• Publications
  • Influence
The Determinants of Bank Interest Margins: Theory and Empirical Evidence
This paper has developed a model of bank margins or spreads in which the bank is viewed as a risk-averse dealer. It was demonstrated that an interest spread or margin would always exist, and thatExpand
  • 741
  • 134
Lending Relationships and Loan Contract Terms
We find that repeated borrowing from the same lender translates into a 10--17 bps lowering of loan spreads and that relationships are especially valuable when borrower transparency is low. TheseExpand
  • 745
  • 105
  • PDF
Should Banks Be Diversified? Evidence from Individual Bank Loan Portfolios
We study empirically the effect of focus (specialization) vs. diversification on the return and the risk of banks using data from 105 Italian banks over the period 1993-1999. Specifically, we analyzeExpand
  • 561
  • 72
  • PDF
The Determinants of Bank Interest Rate Margins: An International Study
Abstract This paper studies the determinants of bank net interest margins (NIMs) in six selected European countries and the US during the period 1988–1995 for a sample of 614 banks. We apply the HoExpand
  • 630
  • 62
Ownership Structure, Deregulation, and Bank Risk Taking
This paper investigates the relationship between bank ownership structure and risk taking. It is hypothesized that stockholder controlled banks have incentives to take higher risk than manageriallyExpand
  • 969
  • 45
Bank entry, competition, and the market for corporate securities underwriting
Abstract This paper examines the competitive effects of commercial bank entry into the corporate debt underwriting market, particularly with respect to underwriter spreads, ex-ante yields, and marketExpand
  • 244
  • 28
A Survey of Cyclical Effects in Credit Risk Measurement Models
We survey both academic and proprietary models to examine how macroeconomic and systematic risk effects are incorporated into measures of credit risk exposure. Many models consider the correlationExpand
  • 192
  • 28
  • PDF
Bank Underwriting of Debt Securities: Modern Evidence
This article examines debt securities underwritten by Section 20 subsidiaries of bank holding companies relative to those underwritten by investment houses. Consistent with a net certificationExpand
  • 323
  • 21
The Costs of Being Private: Evidence from the Loan Market
Using a new dataset of UK-syndicated loans, we document a significant loan cost disadvantage incurred by privately held firms. For identification, we use the distance of a firm's headquarters toExpand
  • 244
  • 19
  • PDF
Syndication, Interconnectedness, and Systemic Risk
Syndication increases the overlap of bank loan portfolios and makes them more vulnerable to contagious effects. We develop a novel measure of bank interconnectedness using syndicated corporate loanExpand
  • 129
  • 14
  • PDF