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On the Incentive Problems in Financial Conglomerates

Lóránth, Gyöngyi - C.E.P.R. Discussion Papers - 2002

This paper analyses the effects of scope expansion on the core activity of banks and provides a rationale for their interest in offering a wider product range. We show that scope economies may stem from moral hazard in the core business, and argue that a cost of scope expansion might be the...

Persistent link: https://www.econbiz.de/10005791861

Bank Diversification and Incentives

Lóránth, Gyöngyi; Morrison, Alan - C.E.P.R. Discussion Papers - 2008

This paper analyzes the consequences of bank diversification into fee-based businesses. Universal banks raise welfare by expanding the range of services available to entrepreneurs. However, because they may choose to rescue failed entrepreneurs in order to sell them fee-based financial services,...

Persistent link: https://www.econbiz.de/10005792170

The Price of Media Capture and the Looting of Newspapers in Interwar France

Bignon, Vincent; Flandreau, Marc - C.E.P.R. Discussion Papers - 2012

This paper develops a new insight enabling the empirical study of media capture: minority shareholders of newspapers and readers face similar risks. Both are adversely affected when corrupt insiders use the newspaper for personal profit and receive invisible revenues. This means that relevant...

Persistent link: https://www.econbiz.de/10011083663

Blockholders and Corporate Governance

Edmans, Alex - C.E.P.R. Discussion Papers - 2013

shareholders) engage in corporate governance. In classical models, blockholders exert governance through direct intervention in a … governance by extracting private benefits of control or pursuing objectives other than firm value maximization. I highlight the …

Persistent link: https://www.econbiz.de/10011084247

Bidding in Mandatory Bankruptcy Auctions: Theory and Evidence

Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2005

We analyse bidding incentives and present evidence on takeover premiums in Sweden’s mandatory bankruptcy auctions. The typical auction attracts multiple bidders and results in the firm being sold as a going concern. We model the incentive of the bankrupt firm’s main creditor (a bank) to...

Persistent link: https://www.econbiz.de/10005792429

Governing the Governors: A Clinical Study of Central Banks

Frisell, Lars; Roszbach, Kasper F.; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2008

Recent research on central bank governance has focused mainly on their monetary policy task. As the sub-prime loan … also in ensuring their soundness and stability. In this paper we study the specific corporate governance structures of a … public governance literatures, where present. Our analysis highlights a striking variety in central bank governance …

Persistent link: https://www.econbiz.de/10005656403

Bailouts And Moral Hazard: How Implicit Government Guarantees Affect Financial Stability

Mariathasan, Mike; Merrouche, Ouarda; Werger, Charlotte - C.E.P.R. Discussion Papers - 2014

The recent crisis has shown that banks in distress can often expect to benefit from (implicit) government guarantees. This paper analyzes a panel of 781 banks from 90 countries to test whether the expectation of individual and systemic government support induces moral hazard. It shows that banks...

Persistent link: https://www.econbiz.de/10011145454

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011213304

Coordination and the fight against tax havens

Konrad, Kai A.; Stolper, Tim - C.E.P.R. Discussion Papers - 2015

The success or failure of the fight against tax havens is the outcome of a coordination game between a tax haven and its potential investors. Key determinants are the costly international pressure and the haven country's revenue pool. The latter is determined endogenously by the decisions of...

Persistent link: https://www.econbiz.de/10011213307

Cutting out the Middleman: Crowdinvesting, Efficiency, and Inequality

Grüner, Hans Peter; Siemroth, Christoph - C.E.P.R. Discussion Papers - 2015

We show that direct investments by consumers without the use of financial intermediaries can efficiently allocate financial capital to firms seeking funding for production of a novel consumption good. In our setting, consumers are also investors, and their privately known consumption preferences...

Persistent link: https://www.econbiz.de/10011201361

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