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Hart, Oliver; Zingales, Luigi - C.E.P.R. Discussion Papers - 2013

We study the role of fiscal policy in a complete markets model where the only friction is the non-pledgeability of human capital. We show that the competitive equilibrium is constrained inefficient, leading to too little risky investment. We also show that fiscal policy following a large...

Persistent link: https://www.econbiz.de/10011084716

The Impact of Liquidity Regulation on Bank Intermediation

Bonner, Clemens; Eijffinger, Sylvester C W - C.E.P.R. Discussion Papers - 2012

We analyze the impact of non-compliance with a requirement similar to the Basel III Liquidity Coverage Ratio and its … non-compliance with a liquidity requirement causes banks to pay and charge higher interest rates as well as to increase … be affected by the requirement. While non-compliance with a liquidity requirement does not seem to directly affect …

Persistent link: https://www.econbiz.de/10011084639

The Influence of the Financial Revolution on the Nature of Firms

Rajan, Raghuram G; Zingales, Luigi - C.E.P.R. Discussion Papers - 2001

Major technological, regulatory, and institutional changes have made finance more widely available in recent years, amounting to a bona fide ‘financial revolution’. In this article, we focus on the impact the financial revolution has had on the way firms are (or should be) organized and...

Persistent link: https://www.econbiz.de/10005789143

Who Blows the Whistle on Corporate Fraud?

Dyck, Alexander; Morse, Adair; Zingales, Luigi - C.E.P.R. Discussion Papers - 2007

What external control mechanisms are most effective in detecting corporate fraud? To address this question we study in depth all reported cases of corporate fraud in companies with more than 750 million dollars in assets between 1996 and 2004. We find that fraud detection does not rely on one...

Persistent link: https://www.econbiz.de/10005791779

Corporate Governance

Zingales, Luigi - C.E.P.R. Discussion Papers - 1998

This paper summarizes my own personal view of what corporate governance is about. I argue that it makes sense to discuss corporate governance only in an incomplete contract world. In this world, the notion of corporate governance is intrinsically related to the definition of the firm. In this...

Persistent link: https://www.econbiz.de/10005792024

Theft and Taxes

Desai, Mihir; Dyck, Alexander; Zingales, Luigi - C.E.P.R. Discussion Papers - 2004

This Paper analyses the interaction between corporate taxes and corporate governance. We show that the characteristics of a taxation system affect the extraction of private benefits by company insiders. A higher tax rate increases the amount of income insiders divert and thus worsens governance...

Persistent link: https://www.econbiz.de/10005136786

The Corporate Governance Role of the Media

Dyck, Alexander; Zingales, Luigi - C.E.P.R. Discussion Papers - 2002

In this Paper we discuss the role of the media in pressuring corporate managers and directors to behave in ways that are 'socially acceptable'. Sometimes this coincides with shareholders’ value maximization, others not. We provide both anecdotal and systematic evidence that media affect...

Persistent link: https://www.econbiz.de/10005497765

Inefficient Provision of Liquidity

Hart, Oliver; Zingales, Luigi - C.E.P.R. Discussion Papers - 2011

liquidity is inefficient. The reason is that liquidity affects prices and the welfare of others, and creators do not internalize … government must restrict the creation of liquidity by the private sector. …

Persistent link: https://www.econbiz.de/10009246599

Complementing Bagehot: Illiquidity and insolvency resolution

Eijffinger, Sylvester C W; Nijskens, Rob - C.E.P.R. Discussion Papers - 2011

During the recent financial crisis, central banks have provided liquidity and governments have set up rescue programmes … bank suffering from liquidity shocks, we find that the unregulated bank keeps too much liquidity and monitors too little. A … central bank can alleviate the liquidity problem, but induces moral hazard. Therefore, we introduce an additional authority …

Persistent link: https://www.econbiz.de/10009320403

The lender of last resort: liquidity provision versus the possibility of bail-out

Eijffinger, Sylvester C W; Nijskens, Rob - C.E.P.R. Discussion Papers - 2010

banks have provided liquidity and ministries of finance have set up rescue programmes to restore confidence and stability …. Using a model of a systemic bank suffering from liquidity shocks, we find that the unregulated bank keeps too much liquidity … and takes excessive risk compared to the social optimum. A Lender of Last Resort can alleviate the liquidity problem, but …

Persistent link: https://www.econbiz.de/10008468710