“...When liquidity plays an important role as in financial crises, asset prices may reflect the amount of liquidity available rather than the asset's future...”

“...We study the consequences for supervisors’ and banks’ behavior of a “hub-and-spokes” supervisory system where a centralized agency has authority over banks but...”

“...We present a general equilibrium model of banks’ optimal capital structure where bankruptcy is costly and investors have heterogeneous endowments and incur a...”

“...We develop a simple model of the interbank market where banks trade a long term, safe asset. When there is a lack of opportunities for banks to hedge...”

“...Some have argued that recent increases in credit risk transfer are desirable because they improve the diversification of risk. Others have suggested that they...”

“...There is considerable evidence that boom and bust cycles in real estate are the primary cause of financial crises. This paper develops a model of real estate...”

“...•We study reforms in merger control in 19 industrial countries from 1987 to 2004.•Strengthening of control decreases firms’ stock prices but increases the...”

“...We review the theory of deposit insurance, highlighting the underlying assumptions that were not satisfied during the recent financial crisis and that may have...”

“...We explore the behavior of supervisors when a centralized agency has full power over all decisions regarding banks, but relies on local supervisors to collect...”

“...The US system for addressing bank misconduct through fines delivers a number of lessons for the EU with regard to the design of bank enforcement architecture...”