Federal Dposit InsuranceCorporation• Center for Financial Researchh
Sanjiv R. Das
Darrell Duffie
Nikunj Kapadia
Risk-Based Capital Standards,
Deposit Insurance and Procyclicality
Risk-Based Capital Standards,
Deposit Insurance and Procyclicality
FDIC Center for Financial Research
Working Paper
No. 2008-12
The Economic Impact of Merger Control Legislation
December 2008
Empirical Comparisons and Implied Recovery Rates
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An Empirical
An Empirical Analysis
State-
Efraim Benmel Efraim Benmelech May, 2005
June 20
May , 2005 Asset S2005-14
September 2005
Sanjiv R. Das
Darrell Duffie
Nikunj Kapadia
Risk-Based Capital Standards,
Deposit Insurance and Procyclicality
Risk-Based Capital Standards,
Deposit Insurance and Procyclicality
FDIC Center for Financial Research
Working Paper
No. 2008-12
The Economic Impact of Merger Control Legislation
December 2008
Empirical Comparisons and Implied Recovery Rates
kkk
An Empirical
An Empirical Analysis
State-
Efraim Benmel Efraim Benmelech May, 2005
June 20
May , 2005 Asset S2005-14
September 2005
DGutierrez
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The Economic Impact of Merger Control Legislation
Elena Carletti
European University Institute and Wharton Financial Institutions Center
Philipp Hartmann
European Central Bank and CEPR
Steven Ongena
CentER - Tilburg University and CEPR
This Draft: May 15, 2009
We are grateful to Franklin Allen, Thorsten Beck, Brian Bucks, Hans Degryse, Giovanni Dell’Ariccia,
Mariassunta Giannetti, Iftekhar Hasan, Campbell Harvey, Augusto Hasman, Martin Hellwig, Michael
Koetter, Jan Pieter Krahnen, Ricardo Lago, Francisco Marcos Fernandez , Phebe Miller Olcay, Thomas
Piquerau, Eduardo Martinez Rivero, Katja Neugebauer, Jörg Rocholl, Isabel Schnabel, David Smith,
participants at the CEPR Conference on the Effectiveness of Competition Policy (Paris), the CEPR European
Summer Symposium in Financial Markets (Gerzensee), the JFI and World Bank Conference on Bank
Regulation and Corporate Finance (Washington), the European Finance Association (Zurich), the ECB-CFS
Network Conference on Financial Integration and Stability (Madrid), the Finlawmetrics Conference (Milano),
the Sveriges Riksbank Workshop on the Governance of Central Banks (Stockholm), the DG ECFIN Research
Conference on the Adjustment under Monetary Union (Brussels), the 2nd Conference of Banking Regulation,
Integration, and Financial Stability (Mannheim), the Croatian National Bank Dubrovnik Economic
Conference, the Tor Vergata Conference (Rome), the University of Johannesburg Conference on Adding
Value in the Financial World (Sun City), and the CFR-FDIC Fall Workshop (Washington DC), as well as
seminar participants at American University, the European University Institute, the Fondation Banque de
France, the Max Planck Institute (Bonn), Norges Bank, TILEC-Tilburg University and the Universities of
Frankfurt and Virginia for helpful comments. We thank Sandrine Corvoisier, Marco lo Duca and Jan-Peter
Siedlarek for excellent research assistance. We are particularly grateful (without implicating them) to a large
number of public officials from our sample countries and to the ECB’s financial law division for supporting
us generously in providing information on national laws, regulations and procedures. Carletti and Ongena
gratefully acknowledge financial support from the FDIC’s Center for Financial Research and from the Pierre
Werner Chair Programme on Monetary Unions. Any views expressed are only those of the authors and
should not necessarily be attributed to the European Central Bank, the Eurosystem, or the FDIC.
Correspondence addresses: Elena Carletti, European University Institute, Via della Piazzuola 43, 50133
Firenze, Italy, email: elena.carletti@eui.eu; Philipp Hartmann, European Central Bank, DG Research,
Kaiserstraße 29, 60311 Frankfurt, Germany, email: philipp.hartmann@ecb.int; Steven Ongena
(corresponding author), Tilburg University, Department of Finance, P.O. Box 90153, 5000 LE Tilburg, The
Netherlands, email: steven.ongena@uvt.nl.
Elena Carletti
European University Institute and Wharton Financial Institutions Center
Philipp Hartmann
European Central Bank and CEPR
Steven Ongena
CentER - Tilburg University and CEPR
This Draft: May 15, 2009
We are grateful to Franklin Allen, Thorsten Beck, Brian Bucks, Hans Degryse, Giovanni Dell’Ariccia,
Mariassunta Giannetti, Iftekhar Hasan, Campbell Harvey, Augusto Hasman, Martin Hellwig, Michael
Koetter, Jan Pieter Krahnen, Ricardo Lago, Francisco Marcos Fernandez , Phebe Miller Olcay, Thomas
Piquerau, Eduardo Martinez Rivero, Katja Neugebauer, Jörg Rocholl, Isabel Schnabel, David Smith,
participants at the CEPR Conference on the Effectiveness of Competition Policy (Paris), the CEPR European
Summer Symposium in Financial Markets (Gerzensee), the JFI and World Bank Conference on Bank
Regulation and Corporate Finance (Washington), the European Finance Association (Zurich), the ECB-CFS
Network Conference on Financial Integration and Stability (Madrid), the Finlawmetrics Conference (Milano),
the Sveriges Riksbank Workshop on the Governance of Central Banks (Stockholm), the DG ECFIN Research
Conference on the Adjustment under Monetary Union (Brussels), the 2nd Conference of Banking Regulation,
Integration, and Financial Stability (Mannheim), the Croatian National Bank Dubrovnik Economic
Conference, the Tor Vergata Conference (Rome), the University of Johannesburg Conference on Adding
Value in the Financial World (Sun City), and the CFR-FDIC Fall Workshop (Washington DC), as well as
seminar participants at American University, the European University Institute, the Fondation Banque de
France, the Max Planck Institute (Bonn), Norges Bank, TILEC-Tilburg University and the Universities of
Frankfurt and Virginia for helpful comments. We thank Sandrine Corvoisier, Marco lo Duca and Jan-Peter
Siedlarek for excellent research assistance. We are particularly grateful (without implicating them) to a large
number of public officials from our sample countries and to the ECB’s financial law division for supporting
us generously in providing information on national laws, regulations and procedures. Carletti and Ongena
gratefully acknowledge financial support from the FDIC’s Center for Financial Research and from the Pierre
Werner Chair Programme on Monetary Unions. Any views expressed are only those of the authors and
should not necessarily be attributed to the European Central Bank, the Eurosystem, or the FDIC.
Correspondence addresses: Elena Carletti, European University Institute, Via della Piazzuola 43, 50133
Firenze, Italy, email: elena.carletti@eui.eu; Philipp Hartmann, European Central Bank, DG Research,
Kaiserstraße 29, 60311 Frankfurt, Germany, email: philipp.hartmann@ecb.int; Steven Ongena
(corresponding author), Tilburg University, Department of Finance, P.O. Box 90153, 5000 LE Tilburg, The
Netherlands, email: steven.ongena@uvt.nl.