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Multiple lenders and corporate distress: Evidence on debt restructuring
Brunner, Antje; Krahnen, Jan Pieter - Center for Financial Studies - 2006
In the recent theoretical literature on lending risk, the coordination problem in multi-creditor relationships have been analyzed extensively. We address this topic empirically, relying on a unique panel data set that includes detailed credit-file information on distressed lending relationships...
Persistent link: https://www.econbiz.de/10010958807
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A note on uniqueness in game-theoretic foundations of the reactive equilibrium
Mimra, Wanda; Wambach, Achim - Center for Financial Studies - 2014
Riley (1979)'s reactive equilibrium concept addresses problems of equilibrium existence in competitive markets with adverse selection. The game-theoretic interpretation of the reactive equilibrium concept in Engers and Fernandez (1987) yields the Rothschild-Stiglitz (1976)/Riley (1979)...
Persistent link: https://www.econbiz.de/10010961635
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The future of securitization
Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2008
Securitization is a financial innovation that experiences a boom-bust cycle, as many other innovations before. This paper analyzes possible reasons for the breakdown of primary and secondary securitization markets, and argues that misaligned incentives along the value chain are the primary cause...
Persistent link: https://www.econbiz.de/10010986376
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German banks - a declining industry?
Hackethal, Andreas - Center for Financial Studies - 2003
This paper is a draft for the chapter German banks and banking structure of the forthcoming book The German financial system edited by J.P. Krahnen and R.H. Schmidt (Oxford University Press). As such, the paper starts out with a description of past and present structural features of the German...
Persistent link: https://www.econbiz.de/10010986396
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In lands of foreign currency credit, bank lending channels run through? The effects of monetary policy at home and abroad on the currency denomination of the supply of credit
Ongena, Steven; Schindele, Ibolya; Vonnák, Dzsamila - Center for Financial Studies - 2014
We analyze the differential impact of domestic and foreign monetary policy on the local supply of bank credit in … domestic and foreign currencies. We analyze a novel, supervisory dataset from Hungary that records all bank lending to firms …
Persistent link: https://www.econbiz.de/10010986409
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Mark-to-market accounting and liquidity pricing
Allen, Franklin; Carletti, Elena - Center for Financial Studies - 2006
When liquidity plays an important role as in times of financial crisis, asset prices in some markets may reflect the amount of liquidity available in the market rather than the future earning power of the asset. Mark-to-market accounting is not a desirable way to assess the solvency of a...
Persistent link: https://www.econbiz.de/10010986447
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The Basle scuritisation framework explained: The regulatory treatment of asset securitisation
Jobst, Andreas A. - Center for Financial Studies - 2005
The paper provides a comprehensive overview of the gradual evolution of the supervisory policy adopted by the Basle Committee for the regulatory treatment of asset securitisation. We carefully highlight the pathology of the new securitisation framework to facilitate a general understanding of...
Persistent link: https://www.econbiz.de/10010986448
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Regulation and Competition in German Banking: An Assessment
Fischer, Karl-Hermann; Pfeil, Christian - Center for Financial Studies - 2003
deposit customers. In the past, bank regulation has often been blamed for undermining competition and the functioning of … tries to shed some light on the historical development and current state of bank regulation in Germany. In so doing, it … tries to embed the analysis of bank regulation in a more general industrial organization framework. For every regulated …
Persistent link: https://www.econbiz.de/10010986452
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Comparative analysis of alternative credit risk models: An application on German middle market loan portfolios
Kern, Markus; Rudolph, Bernd - Center for Financial Studies - 2001
In recent years new methods and models have been developed to quantify credit risk on a portfolio basis. CreditMetrics (tm), CreditRisk+, CreditPortfolio (tm) are among the best known and many others are similar to them. At first glance they are quite different in their approaches and...
Persistent link: https://www.econbiz.de/10010986454
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Multiple-bank lending: Diversification and free-riding in monitoring
Cerasi, Vittoria; Daltung, Sonja - Center for Financial Studies - 2004
and banks are subject to moral hazard and monitoring is essential. Multiple-bank lending is optimal whenever the benefit …. The model predicts a greater use of multiple-bank lending when banks are small relative to investment projects, firms are …
Persistent link: https://www.econbiz.de/10010986458