Integration Culture of Global Banks and the Transmission of Lending Shocks

We document that a centralization decision-making culture of global banks affects the transmission of shocks from parent banks to their subsidiaries. Using a novel measure of integration culture of multinational banking conglomerates based on the prevalence of a language of power and authority in financial reports, we find that subsidiaries of banks with a relatively more autocratic integration culture cut lending significantly more after solvency shocks to the parent company. Our result is robust to instrumenting integration culture with political and economic factors of the parent bank’s home country. Source:-…

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PNNL lending a hand — and technology — to first responders

  PNNL’s Melanie Godinez and her colleagues partner with first responders to support a regional capability to deter the potential for illicit movement of radioactive materials within, and potentially through, the Puget Sound maritime environment with the intent to do harm. PNNL not only manages the purchase, inventory and distribution of the radiation detection equipment for law enforcement and fire agencies in the Seattle area, it also coordinates training and dock-side drills, like the one shown here. When disaster strikes, first responders rush in to provide assistance. In addition to…

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