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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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The value of insolvency safe harbours
Paech, Philipp - London School of Economics (LSE) - 2015
‘Safe harbour’ is shorthand for a bundle of privileges in insolvency which are typically afforded to financial institutions. They are remotely comparable to security interests as they provide a financial institution with a considerably better position as compared to other creditors should...
Persistent link: https://www.econbiz.de/10011264787
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Understanding and managing zoonotic risk in the new livestock industries
Liverani, Marco; Waage, Jeff; Barnett, Tony; Pfeiffer, … - London School of Economics (LSE) - 2013
Background: In many parts of the world, livestock production is undergoing a process of rapid intensification. The health implications of this development are uncertain. Intensification creates cheaper products, allowing more people to access animal-based foods. However, some practices...
Persistent link: https://www.econbiz.de/10011126682
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A social constructivist analysis of the 2007 banking crisis: building trust and transparency through community currencies
Breitstein, Lance; Dini, Paolo - London School of Economics (LSE) - 2011
This article examines the 2007 banking crisis from an interdisciplinary and, in particular, social constructivist … for strengthening the democratic dimension of the banking system as a vital nexus between the real economy, government and …
Persistent link: https://www.econbiz.de/10010884691
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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 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
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Corporate ownership structure and performance in Europe
Grant, Jeremy; Kirchmaier, Thomas - London School of Economics (LSE) - 2004
In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form of ownership is not necessarily the most efficient one. These findings are in contradiction to similar research based on US samples. The results also demonstrate that firms without a...
Persistent link: https://www.econbiz.de/10010884735