I investigate the effects of the monetary rate, the interest rate set by the Central Bank, on bank risk taking by examining a sample of loan contracts secured by shares and extended by the North and South Wales Bank between 1881 and 1894. Collateralization by shares allows me to construct a measure of ex ante […]

with Fabio Braggion and Lyndon Moore. We study the effects of bank mergers and acquisitions in the U.K from 1885 to 1925. The lack of a regulatory authority and the confidential nature of merger negotiations allows us to precisely measure the wealth effects of M&As in a laissez-faire environment. We find positive wealth effects for […]