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Endogenous debt maturity and rollover risk
Brancati, Emanuele; Macchiavelli, Marco - 2016
We challenge the common view that short-term debt, by having to be rolled over continuously, is a risk factor that … exposes banks to higher default risk. First, we show that the average effect of expiring obligations on default risk is … insignificant; it is only when a bank has limited access to new funds that maturing debt has a detrimental impact on default risk …
Persistent link: https://www.econbiz.de/10011578473
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Should Banks' Stress Test Results be Disclosed? An Analysis of the Costs and Benefits
Goldstein, Itay; Sapra, Haresh - In: Foundations and Trends(R) in Finance 8 (2014) 1, pp. 1-54
Stress tests have become an important component of the supervisory toolkit. However, the extent of disclosure of stress-test results remains controversial. We argue that while stress tests uncover unique information to outsiders — because banks operate in second--best environments with...
Persistent link: https://www.econbiz.de/10010883379
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Efficient Markets and the Law: A Predictable Past and an Uncertain Future
Hu, Henry T.C. - In: Annual Review of Financial Economics 4 (2012) 1, pp. 179-214
This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...
Persistent link: https://www.econbiz.de/10010603964
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Contingent Credit Under Stress
Acharya, Viral V.; Jager, Maximilian; Steffen, Sascha - National Bureau of Economic Research - 2023
Over the past two decades, banks have increasingly focused on offering contingent credit in the form of credit lines as a primary means of corporate borrowing. We review the existing body of research regarding the rationales for banks' provision of liquidity insurance in the form of credit...
Persistent link: https://www.econbiz.de/10014437040
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Hedge Fund Leverage
Ang, Andrew; Gorovyy, Sergiy; Inwegen, Gregory B. van - National Bureau of Economic Research (NBER) - 2011
We investigate the leverage of hedge funds in the time series and cross section. Hedge fund leverage is counter-cyclical to the leverage of listed financial intermediaries and decreases prior to the start of the financial crisis in mid-2007. Hedge fund leverage is lowest in early 2009 when the...
Persistent link: https://www.econbiz.de/10008839465
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Bank competition and financial stability: A comparison of commercial banks and mutual savings banks in Korea
Jeon, Jin Q.; Lim, Kwang Kyu - In: Pacific-Basin Finance Journal 25 (2013) C, pp. 253-272
), competition has a positive effect on the stability of mutual savings banks with greater business risk and weaker corporate …In this study, we provide new evidence that the relationship between banking competition and financial stability varies … savings banks, we find that the non-linear relationship between competition and the stability of commercial banks reflects a …
Persistent link: https://www.econbiz.de/10010729581
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Prudential Regulation and Competition in Financial Markets
Ahrend, Rudiger; Arnold, Jens; Murtin, Fabrice - Economics Department, Organisation de Coopération et … - 2009
This paper examines how a range of stability-oriented regulatory policies for banking and insurance are related to … selected stability and competition outcomes in these sectors. Based on survey information on financial market regulation … financial crisis, the indicators correlate well with different measures of financial stability, both during the recent crisis …
Persistent link: https://www.econbiz.de/10008498028
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Bye, bye financial repression, hello financial deepening: The anatomy of a financial boom
Mello, João Manoel P. De; Garcia, Márcio G.P. - In: The Quarterly Review of Economics and Finance 52 (2012) 2, pp. 135-153
Since the conquest of hyperinflation, with the Real Plan, in 1994, the Brazilian financial system has grown from early infancy to late adolescence. We describe the process of maturing with emphasis on the defining features of the Brazilian financial system over the last 20 years: (1)...
Persistent link: https://www.econbiz.de/10011040181
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The effect of solvency regulations and accounting standards on long-term investing : implications for insurers and pension funds
Severinson, Clara; Yermo, Juan - 2012
mainly on the impact of risk-based solvency requirements, identifying instances where such regulations may have driven … market downturns. The report concludes with a note of caution regarding the application of strict fair value and risk …
Persistent link: https://www.econbiz.de/10009684014
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The Effect of Solvency Regulations and Accounting Standards on Long-Term Investing: Implications for Insurers and Pension Funds
Severinson, Clara; Yermo, Juan - Directorate for Financial, Fiscal and Enterprises … - 2012
mainly on the impact of risk-based solvency requirements, identifying instances where such regulations may have driven … market downturns. The report concludes with a note of caution regarding the application of strict fair value and risk …
Persistent link: https://www.econbiz.de/10011276662