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Evolution of Debt Financing toward Less-Regulated Financial Intermediaries in the United States
Erel, Isil; Inozemtsev, Eduard - National Bureau of Economic Research - 2024
important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative … COVID-19 pandemic shock. We argue that tighter bank regulation has created incentives for nonbanks to increase their …
Persistent link: https://www.econbiz.de/10014486206
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The Shifting Finance of Electricity Generation
Andonov, Aleksandar; Rauh, Joshua - National Bureau of Economic Research - 2024
Despite the incentives of incumbent domestic listed corporations (DLCs) in the electricity generation industry, private equity, institutional investors, and foreign corporations have played an outsized role in financing the energy transition. These new entrants are twice as likely to create...
Persistent link: https://www.econbiz.de/10014635696
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Regulatory Arbitrage or Random Errors? Implications of Race Prediction Algorithms in Fair Lending Analysis
Greenwald, Daniel; Howell, Sabrina T.; Li, Cangyuan; … - National Bureau of Economic Research - 2023
disparities in loan approval rates downward by 43%, with greater bias for traditional vs. fintech lenders. Regulation using self …
Persistent link: https://www.econbiz.de/10014337878
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The Deregulation of the Private Equity Markets and the Decline in IPOs
Ewens, Michael - 2019
The deregulation of securities laws|in particular the National Securities Markets Improvement Act (NSMIA) of 1996|has increased the supply of private capital to late-stage private startups, which are now able to grow to a size that few private firms used to reach. NSMIA is one of a number of...
Persistent link: https://www.econbiz.de/10012480262
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The Secular Decline of Bank Balance Sheet Lending
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024
, and discusses their implications for the financial system and regulation. We document that the balance sheet share of … how these shifts impact the financial sector's sensitivity to macroprudential regulation. While raising capital … undergone significant transformation, with implications for macroprudential policy and financial regulation …
Persistent link: https://www.econbiz.de/10014486266
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Customer Data Access and Fintech Entry : Early Evidence from Open Banking
Babina, Tania; Bahaj, Saleem; Buchak, Greg; De Marco, … - National Bureau of Economic Research - 2024
Open banking (OB) empowers bank customers to share transaction data with fintechs and other banks. 49 countries have adopted OB policies. Consumer trust in fintechs predicts OB policy adoption and adoption spurs investment in fintechs. UK microdata shows that OB enables: i) consumers to access...
Persistent link: https://www.econbiz.de/10014468288
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Where Do Banks End and NBFIs Begin?
Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - National Bureau of Economic Research - 2024
substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation … regulation and are such that banks remain special as both routine and emergency liquidity providers to NBFIs. We support this …
Persistent link: https://www.econbiz.de/10014528356
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CBDCs, Payment Firms, and Geopolitics
Berg, Tobias; Keil, Jan; Martini, Felix; Puri, Manju - National Bureau of Economic Research - 2024
We analyze the effect of a major central bank digital currency (CBDC) - the digital euro - on the payment industry to find remarkably heterogeneous effects. Stock prices of U.S. payment firms decrease, while stock prices of European payment firms increase in response to positive announcements on...
Persistent link: https://www.econbiz.de/10015056184
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Why are Buyouts Levered : The Financial Structure of Private Equity Funds
Axelson, Ulf - 2007
This paper presents a model of the financial structure of private equity firms. In the model, the general partner of the firm encounters a sequence of deals over time where the exact quality of each deal cannot be credibly communicated to investors. We show that the optimal financing arrangement...
Persistent link: https://www.econbiz.de/10012465831
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The Market for CEOs : Evidence from Private Equity
Gompers, Paul A.; Kaplan, Steven N.; Mukharlyamov, Vladimir - National Bureau of Economic Research - 2023
Most research on the CEO labor market studies public company CEOs while largely ignoring CEOs in private equity (PE) funded companies. We fill this gap by studying the market for CEOs among U.S. companies purchased by PE firms in large leveraged buyout transactions. 71% of those companies hired...
Persistent link: https://www.econbiz.de/10013537791