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ABSTRACT. Banks in countries with stricter regulation have a lower charter value, which increases their incentives to follow risky policies. Larger banks appear to have the advantage in credit card lending, a market characterized by impersonal relationships and standardized loans. Real financial data tend to exhibit extreme price changes such as stock market crashes that seem incompatible with the assumption of normality.

 

LILIANA CIMBROLA
 
 
 

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