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Borrowing High vs. Borrowing Higher: Sources and Consequences of Dispersion in Individual Borrowing Costs
Stango, Victor; Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2013
We document cross-individual variation in U.S. credit card borrowing costs (APRs) that is large enough to explain substantial differences in household saving rates. Borrower default risk and card characteristics explain roughly 40% of APRs. The remaining dispersion exists because a borrower can...
Persistent link: https://www.econbiz.de/10010796557
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Competition and Bank Opacity
Levine, Ross; Jiang, Liangliang; Lin, Chen - National Bureau of Economic Research (NBER) - 2014
competition reduces bank opacity, enhancing the ability of markets and regulators to monitor banks. …
Persistent link: https://www.econbiz.de/10011103497
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Evaluating Policies to Prevent another Crisis: An Economist's View
Willen, Paul S. - National Bureau of Economic Research (NBER) - 2014
I consider four policies created to address the financial crisis: (1) the ability-to-repay requirement in mortgage underwriting; (2) reform of rating agency compensation, (3) risk retention in securitization, and (4) mandatory loan renegotiation. I show that according to standard models,...
Persistent link: https://www.econbiz.de/10010950717
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Uncertainty as Commitment
Ordonez, Guillermo L.; Nosal, Jaromir - National Bureau of Economic Research (NBER) - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...
Persistent link: https://www.econbiz.de/10010969240
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Consolidation of Banks in Japan: Causes and Consequences
Hosono, Kaoru; Sakai, Koji; Tsuru, Kotaro - National Bureau of Economic Research (NBER) - 2007
important role in the mergers and acquisitions (M&As), though its attempt does not seem to have been successful. The efficiency …
Persistent link: https://www.econbiz.de/10005085391
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The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks
Laeven, Luc; Levine, Ross; Goetz, Martin - National Bureau of Economic Research (NBER) - 2011
This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United … States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank …
Persistent link: https://www.econbiz.de/10009652836
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Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
Beltratti, Andrea; Stulz, René M. - National Bureau of Economic Research (NBER) - 2009
-level governance, country-level governance, country-level regulation, and bank balance sheet and profitability characteristics before …Though overall bank performance from July 2007 to December 2008 was the worst since at least the Great Depression … performance of banks during the credit crisis. More specifically, we investigate whether bank performance is related to bank …
Persistent link: https://www.econbiz.de/10005061603
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Governance and Bank Valuation
Caprio, Gerard Caprio, Jr.; Laeven, Luc; Levine, Ross - National Bureau of Economic Research (NBER) - 2003
supervisory/regulatory policies on bank valuations. Except in a few countries with very strong shareholder protection laws, banks … cash flow rights mitigate the adverse effects of weak shareholder protection laws on bank valuations. These results are …
Persistent link: https://www.econbiz.de/10005089223
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Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?
Miller, Marcus; Stiglitz, Joseph E. - National Bureau of Economic Research (NBER) - 2010
An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to 'overshoot' equilibrium when an asset bubble bursts--threatening widespread insolvency and what Richard Koo calls a 'balance sheet recession'. Besides...
Persistent link: https://www.econbiz.de/10008624592
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Financial Sector Assessment Program Update : Republic of Kazakhstan - Bank Profitability and Competition
World Bank - 2013
context of competition in the banking sector. In spite of significant gains in efficiency made in recent years, operational … costs and provisioning for loan losses remain high compared to some other economies. Profitability of the aggregate banking …
Persistent link: https://www.econbiz.de/10012560002