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Egan, Mark L. - 2018

This paper argues that firms have an informational advantage over consumers in selecting arbitrators in consumer arbitration. We document how the selection process impacts arbitration outcomes by studying roughly 9,000 consumer arbitration cases in the securities industry. Securities disputes...

Persistent link: https://www.econbiz.de/10012480802

The Revolving Door and Worker Flows in Banking Regulation

Lucca, David - 2014

This paper traces career transitions of federal and state U.S. banking regulators from a large sample of publicly available curricula vitae, and provides basic facts on worker flows between the regulatory and private sector resulting from the revolving door. We find strong countercyclical net...

Persistent link: https://www.econbiz.de/10012458425

Technological Innovation, Resource Allocation, and Growth

Kogan, Leonid - 2012

We propose a new measure of the economic importance of each innovation. Our measure uses newly collected data on patents issued to US firms in the 1926 to 2010 period, combined with the stock market response to news about patents. Our patent- level estimates of private economic value are...

Persistent link: https://www.econbiz.de/10012460891

The Use and Misuse of Patent Data : Issues for Corporate Finance and Beyond

Lerner, Josh - 2017

Patents and citations are powerful tools for understanding innovative activity inside the firm, and are increasingly use in corporate finance research. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be...

Persistent link: https://www.econbiz.de/10012453660

Resource Allocation within Firms and Financial Market Dislocation : Evidence from Diversified Conglomerates

Matvos, Gregor - 2011

When external capital markets are stressed they may not reallocate resources between firms. We show that resource allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. Using data on US conglomerates we empirically verify that...

Persistent link: https://www.econbiz.de/10012460940

Financing Labor

Benmelech, Efraim - 2011

Financial market imperfections can have significant impact on employment decisions of firms. We illustrate the economic importance of this channel by demonstrating that the responsiveness of employment decisions to firms' financial health is quantitatively similar to the much-studied...

Persistent link: https://www.econbiz.de/10012461514

Beyond the Balance Sheet Model of Banking : Implications for Bank Regulation and Monetary Policy

Buchak, Greg - 2018

Bank balance sheet lending is commonly viewed as the predominant form of lending. We document and study two margins of … document the limits of the shadow bank substitution margin: shadow banks substitute for traditional--deposit-taking--banks in … quantitative consequences of several policies on lending volume and pricing, bank stability, and the distribution of consumer …

Persistent link: https://www.econbiz.de/10012480801

Banking without Deposits : Evidence from Shadow Bank Call Reports

Jiang, Erica - 2020

Is bank capital structure designed to extract deposit subsidies? We address this question by studying capital structure … banks finance themselves primarily with short-term debt and originate long-term loans. However, shadow bank debt is provided … primarily by informed and concentrated lenders. (4) Shadow bank leverage increases substantially with size, and the …

Persistent link: https://www.econbiz.de/10012482083

Did the Community Reinvestment Act (CRA) Lead to Risky Lending?

Agarwal, Sumit - 2012

Yes, it did. We use exogenous variation in banks' incentives to conform to the standards of the Community Reinvestment Act (CRA) around regulatory exam dates to trace out the effect of the CRA on lending activity. Our empirical strategy compares lending behavior of banks undergoing CRA exams...

Persistent link: https://www.econbiz.de/10012460053

Monetary Tightening and U.S. Bank Fragility in 2023 : Mark-to-Market Losses and Uninsured Depositor Runs?

Jiang, Erica Xuewei; Matvos, Gregor; Piskorski, Tomasz; … - National Bureau of Economic Research - 2023

accounting for loan portfolios held to maturity. Marked-to-market bank assets have declined by an average of 10% across all the …-- unlike insured depositors, uninsured depositors stand to lose a part of their deposits if the bank fails, potentially giving … them incentives to run. A case study of the recently failed Silicon Valley Bank (SVB) is illustrative. 10 percent of banks …

Persistent link: https://www.econbiz.de/10014247969