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A Structural Econometric Model of Price Discrimination in the Mortgage Lending Industry
Gary-Bobo, Robert J.; Larribeau, Sophie - C.E.P.R. Discussion Papers - 2002
likelihood methods. The data used for estimation is a sample of clients of a French network of mortgage lenders. We show the …
Persistent link: https://www.econbiz.de/10005497738
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Collateral Vs. Project Screening: A Model Of Lazy Banks
Manove, Michael; Padilla, Atilano Jorge; Pagano, Marco - C.E.P.R. Discussion Papers - 2000
market equilibria in which cheap credit is inappropriately emphasized over project screening. Restrictions on collateral …
Persistent link: https://www.econbiz.de/10005662399
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Equilibrium and Welfare in Markets with Financially Constrained Arbitrageurs
Gromb, Denis; Vayanos, Dimitri - C.E.P.R. Discussion Papers - 2001
We propose a multi-period model in which competitive arbitrageurs exploit discrepancies between the prices of two identical risky assets, traded in segmented markets. Arbitrageurs need to collateralize separately their positions in each asset, and this implies a financial constraint limiting...
Persistent link: https://www.econbiz.de/10005666703
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Financial Distress and Bank Restructuring of Small to Medium Size UK Companies
Franks, Julian R; Sussman, Oren - C.E.P.R. Discussion Papers - 2003
We use a unique data set to analyse how UK banks deal with small to medium size distressed firms both inside and outside bankruptcy. The approach to bankruptcy is contract-based, with lenders and borrowers relying on procedures written into the debt contract, and where the courts are largely...
Persistent link: https://www.econbiz.de/10005788979
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Lessons from the 2007 Financial Crisis
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2007
The paper studies the causes of the current financial crisis and considers proposals for mitigation and prevention of future crises. The crisis is was the product of a ‘perfect storm’ bringing together a number of microeconomic and macroeconomic pathologies. Among the microeconomic systemic...
Persistent link: https://www.econbiz.de/10005791213
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Banking (Conservatively) With Optimists
Manove, Michael; Padilla, Atilano Jorge - C.E.P.R. Discussion Papers - 1998
collateral requirements by banks may lead to a further decrease in the level of economic efficiency attained. We discuss bank …
Persistent link: https://www.econbiz.de/10005791403
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A Lender-Based Theory of Collateral
Inderst, Roman; Mueller, Holger M - C.E.P.R. Discussion Papers - 2006
rejects marginally profitable projects. Collateral mitigates this inefficiency by 'flattening' the local lender’s payoff …-à-vis transaction lenders lead to higher collateral requirements, thus strengthening the role of collateral in local lending …
Persistent link: https://www.econbiz.de/10005123922
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Collateral, Default Risk, and Relationship Lending: An Empirical Study on Financial Contracting
Krahnen, Jan Pieter - C.E.P.R. Discussion Papers - 2000
This paper provides new insights into the nature of relationship lending by analysing the role of collateral and its … indicate that the use of collateral in loan contracts is mainly driven by aspects of relationship lending and renegotiation … risk. Relationship lenders do require more collateral from their debtors than normal lenders for two main reasons. First …
Persistent link: https://www.econbiz.de/10005123985
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Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations
Bindseil, Ulrich; Nyborg, Kjell G; Strebulaev, Ilya - C.E.P.R. Discussion Papers - 2004
bidders are more concerned with the loser’s nightmare, collateral, and future interest rate reductions by the ECB. Small and …
Persistent link: https://www.econbiz.de/10005067452
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Creditor Protection and Stock Price Volatility
Hale, Galina B; Razin, Assaf; Tong, Hui - C.E.P.R. Discussion Papers - 2007
This paper analyzes the effect of creditor protection on the volatility of stock market returns. Our application of the Tobin’s q model predicts that credit protection reduces the probability of oscillations between binding and nonbinding states of the credit constraint, which result from...
Persistent link: https://www.econbiz.de/10005504268