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Deregulation, Integration and Market Structure in European Banking
Gual, Jordi - C.E.P.R. Discussion Papers - 1999
This paper analyzes the impact of deregulation and market integration policies on the structure of European banking markets. It argues that whether European integration will lead to large increases in EU-wide concentration will depend on the extent to which competition in banking is based on...
Persistent link: https://www.econbiz.de/10005067386
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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
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Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors
Ljungqvist, Alexander P.; Marston, Felicia; Starks, Laura T - C.E.P.R. Discussion Papers - 2005
Because sell-side analysts are dependent on institutional investors for performance ratings and trading commissions, we argue that analysts are less likely to succumb to investment banking or brokerage pressure in stocks highly visible to institutional investors. Examining a comprehensive sample...
Persistent link: https://www.econbiz.de/10005114250
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The Manipulation of Basel Risk-Weights
Mariathasan, Mike; Merrouche, Ouarda - C.E.P.R. Discussion Papers - 2013
In this paper, we examine the relationship between banks’ approval for the internal ratings-based (IRB) approaches of Basel II and the ratio of risk-weighted over total assets. Analysing a panel of 115 banks from 21 OECD countries that were eventually approved for applying the IRB to their...
Persistent link: https://www.econbiz.de/10011083229
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Bankers and bank investors: Reconsidering the economies of scale in banking
Anderson, Ronald W.; Jõeveer, Karin - C.E.P.R. Discussion Papers - 2012
rents which accrue to investors and bankers. Applying this approach to annual data of US bank holding companies since 1990 …
Persistent link: https://www.econbiz.de/10011083300
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Incentive Pay and Bank Risk-Taking:Evidence from Austrian, German, and Swiss Banks
Efing, Matthias; Hau, Harald; Kampkötter, Patrick; … - C.E.P.R. Discussion Papers - 2014
We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify … document an economically significant correlation of incentive pay with both the level and volatility of bank trading income … bonus share in the capital markets divisions with the strength of incentive pay in unrelated bank divisions like retail …
Persistent link: https://www.econbiz.de/10011083493
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Macroeconomics after the crisis – hedgehog or fox?
Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2014
efficient’. While Central Bank policy may have shifted radically now that stability is an explicit objective of policy, the same …
Persistent link: https://www.econbiz.de/10011083632
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Optimal Capital Allocation Using RAROC(tm) and EVA
Stoughton, Neal; Zechner, Josef - C.E.P.R. Discussion Papers - 2004
This Paper analyses firms’ capital allocation decisions when optimal capital structure is linked to the risk of underlying assets and when equity capital is costly and cannot be raised instantaneously. In the model, division managers receive private information and authority is delegated to...
Persistent link: https://www.econbiz.de/10005662320
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Internal Reporting Systems, Compensation Contracts and Bank Regulation
Lóránth, Gyöngyi; Morrison, Alan - C.E.P.R. Discussion Papers - 2009
We examine the interdependency between loan officer compensation contracts and commercial bank internal reporting … systems (IRSs). The optimal incentive contract for bank loan officers may require the bank headquarters to commit not to act … information flow within the bank. We show that origination fees for loan officers emerge naturally as part of the optimal contract …
Persistent link: https://www.econbiz.de/10005791870
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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 … entrepreneurs in order to sell them fee-based financial services, universal banks provide weaker incentives. Adopting a holding …
Persistent link: https://www.econbiz.de/10005792170