Stressed Banks? Evidence from the Largest-Ever Supervisory Review

The authors thank Elena Carletti, Jean Edouard Colliard, Bob DeYoung, Xavier Freixas, Nicola Gennaioli, Itay Goldstein, Anna Kovner (discussant), Ross Levine, Francesco Manaresi, Christoph Memmel, Steven Ongena, Marco Pagano, Michael Papageorgiou, Manju Puri, José Scheinkman, Javier Suarez, Jeremy Stein (discussant), Raghuram Rajan, Hélène Rey, Antoinette Schoar, Alexander Schulz, Andrei Shleifer, Amir Sufi, Ernst-Ludwig von Thadden, Benjamin Weigert, Victoria Ivashina (the editor), an anonymous associate editor and two referees, and seminar participants at French Supervisory Authority ACPR, Banque de France, Bundesbank, Bank of Portugal, the European Systemic Risk Board, Centre for Studies in Economics and Finance (CSEF) and the Innocenzo Gasparini Institute for Economic Research (IGIER Bocconi) Bocconi Symposium on Economics and Institutions, Spanish Finance Association Foro de Finanzas, National Bureau of Economic Research Summer Institute (Corporate Finance; and Risk of Financial Institutions groups), the Federal Deposit Insurance Corporation/Journal of Financial Services Research Bank Research Conference, INSEAD, Barcelona Graduate School of Economics Summer Forum, and Universitat Pompeu Fabra for comments and suggestions.