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Banking consolidation and small business lending

Takáts, Elod - European Central Bank - 2004

The paper investigates small business lending as an information problem. It models the effects of information asymmetries within the bank combined with fixed wages. Two kinds of inefficiencies arise in equilibrium: the credit officer either sometimes shirks or he is occasionally fired. In both...

Persistent link: https://www.econbiz.de/10005162884

Determinants and consequences of the unification of dual-class shares

Pajuste, Anete - European Central Bank - 2005

This paper explores the reasons why an increasing number of firms in continental Europe are unifying their shares into a single class, and analyzes the consequences of this restructuring. Interestingly, recent changes in corporate governance environment have created a situation when the reasons...

Persistent link: https://www.econbiz.de/10005162915

The performance impact of firm ownership transformation in China

Beirne, John; Liu, Guy S.; Sun, Pei - European Central Bank - 2013

Does firm ownership change affect performance? On the basis of a mean-value analysis and a fixed effects panel analysis of over 1100 Chinese companies during the period of ownership reform (1997-2003), this paper examines the performance impact of firm ownership transformation in China. The data...

Persistent link: https://www.econbiz.de/10010709524

The stock market reaction to the 2005 non-tradable share reform in China

Beltratti, Andrea; Bortolotti, Bernardo; Caccavaio, Marianna - European Central Bank - 2011

During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS), shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis,...

Persistent link: https://www.econbiz.de/10009021594

Market based compensation, price informativeness and short-term trading

Calcagno, Riccardo; Heider, Florian - European Central Bank - 2007

This paper shows that there is a natural trade-off when designing market based executive compensation. The benefit of market based pay is that the stock price aggregates speculators’ dispersed information and there-fore takes a picture of managerial performance before the long-term value of a...

Persistent link: https://www.econbiz.de/10005344830

Managers’ mobility, trade performance, and wages

Mion, Giordano; Opromolla, Luca David - European Central Bank - 2013

Knowledge is key to the success of a firm. Firms and their managers acquire knowledge via channels which are often … export experience acquired by managers in previous firms leads their current firm towards higher export performance, and … commands a sizeable wage premium for the manager. Export knowledge is decisive when it is market-specific: managers with …

Persistent link: https://www.econbiz.de/10010709530

Asset price misalignments and the role of money and credit

Gerdesmeier, Dieter; Reimers, Hans-Eggert; Roffia, Barbara - European Central Bank - 2009

This paper contributes to the literature on the properties of money and creditindicators for detecting asset price misalignments. After a review of the evidence inthe literature on this issue, the paper discusses the approaches that can be consideredto detect asset price busts. Considering a...

Persistent link: https://www.econbiz.de/10005866513

What explains global exchange rate movements during the financial crisis?

Fratzscher, Marcel - European Central Bank - 2009

A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...

Persistent link: https://www.econbiz.de/10005866568

Bidding behaviour in the ECB’s main refinancing operations during the financial crisis

Eisenschmidt, Jens; Hirsch, Astrid; Linzert, Tobias - European Central Bank - 2009

Liquidity provision through its repo auctions has been one of the main instrumentsof the European Central Bank (ECB) to address the recent tensions infinancial markets since summer 2007. In this paper, we analyse banks’ biddingbehaviour in the ECB’s main refinancing operations (MROs) during...

Persistent link: https://www.econbiz.de/10005866598

Securitization and lending standards: evidence from the wholesale loan market

Kara, Alper; Marqués-Ibáñez, David; Ongena, Steven - European Central Bank - 2011

We investigate the effect of securitization activity on banks’ lending standards using evidence from pricing behavior on the syndicated loan market. We find that banks more active at originating asset-backed securities are also more aggressive on their loan pricing practices. This suggests...

Persistent link: https://www.econbiz.de/10009216682