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Inflation, political instability and stockmarket volatility in interwar Germany

Voth, Hans Joachim - Department of Economics and Business, Universitat … - 2001

What determined the volatility of asset prices in Germany between the wars? This paper argues that the influence of political factors has been overstated. The majority of events increasing political uncertainty had little or no effect on the value of German assets and the volatility of returns...

Persistent link: https://www.econbiz.de/10005707943

Determining underlying macroeconomic fundamentals during emerging market crises: Are conditions as bad as they seem?

Aguiar, Mark; Broner, Fernando - Department of Economics and Business, Universitat … - 2001

Emerging market crises are characterized by large swings in both macroeconomic fundamentals and asset prices. The economic significance of observed movements in macroeconomic variables is obscured by the brief and extreme nature of crises. In this paper we propose to study the macroeconomic...

Persistent link: https://www.econbiz.de/10005707990

Riding the South Sea bubble

Temin, Peter; Voth, Joachim - Department of Economics and Business, Universitat … - 2004

This paper presents a case study of a well-informed investor in the South Sea bubble. We argue that Hoare's Bank, a fledgling West End London banker, knew that a bubble was in progress and nonetheless invested in the stock; it was profitable to "ride the bubble." Using a unique dataset on daily...

Persistent link: https://www.econbiz.de/10005772072

Credit constraints, firms' precautionary investment and the business cycle

Orive, Ander Pérez - Department of Economics and Business, Universitat … - 2010

This paper studies the macroeconomic implications of firms' investment composition choices in the presence of credit constraints. Following a negative and persistent aggregate productivity shock, firms shift into short-term investments because they produce more pledgeable output and because they...

Persistent link: https://www.econbiz.de/10008678708

Moral hazard and dynamics of insider ownership stakes

Urosevic, Branko - Department of Economics and Business, Universitat … - 2001

In this paper, I analyze the ownership dynamics of N strategic risk-averse corporate insiders facing a moral hazard … N when outside investors are risk-averse, and does not depend on it when investors are risk-neutral. Predictions of the …

Persistent link: https://www.econbiz.de/10005704863

Monitoring bank performance in the presence of risk

Epure, Mircea; Lafuente, Esteban - Department of Economics and Business, Universitat … - 2012

This paper proposes a managerial control tool that integrates risk in efficiency measures. Building on existing … risk, and is linked only to the relevant dimension of the output set. We empirically illustrate how our efficiency measure … efficiency specifications, our proposal reflects the real banking technology and accurately models the relationship between …

Persistent link: https://www.econbiz.de/10010891943

Relationship and transaction lending in a crisis

Bolton, Patrick; Freixas, Xavier; Gambacorta, Leonardo; … - Department of Economics and Business, Universitat … - 2013

We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, which allows them to provide loans for profitable firms during a crisis. Due to the services they provide, operating costs...

Persistent link: https://www.econbiz.de/10010849592

International debt deleveraging

Fornaro, Luca - Department of Economics and Business, Universitat … - 2012

I provide a framework for understanding debt deleveraging in a group of financially integrated countries. During an episode of international deleveraging world consumption demand is depressed and the world interest rate is low, reflecting a high propensity to save. If exchange rates are allowed...

Persistent link: https://www.econbiz.de/10010849607

Managing credit bubbles

Martin, Alberto; Ventura, Jaume - Department of Economics and Business, Universitat … - 2012

We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles, that is, expansions in credit that are backed not by...

Persistent link: https://www.econbiz.de/10011250932

A model of shadow banking

Gennaioli, Nicola; Shleifer, Andrei; Vishny, Robert - Department of Economics and Business, Universitat … - 2011

move together as in Adrian and Shin (2010), and iii) intermediaries increase their exposure to systematic risk as they … reduce their idiosyncratic risk through diversification, as in Acharya, Schnabl, and Suarez (2010). Under rational …

Persistent link: https://www.econbiz.de/10009321253

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