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Bekaert, Geert; Harvey, Campbell; Lundblad, Christian; … - National Bureau of Economic Research (NBER) - 2014

We introduce a new, market-based and forward looking measure of political risk derived from the yield spread between a country's U.S. dollar debt and an equivalent U.S. Treasury bond. We explain the variation in these sovereign spreads with four factors: global economic conditions,...

Persistent link: https://www.econbiz.de/10010951038

Business Strategy and the Management of Firms

Yang, Mu-Jeung; Kueng, Lorenz; Hong, Bryan - National Bureau of Economic Research (NBER) - 2015

Business strategy can be defined as a firm's plan to generate economic profits based on lower cost, better quality, or new products. The analysis of business strategy is thus at the intersection of market competition and a firm's efforts to secure persistently superior performance via...

Persistent link: https://www.econbiz.de/10011123643

Banks as Secret Keepers

Gorton, Gary; Holmstrom, Bengt; Ordonez, Guillermo L.; … - National Bureau of Economic Research (NBER) - 2014

Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires … that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value …-insensitive assets. For the economy as a whole, firms endogenously separate into bank finance and capital market/stock market finance …

Persistent link: https://www.econbiz.de/10010969202

The Effects of the Saving and Banking Glut on the U.S. Economy

Primiceri, Giorgio; Tambalotti, Andrea; Justiniano, … - National Bureau of Economic Research (NBER) - 2013

We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...

Persistent link: https://www.econbiz.de/10010969208

Some Simple Economics of Crowdfunding

Agrawal, Ajay K.; Goldfarb, Avi; Catalini, Christian - National Bureau of Economic Research (NBER) - 2013

It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of...

Persistent link: https://www.econbiz.de/10010969219

Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities

Boyson, Nicole; Fahlenbrach, Rüdiger; Stulz, René M. - National Bureau of Economic Research (NBER) - 2014

issuance of common stock was negative due to repurchases. We assume that, in the absence of capital requirements, a bank has an … optimal capital structure that depends on its business model. Capital requirements can impose constraints on bank decisions …. If a bank's optimal capital structure also meets regulatory capital requirements with a sufficient buffer, the bank is …

Persistent link: https://www.econbiz.de/10010969238

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

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for …

Persistent link: https://www.econbiz.de/10010969257

Lending to Lemons: Landschafts-Credit in 18th Century Prussia

Wandschneider, Kirsten - National Bureau of Economic Research (NBER) - 2013

The following paper describes the emergence of cooperative mortgage credit associations, called "Landschaften" in 18th century Prussia, and thereby tells the history of mortgage-covered bonds. Landschaften facilitated the refinancing of loans for Prussian estates by issuing covered bonds...

Persistent link: https://www.econbiz.de/10010969304

A New Look at Second Liens

Mayer, Christopher; Tracy, Joseph; Lee, Donghoon - National Bureau of Economic Research (NBER) - 2012

We use data from credit report and deeds records to better understand the extent to which second liens contributed to the housing crisis by allowing buyers to purchase homes with small down payments. At the top of the housing market second liens were quite prevalent, with as many as 45 percent...

Persistent link: https://www.econbiz.de/10010969314

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