Ending "Too Big To Fail": Government Promises vs. Investor Perceptions

Todd A. Gormley, Simon Johnson, Changyong Rhee

NBER Working Paper No. 17518
Issued in October 2011

---- Acknowledgements -----

We are grateful to Bruno Biais, Olivier Blanchard, Hülya Eraslan, Mike Faulkender, Radha Gopalan, Marco Pagano, Ernst-Ludwig von Thadden, Vikrant Vig, and participants at the CEPR European Summer Symposium in Financial Markets, the Olin Business School – Washington University in St. Louis Finance luncheon, M.I.T. Development & Finance lunches, and the World Bank Finance Research Group Seminar for their many useful comments. All remaining errors and omissions are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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