Behavior of Corporate Depositors During a Bank Panic

The authors thank the participants of the 20th Annual Conference of the Society for Institutional & Organizational Economics, Paris, France, 10th Southeastern International/Development Economics Workshop at the Federal Reserve Bank of Atlanta, 2017 Eastern Finance Association Meeting, Department of Finance seminar at New Economic School, Moscow, Russia, Public Economics Workshop, and Department of Finance workshop at Clemson University for valuable comments. The authors also thank Howard Bodenhorn, Vitaly Bord, Serguey Braguinsky, Bobby McCormick, Denis Davydov, William Dougan, Raymond Fisman, Sergei Guriev, Arnold Harberger, Michael Jensen, Patrick Kelly, Brian Kovac, Olga Kuzmina, Tom Mroz, Anna Obizhaeva, Christof Ruehl, Edson Severnini, Andrei Shleifer, Nancy Stokey, Robert Townsend, and Kevin Tsui for valuable comments and suggestions. All remaining errors are our own.