financial Regulations-They Want the Right Kinds of Regulations, Properly Enforced: Polls routinely find that a plurality or majority of Americans want more oversight of Wall Street [...]