The Cross Section of Bank Value

We thank Itay Goldstein (the editor), two anonymous referees, Philip Bond, David Denis, Francisco Gomes, Gary Gorton, Sam Hanson, Christopher Hennessy, Anil Kashyap, Andrew Koch, Arvind Krishnamurthy, Simon Kwan, Gregor Matvos, Philip Ostromogolsky, Elias Papaioannou, Anna Pavlova, Richard Portes, Amiyatosh Purnanandam, Hélène Rey, David Scharfstein, Philipp Schnabl, Amit Seru, Henri Servaes, Jesse Shapiro, Andrei Shleifer, Holger Spamman, David Sraer, Vania Stavrakeva, Jeremy Stein, Phil Strahan, Chad Syverson, Alex Ufier, Haluk Unal, Vikrant Vig, Vish Viswanathan, Toni Whited, Andrew Winton, Kairong Xiao, Luigi Zingales, and participants at numerous conferences and seminars for helpful comments. Part of this research was conducted while Egan was an employee of the University of Minnesota and while Lewellen was an employee of London Business School and Carnegie Mellon University. Lewellen thanks the Research and Materials Development Fund at London Business School for financial support. Egan and Sunderam gratefully acknowledge funding from the Harvard Business School Division of Research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• March 28, 2017