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Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis
Acharya, Viral V; Mora, Nada - C.E.P.R. Discussion Papers - 2011
Can banks maintain their advantage as liquidity providers when they are heavily exposed to a financial crisis? The … liquidity insurer is not one of the passive recipient, but of an active seeker, of deposits. We find that banks facing a funding … liquidity demand shocks (as measured by their unused commitments, wholesale funding dependence, and limited liquid assets), as …
Persistent link: https://www.econbiz.de/10009399713
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Debt Contracts, Collapse and Regulation as Competition Phenomena
Gersbach, Hans; Uhlig, Harald - C.E.P.R. Discussion Papers - 1997
This paper studies a credit market with adverse selection and moral hazard where sufficient sorting is impossible. The crucial novel feature is the competition between lenders in their choice of contracts offered. The quality of investment projects is unobservable by banks and entrepreneurs’...
Persistent link: https://www.econbiz.de/10005661861
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Financial Disclosure and Market Transparency with Costly Information Processing
Di Maggio, Marco; Pagano, Marco - C.E.P.R. Discussion Papers - 2012
We study a model where some investors (“hedgers”) are bad at information processing, while others (“speculators”) have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from...
Persistent link: https://www.econbiz.de/10011083365
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Regulatory Sanctions and Reputational Damage in Financial Markets
Armour, John; Mayer, Colin; Polo, Andrea - C.E.P.R. Discussion Papers - 2010
We study the impact of the announcement of enforcement of financial and securities regulation by the UK’s Financial Services Authority and London Stock Exchange on the market price of penalized firms. Since these agencies do not announce enforcement until a penalty is levied, their actions...
Persistent link: https://www.econbiz.de/10008682887
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The Political Economy of Finance
Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2002
The regulations that shape the design and the operations of corporations, credit and securities markets differ vastly from country to country. In addition, similar regulations are often unequally enforced in different countries. Economists still have an imperfect understanding of why these...
Persistent link: https://www.econbiz.de/10005124338
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Bank Capital and Dividend Externalities
Acharya, Viral V; Le, Hanh; Shin, Hyun Song - C.E.P.R. Discussion Papers - 2014
. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative …
Persistent link: https://www.econbiz.de/10011084101
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Bank Capital and Dividend Externalities
Acharya, Viral V; Le, Hanh; Shin, Hyun Song - C.E.P.R. Discussion Papers - 2013
in turn are other banks. This way, one bank's dividend payout policy aects the equity value and risk of default of otther …
Persistent link: https://www.econbiz.de/10011084390
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Informational Rents, Macroeconomic Rents, and Efficient Bailouts
Philippon, Thomas; Schnabl, Philipp - C.E.P.R. Discussion Papers - 2011
We analyze government interventions to alleviate debt overhang among banks. Interventions generate two types of rents. Informational rents arise from opportunistic participation based on private information while macroeconomic rents arise from free riding. Minimizing informational rents is a...
Persistent link: https://www.econbiz.de/10008854493
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Towards a Legal Theory of Finance
Pistor, Katharina - C.E.P.R. Discussion Papers - 2012
This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally …
Persistent link: https://www.econbiz.de/10011084310
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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