Academic Articles



Revise & Resubmit

Jan Keil &
Karsten Müller
Bank Branching Deregulation and the Syndicated Loan Market 
[
BibTeX]
Journal of Financial and Quantitative Analysis 2018


Work in Progress

Using a regression discontinuity design I show that creditor control is a channel through which lending relationships affect borrowers. I address endogenous lender-borrower matching using physical distances between headquarters as an IV or lender-borrower and borrower-issuance year fixed effects. Negative impacts of covenant violations on borrowers are much less severe if the lender established a relationship with the borrower. Information on loan amendments allow me to pin down exact lender actions, documenting that relationship banks act more supportive by granting covenant waivers and increasing loan volumes and maturities. 

Foreclosure Laws and Corporate Loans (with Karsten Müller)
We explore variations in foreclosure rules and times across U.S. states and utilize a largely unused data set to identify real estate collateral and other asset types pledged in contracts. This allows us to analyze how foreclosure laws also matter for corporate loans, or how the same lenders underwrite loans with different terms and react differently to covenant violations. We discriminate for the firs time coherently between the debtors' fear of excessive liquidation and the creditors' higher return in liquidation. 

Colonial Slavery and Work Ethic Today (with Nekeisha Spencer)
We analyze effects of the exploitation of slave labor during the colonization of the New World 200 years ago on work ethic and labor productivity today. We establish a causal effect by showing that imported slaves to different islands were on average similar and instrument the severity of the historical slavery trauma using differences in natural characteristics within the West Indies. These had no impact on the initial establishment of plantations, but affected yield, cost, and profitability of the sugar cane industries in its developed stage, which determined the intensity and duration of the exploitation of slaves.

Relationship Banks and Geographical Market Segmentation in Germany (with Karsten Müller)


Other Publications (cited in academic journals)
Jan KeilThe German Energy Transition – Issues and Perspectives 
[
BibTeX]
Advisor AICGS2013
Jan Keil &
Josef Auer 
State-of-the-Art Electricity Storage Systems – Indispensable Elements of the Energy Revolution 
[
German version] [BibTeX]
Deutsche Bank Research2012