Europe's financial structure has become strongly bank-based–far more so than in other
economies. We document that an increase in the size of the banking system relative to …

This paper models banks' choice of capital structure and interest rates on loans and deposits
when financial services markets are characterized by economies of scope, corporate taxes …

I examine the performance of US business development companies (“BDC”). BDCs have
produced returns in line with those of private funds engaged in direct lending. Leveraged …

The phenomenon of closed-end funds (CEFs) trading at a discount to their Net Asset Value
(NAV) has long been discussed in financial economic literature. While market data from …

Nonbank financial institutions that provide bank-like services, so-called 'shadow banks',
have become more prominent in recent decades. This paper analyzes the factors that …

Abstract Italian Abstract: Il lavoro descrive le caratteristiche dei private placement e discute
le condizioni necessarie per la loro diffusione in Europa. Il private placement è una modalità …