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Research Papers  Backdoor Bailouts: Banks Exploiting Other Banks' Government Guarantees

Eisert, Tim; Eufinger, Christian Do banks take advantage of the assumption that they may be deemed "too big to fail" or "too interconnected to fail"? Yes, says research by Christian Eufinger. What's more, this assumption adds systemic risk, as increasingly interconnected banks have learned to exploit "backdoor bailouts." Read article

Research Papers  Why Was the Sovereign Debt Crisis in Europe So Severe?

Acharya, Viral V.; Eisert, Tim; Eufinger, Christian; Hirsch, Christian Why did billions in investment, sales and so many jobs disappear during the European sovereign debt crisis? The Eurozone credit crunch deserves about half of the blame, which is a lot, according to research by IESE's Christian Eufinger and co-authors. They find two significant factors that helped cause the crunch and offer advice to free up the lending supply next time. Read article

Research Papers  Why the Presence of Common Shareholders in Rival Companies Looms as a Threat

Azar, José; Schmalz, Martin; Tecu, Isabel "Common ownership" is a buzzword in academic and regulatory circles these days. José Azar's paper linking common ownership to higher airline ticket prices and other negative consequences is at the center of a new debate that could profoundly affect the investment fund industry as we know it. Read article

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Anticompetitive Effects Of Common Ownership Azar, José; Schmalz, Martin; Tecu, Isabel
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