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Do Politically Connected Boards Affect Firm Value?
This article explores whether political connections are important in the United States. The article uses an original hand-collected data set on the political connections of board members of S&P 500Expand
Global Retail Lending in the Aftermath of the Us Financial Crisis: Distinguishing between Supply and Demand Effects
This paper examines the broader effects of the US financial crisis on global lending to retail customers. In particular we examine retail bank lending in Germany using a unique data set of GermanExpand
Politically Connected Boards of Directors and the Allocation of Procurement Contracts
This article analyzes whether political connections of the board of directors of publicly traded companies in the USA affect the allocation of government procurement contracts. It focuses on theExpand
The New Game in Town: Competitive Effects of IPOs
We analyze the effect of initial public offerings (IPOs) on industry competitors and provide evidence that companies experience negative stock price reactions to completed IPOs in their industry andExpand
Do credit shocks affect labor demand? Evidence for employment and wages during the financial crisis
Abstract We study the impact of exogenous funding shocks to German savings banks during the U.S. subprime mortgage crisis on the labor decisions of 30,000 + private and public firms in Germany. WeExpand
Adverse Incentives in Crowdfunding
This paper looks at group leader bids in the presence of origination fees and finds that these bids are (wrongly) perceived as a signal of good loan quality, resulting in lower interest rates, yet these loans actually have higher default rates. Expand
Loan Officer Incentives and the Limits of Hard Information
Poor loan quality is often attributed to loan officers exercising poor judgment. A potential solution is to base loans on hard information alone. However, we find other consequences of bypassingExpand
Political Connections and the Allocation of Procurement Contracts
This paper analyzes whether political connections of publicly traded corporations in the United States affect the allocation of government procurement contracts. The paper classifies the politicalExpand
The Price of Liquidity: The Effects of Market Conditions and Bank Characteristics
We study the prices that individual banks pay for liquidity (captured by borrowing rates in repos with the central bank and benchmarked by the overnight index swap) as a function of market conditionsExpand
Loan Officer Incentives, Internal Rating Models and Default Rates
There is increasing reliance on quantitative complex models, such as internal ratings based (IRB) models for bank regulation, with much resources being spent on model validation exercises. We argueExpand