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non-bank financial intermediaries
Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - National Bureau of Economic Research - 2024
In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of …. We argue instead that NBFI and bank businesses and risks are so interwoven that they are better described as having … contingent liquidity risk from the provision of credit lines to NBFIs; and (iii) Empirical work confirms bank-NBFI linkages …
Persistent link: https://www.econbiz.de/10014528356
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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
The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make …% to 13%. Additionally, the share of loans as a percentage of bank assets has fallen from 70% to 55%. We develop a …, and changes in implicit subsidies and costs of bank activities can explain these shifts. Declines in securitization cost …
Persistent link: https://www.econbiz.de/10014486266
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CBDCs, Payment Firms, and Geopolitics
Berg, Tobias - 2024
We analyze the effect of a major central bank digital currency (CBDC) - the digital euro - on the payment industry to … firms increase in response to positive announcements on the digital euro. Bank stocks do not react. We estimate a loss in …
Persistent link: https://www.econbiz.de/10015056184
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Exit, Tweets and Loyalty
Gans, Joshua S. - 2017
Hirschman's Exit, Voice, and Loyalty highlights the role of "voice" in disciplining firms for low quality. We develop a formal model of voice as a relational contact between firms and consumers and show that voice is more likely to emerge in concentrated markets. We test this model using data on...
Persistent link: https://www.econbiz.de/10012455634
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Platform as a Rule Maker : Evidence from Airbnb's Cancellation Policies
Jia, Jian; Jin, Ginger Zhe; Wagman, Liad - National Bureau of Economic Research - 2021
Digital platforms are not only match-making intermediaries but also establish internal rules that govern all users in their ecosystems. To better understand the governing role of platforms, we study two Airbnb pro-guest rules that pertain to guest and host cancellations, using data on Airbnb and...
Persistent link: https://www.econbiz.de/10012585362
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The Governance and Performance of Research Universities : Evidence from Europe and the U.S
Aghion, Philippe - 2009
We investigate how university governance affects research output, measured by patenting and international university research rankings. For both European and U.S. universities, we generate several measures of autonomy, governance, and competition for research funding. We show that university...
Persistent link: https://www.econbiz.de/10012463797
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Is American Health Care Uniquely Inefficient?
Garber, Alan M. - 2008
The U.S. health system has been described as the most competitive, heterogeneous, inefficient, fragmented, and advanced system of care in the world. In this paper, we consider two questions: First, is the U.S. health care system productively efficient relative to other wealthy countries, in the...
Persistent link: https://www.econbiz.de/10012464374
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Hospital Ownership and Quality of Care : What Explains the Different Results?
Eggleston, Karen - 2006
Does quality of care systematically differ among government-owned, private not-for-profit, and for-profit hospitals? A large empirical literature provides conflicting evidence. Through quantitative review of 46 studies since 1990, we find that several study features that can explain divergent...
Persistent link: https://www.econbiz.de/10012466427
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Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts
Bae, Kee-Hong - 2005
This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than analysts who are not resident in that country. Using a sample of 32 countries, we find that there is an economically and statistically significant analyst local...
Persistent link: https://www.econbiz.de/10012466975
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Does Management Matter in Schools
Bloom, Nicholas - 2014
We collect data on operations, targets and human resources management practices in over 1,800 schools educating 15-year-olds in eight countries. Overall, we show that higher management quality is strongly associated with better educational outcomes. The UK, Sweden, Canada and the US obtain the...
Persistent link: https://www.econbiz.de/10012457998