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Creditor-on-Creditor Violence and Secured Debt Dynamics
Antill, Samuel; Wang, Neng; Jiang, Zhaoli - National Bureau of Economic Research - 2024
Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this "creditor-on-creditor violence" trend. In our dynamic model, secured lenders enjoy higher priority in default. However,...
Persistent link: https://www.econbiz.de/10015056182
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Bankruptcy Exemption of Repo Markets : Too Much Today for Too Little Tomorrow?
Acharya, Viral V.; Anshuman, V. Ravi; Viswanathan, S. - National Bureau of Economic Research - 2024
-and-repurchase (repo) contracts. Exemption from an automatic stay in bankruptcy enables financial intermediaries to raise greater liquidity … and induces entry of intermediaries with higher leverage during normal times. This liquidity creation occurs, however, at …
Persistent link: https://www.econbiz.de/10014468227
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The Benefits and Costs of Secured Debt
Benmelech, Efraim - National Bureau of Economic Research - 2024
Secured debt--a debt contract that offers security to creditors in the form of collateralized assets--has been a cornerstone of credit markets in most societies since antiquity. The ability to seize and sell collateral reduces the creditor's expected losses when the debtor defaults on a promised...
Persistent link: https://www.econbiz.de/10014528392
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Bank Runs, Fragility, and Regulation
Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2024
We examine banking regulation in a macroeconomic model of bank runs. We construct a general equilibrium model where banks may default because of fundamental or self-fulfilling runs. With only fundamental defaults, we show that the competitive equilibrium is constrained efficient. However, when...
Persistent link: https://www.econbiz.de/10014528381
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Accelerating Vaccine Innovation for Emerging Infectious Diseases via Parallel Discovery
Barberio, Joseph; Becraft, Jacob; Ben Chaouch, Zied; … - National Bureau of Economic Research - 2022
We analyze the financial performance of a hypothetical portfolio of 120 mRNA vaccine candidates in the preclinical stage targeting 11 emerging infectious diseases. We calibrate the simulation parameters with input from domain experts in mRNA technology and an extensive literature review. We find...
Persistent link: https://www.econbiz.de/10013334345
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Know Your Customer : Informed Trading by Banks
Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022
This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...
Persistent link: https://www.econbiz.de/10013388877
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Monetary Policy Operations : Theory, Evidence, and Tools for Quantitative Analysis
Lagos, Ricardo; Navarro, Gastón - National Bureau of Economic Research - 2023
We formulate a quantitative dynamic equilibrium theory of trade in the fed funds market, calibrate it to fit a comprehensive set of marketwide and micro-level cross-sectional observations, and use it to make two contributions to the operational side of monetary policy implementation. First, we...
Persistent link: https://www.econbiz.de/10014322758
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Life After Death : A Field Experiment with Small Businesses on Information Frictions, Stigma, and Bankruptcy
Bernstein, Shai; Colonnelli, Emanuele; Hoffman, Mitchell; … - National Bureau of Economic Research - 2023
In an RCT with US small businesses, we document that a large share of firms are not well-informed about bankruptcy. Many assume that bankruptcy necessarily entails the death of a business and do not know about Chapter 11 bankruptcy, where debts are renegotiated so that the business can continue...
Persistent link: https://www.econbiz.de/10014226130
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Monetary Transmission Through Bank Securities Portfolios
Greenwald, Daniel; Krainer, John; Paul, Pascal - National Bureau of Economic Research - 2024
structural model, disciplined by our cross-sectional regression estimates, shows that interest rate transmission is stronger the …
Persistent link: https://www.econbiz.de/10014544727
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Do Banks Hedge Using Interest Rate Swaps?
McPhail, Lihong Lu; Schnabl, Philipp; Tuckman, Bruce - National Bureau of Economic Research - 2023
We ask whether banks use interest rate swaps to hedge the interest rate risk of their assets, primarily loans and … significant extent to which swap positions offset each other, the average bank has essentially no net interest rate risk from …, we conclude that swap positions are not economically significant in hedging the interest rate risk of bank assets …
Persistent link: https://www.econbiz.de/10014250183