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Bank Bailouts, International Linkages and Cooperation
Niepmann, Friederike; Schmidt-Eisenlohr, Tim - CESifo - 2011
Financial institutions are increasingly linked internationally. As a result, financial crisis and government intervention have stronger effects beyond borders. We provide a model of international contagion allowing for bank bailouts. While a social planner trades off tax distortions, liquidation...
Persistent link: https://www.econbiz.de/10008872219
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Stock Market Returns, Corporate Governance and Capital Market Equilibrium
Parigi, Bruno Maria; Pelizzon, Loriana; Thadden, … - CESifo - 2013
This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms’ stock...
Persistent link: https://www.econbiz.de/10010720638
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An Empirical Analysis of Legal Insider Trading in the Netherlands
Degryse, Hans; Jong, Frank de; Lefebvre, Jérémie - CESifo - 2009
In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by...
Persistent link: https://www.econbiz.de/10005034632
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Spillovers from Systemic Bank Defaults
Mink, Mark; Haan, Jakob de - CESifo - 2014
the default risk of banks designated as globally systemically important by the Financial Stability Board. We find that … bank market values hardly respond to changes in the default risk of individual systemic banks. Together, however, changes … in systemic banks’ default risk explain a substantial part of changes in other banks’ market values. This result is …
Persistent link: https://www.econbiz.de/10010877758
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Banking Crisis Resolution Policy - Lessons from Recent Experience - which elements are needed for robust and efficient crisis resolution?
Mayes, David G. - CESifo - 2009
The current financial crisis has sparked intense debate about how weak banks should be resolved. Despite international efforts to coordinate and converge on such policies, national policy advice and resolution practices differ. The resolution methods adopted in the Nordic banking crises in the...
Persistent link: https://www.econbiz.de/10008583712
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Contagion in Financial Networks: A Threat Index
Demange, Gabrielle - CESifo - 2015
Interbank claims are a concern to regulators as they might facilitate the dissemination of defaults and generate spill-over effects. Building on a simple model, this paper introduces a measure of the spill-over effects that a bank generates when it defaults. The measure is based on an explicit...
Persistent link: https://www.econbiz.de/10011257674
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Exploring Higher-Order Risk Effects
Deck, Cary; Schlesinger, Harris - CESifo - 2008
Higher-order risk effects play an important role in examining economic behavior under uncertainty. A precautionary … presence of an unavoidable risk affects one’s behavior towards a second risk. These two properties also play key roles in …
Persistent link: https://www.econbiz.de/10005181486
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On the Desirability of Taxing Capital Income to Reduce Moral Hazard in Social Insurance
Jacobs, Bas; Schindler, Dirk - CESifo - 2009
more attractive for social insurance if a larger part of risk is realized in the first period of the life-cycle. Our …
Persistent link: https://www.econbiz.de/10008583702
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Catalysts for Social Insurance: Education Subsidies vs. Real Capital Taxation
Schindler, Dirk; Yang, Hongyan - CESifo - 2010
To analyze the optimal social insurance package, we set up a two-period life-cycle model with risky human capital investment in which the government has access to labor taxation, education subsidies and capital taxation. Social insurance is provided by redistributive labor taxation. Moreover,...
Persistent link: https://www.econbiz.de/10008833884
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Iceland: How Could This Happen?
Gylfason, Thorvaldur - CESifo - 2014
This paper reviews economic developments in Iceland following its financial collapse in 2008, focusing on causes and consequences of the crash. The review is presented in the context of the Nordic region, with broad comparisons also with developments elsewhere on the periphery of Europe, in...
Persistent link: https://www.econbiz.de/10010877635