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Does it pay to have friends? Social ties and executive appointments in banking
Berger, Allen N.; Kick, Thomas; Koetter, Michael; … - Deutsche Bundesbank - 2011
Social capital theory predicts individuals establish social ties based on homophily, i.e., affinities for similar others. We exploit a unique sample to analyze how similarities and social ties affect career outcomes in banking based on age, education, gender, and employment history to examine if...
Persistent link: https://www.econbiz.de/10010954916
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Internal capital markets and corporate politics in a banking group
Cremers, Martijn; Huang, Rocco; Sautner, Zacharias - Federal Reserve Bank of Philadelphia - 2009
This study looks inside a large retail-banking group to understand how influence within the group affects internal capital allocations and lending behavior at the member bank level. The group consists of 181 member banks that jointly own a headquarters. Influence is measured by the divergence...
Persistent link: https://www.econbiz.de/10008627182
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Bubbles and incentives: A post-mortem of the Neuer Markt in Germany
von Kalckreuth, Ulf; Silbermann, Leonid - Deutsche Bundesbank - 2010
. At the time of the IPO, a huge amount of liquidity is injected into the companies, and a dynamic analysis of the balance … sheet ratios and income statement items in the following years can teach us the ways in which this liquidity is diffused. We …
Persistent link: https://www.econbiz.de/10008534148
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Corporate governance structure and mergers
Elijah Brewer, III; William E. Jackson, III; Jagtiani, … - Federal Reserve Bank of Philadelphia - 2010
Few transactions have the potential to generate revelations about the market value of corporate assets and liabilities as mergers and acquisitions (M&A). Corporate governance and control mechanisms such as independent directors, independent blockholders, and managerial share ownership are...
Persistent link: https://www.econbiz.de/10008643751
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Fiscal volatility shocks and economic activity
Fernandez-Villaverde, Jesus; Guerron-Quintana, Pablo; … - Federal Reserve Bank of Philadelphia - 2011
The authors study the effects of changes in uncertainty about future fiscal policy on aggregate economic activity. Fiscal deficits and public debt have risen sharply in the wake of the financial crisis. While these developments make fiscal consolidation inevitable, there is considerable...
Persistent link: https://www.econbiz.de/10009216227
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Sharing the burden: monetary and fiscal responses to a world liquidity trap
Cook, David; Devereux, Michael B. - Federal Reserve Bank of Dallas - 2011
interest rates" to fall below zero in all countries, giving rise to a global "liquidity trap." This paper explores the optimal …. ; The key feature of demand shocks in a liquidity trap is that relative prices respond perversely. A negative shock causes … response to conditions generating a global liquidity trap, there is a critical mutual interaction between monetary and fiscal …
Persistent link: https://www.econbiz.de/10009292929
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Soverign risk and the effects of fiscal retrenchment in deep recessions
Corsetti, Giancarlo; Kuester, Keith; Meier, Andre; … - Federal Reserve Bank of Philadelphia - 2011
The authors analyze the effects of government spending cuts on economic activity in an environment of severe fiscal strain, as reflected by a sizeable risk premium on government debt. Specifically, they consider a "sovereign risk channel," through which sovereign default risk spills over to the...
Persistent link: https://www.econbiz.de/10009320690
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Some alternative perspectives on macroeconomic theory and some policy implications
White, William R. - Federal Reserve Bank of Dallas - 2010
The macroeconomic theories and models favoured by academics, as well as those used more commonly by policymakers, effectively rule out by assumption economic and financial crises of the sort we are living through. In particular, the longer run dangers posed by the rapid expansion of credit and...
Persistent link: https://www.econbiz.de/10008598684
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Buy a ticket! (with reference to the Strauss Brothers, Ambassador Mike Moore, Kenneth Arrow, financial sharpies, Martin Luther King Jr. and Gov. Dewey)
Fisher, Richard W. - Federal Reserve Bank of Dallas - 2011
Remarks before the Dallas Friday Group, Dallas, Texas, October 21, 2011 ; "Absent some shock, I envision a slow but steady improvement in the economy into 2012. That is, if our fiscal authorities will remove their stranglehold on clarifying fiscal initiatives. If not, then, in my view, I expect...
Persistent link: https://www.econbiz.de/10010723065
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Racing to the top: how global competition disciplines public policy
Fisher, Richard W. - Federal Reserve Bank of Dallas - 2006
Remarks before the Dallas Friday Group, Dallas, Texas, April 11, 2006 ; "Competition brings benefits to the public sector the same way it does the private sector. Because factors of production are increasingly mobile in an era of globalization, governments vie to gain and hold onto them. Mobile...
Persistent link: https://www.econbiz.de/10010723067