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Perotti, Enrico C; Volpin, Paolo - C.E.P.R. Discussion Papers - 2004

We develop a model of endogenous lobby formation in which wealth inequality and political accountability undermine entry and financial development. Incumbents seek a low level of effective investor protection to prevent potential entrants from raising capital. They succeed because they can...

Persistent link: https://www.econbiz.de/10005662100

Cross-Country Determinants of Mergers and Acquisitions

Rossi, Stefano; Volpin, Paolo - C.E.P.R. Discussion Papers - 2003

This Paper studies the determinants of mergers and acquisitions around the world during the 1990s by focusing on differences in laws and regulation across countries. We find that the volume of M&A activity and the premium paid are significantly larger in countries with better investor...

Persistent link: https://www.econbiz.de/10005788892

Fire-sale FDI

Acharya, Viral V; Shin, Hyun Song; Yorulmazer, Tanju - C.E.P.R. Discussion Papers - 2007

Capital flight associated with the onset of a financial crisis in a country is often accompanied by an inflow of capital associated with foreign direct investment (FDI). Our paper provides a theoretical framework for this puzzle, and draws wider conclusions on the welfare effects of foreign...

Persistent link: https://www.econbiz.de/10005788913

Conflict of Interest in Universal Banking: Bank Lending, Stock Underwriting, and Fund Management

Ber, Hedva; Yafeh, Yishay; Yosha, Oved - C.E.P.R. Discussion Papers - 2000

Using a newly-constructed data set on Israeli Initial Public Offering (IPO) firms in the 1990s, we study costs and benefits of universal banking. We find that a firm whose equity was underwritten by a bank-affiliated underwriter, when the same bank was also a large creditor of the firm in the...

Persistent link: https://www.econbiz.de/10005791310

Fire Sales, Foreign Entry and Bank Liquidity

Acharya, Viral V; Shin, Hyun Song; Yorulmazer, Tanju - C.E.P.R. Discussion Papers - 2007

Bank liquidity is a crucial determinant of the severity of banking crises. In this paper, we consider the effect of … ante liquidity choice that are consistent with the predictions of the model. Our framework allows us to address the key … welfare question as to when there is too much or too little liquidity on bank balance sheets relative to the socially optimal …

Persistent link: https://www.econbiz.de/10005123848

The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios

Acharya, Viral V; Hasan, Iftekhar; Saunders, Anthony - C.E.P.R. Discussion Papers - 2002

We study empirically the effect of focus (specialization) versus diversification on the return and the risk of banks using data from 105 Italian banks over the period 1993–99. Specifically, we analyse the trade-offs between (loan portfolio) focus and diversification using a unique data set...

Persistent link: https://www.econbiz.de/10005136462

The Political Origin of Pension Funding

Perotti, Enrico C; Schwienbacher, Armin - C.E.P.R. Discussion Papers - 2007

The paper seeks to explain the huge cross country variation in private pension funding, shaped by historical choice made when universal pension systems were created after the Great Depression. According to Perotti and von Thadden (2006), large inflationary shocks due to war damage devastated...

Persistent link: https://www.econbiz.de/10005504507

Bank Capital, Liquid Reserves, and Insolvency Risk

Hugonnier, Julien; Morellec, Erwan - C.E.P.R. Discussion Papers - 2015

We develop a dynamic model to assess the effects of liquidity and leverage requirements on banks' insolvency risk. The …. Using the model, we show that liquidity requirements have no long-run effects on default risk but may increase it in the …

Persistent link: https://www.econbiz.de/10011165669

Dividends and Bank Capital in the Financial Crisis of 2007-2009

Acharya, Viral V; Gujral, Irvind; Kulkarni, Nirupama; … - C.E.P.R. Discussion Papers - 2012

The headline numbers appear to show that even as banks and financial intermediaries suffered large credit losses in the financial crisis of 2007-09, they raised substantial amounts of new capital, both from private investors and through government-funded capital injections. However, on closer...

Persistent link: https://www.econbiz.de/10011083440

Market-Based Bank Capital Regulation

Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 2013

Today’s regulatory rules, especially the easily-manipulated measures of regulatory capital, have led to costly bank failures. We design a robust regulatory system such that (i) bank losses are credibly borne by the private sector (ii) systemically important institutions cannot collapse...

Persistent link: https://www.econbiz.de/10011083692

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