Decision-Making Delegation in Banks

The authors thank Matthieu Chavaz, Kristle Cortés, Mark Egan, Haoyu Gao, Elena Loutskina, Amiyatosh Purnanandam, Phil Strahan, and seminar participants at the American Finance Association Annual Meeting, Financial Intermediation Research Society Conference, Society of Financial Studies Cavalcade North America, Federal Reserve Bank of New York/New York University Financial Intermediation Conference, University of Souther California Finance, Organizations, and Markets Conference, Barcelona Graduate School of Economics Summer Forum’s Financial Intermediation and Risk Workshop, Midwest Finance Association Annual Meeting, China International Conference in Finance, Drexel University, Federal Reserve Bank of New York, St. Louis University, Southwestern University of Finance and Economics, and Washington University in St. Louis for helpful comments.