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Balance sheet capacity and endogenous risk
Danielsson, Jon; Song Shin, Hyun; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2011
banking sector as a whole that depends on total bank capital. Equilibrium risk and market risk premiums can be solved in …
Persistent link: https://www.econbiz.de/10010884614
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Multiple-bank lending: diversification and free-riding in monitoring
Carletti, Elena; Cerasi, Vittoria; Daltung, Sonja - London School of Economics (LSE) - 2004
This paper analyzes banks’ choice between lending to firms individually and sharing lending with other banks, when firms and banks are subject to moral hazard and monitoring is essential. Multiple-bank lending is optimal whenever the benefit of greater diversification in terms of higher...
Persistent link: https://www.econbiz.de/10010745086
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Loan maturity and renegotiation evidence from the lending practices of large and small banks
Albertazzi, Ugo - London School of Economics (LSE) - 2007
Corporate finance theories suggest that problems of asymmetric information and moral hazard in credit markets can be addressed by choosing short-term maturities. Theories of debt renegotiation suggest that the credibility of the implicit commitment to not make concessions to insolvent borrowers,...
Persistent link: https://www.econbiz.de/10010745643
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Procyclical leverage and value-at-risk
Adrian, Tobias; Shin, Hyun Song - London School of Economics (LSE) - 2013
The availability of credit varies over the business cycle through shifts in the leverage of financial intermediaries. Empirically, we find that intermediary leverage is negatively aligned with the banks’ value-at-risk (VaR). Motivated by the evidence, we explore a contracting model that...
Persistent link: https://www.econbiz.de/10011171761
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Has the growth of real GDP in the UK been overstated because of mis-measurement of banking output?
Oulton, Nicholas - London School of Economics (LSE) - 2013
If official figures overstated the growth of banking output in the UK in the recent boom, does this mean that GDP … growth was overstated too? The answer is no. It is truer to say that if banking output was overstated then the output of some … most of the problematic part of banking output drops out since it constitutes intermediate consumption not final …
Persistent link: https://www.econbiz.de/10010745950
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The impacts of climate change levy on business: evidence from microdata
Martin, Ralf; de Preux, Laure B.; Wagner, Ulrich J. - London School of Economics (LSE) - 2009
from the UK production census. Our identification strategy builds on the comparison of trends in outcomes between plants …
Persistent link: https://www.econbiz.de/10010884619
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The impacts of climate change levy on business: evidence from microdata
Martin, Ralf; Wagner, Ulrich J.; de Preux, Laure B. - London School of Economics (LSE) - 2009
from the UK production census. Our identification strategy builds on the comparison of trends in outcomes between plants …
Persistent link: https://www.econbiz.de/10010746651
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Tweets, Google Trends and Sovereign Spreads in the GIIPS
Dergiades, Theologos; Milas, Costas; Panagiotidis, Theodore - London School of Economics (LSE) - 2013
We examine whether the information contained in social media (Twitter & Facebook) and web search queries (Google) influences financial markets. Using a multivariate system and focussing on Eurozone’s peripheral countries, the GIIPS (Greece, Ireland, Italy, Portugal and Spain), we show that...
Persistent link: https://www.econbiz.de/10010735151
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Are there any Animal Spirits behind the Scenes of the Euro area Sovereign Debt Crisis?
Mamatzakis, Emmanuel - London School of Economics (LSE) - 2013
This paper reveals the underlying market’s preferences over the on going Euro area sovereign debt crisis. It builds on a loss function with reference to the ‘basis’, the difference between the spread over swap and Credit Default Swap (CDS) for sovereign bonds. This loss function is general...
Persistent link: https://www.econbiz.de/10010686658
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The National Audit Office, the Public Accounts Committee and the risk landscape in UK public policy
Dunleavy, Patrick; Gilson, Christopher; Bastow, Simon; … - London School of Economics (LSE) - 2009
Persistent link: https://www.econbiz.de/10010884670