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The Influence of Income Tax Rules on Insurance Reserves
Bradford, David F.; Logue, Kyle D. - National Bureau of Economic Research (NBER) - 1997
Federal income tax rules, and especially changes in those rules, combine with financial market circumstances (interest rates) to create incentives bearing on property-casualty insurers' decisions regarding the level of loss reserves to report. These incentives have varied substantially over the...
Persistent link: https://www.econbiz.de/10005720055
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Yesterday's Heroes: Compensation and Creative Risk-Taking
Hong, Harrison; Scheinkman, Jose; Cheng, Ing-Haw - National Bureau of Economic Research (NBER) - 2010
We study the relationship between compensation and risk-taking among finance firms using a neglected insight from principal-agent contracting with hidden action and risk-averse agents. If the sensitivity of pay to stock price or slope does not vary with stock price volatility, then total...
Persistent link: https://www.econbiz.de/10008628366
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A Brief History of Regulations Regarding Financial Markets in the United States: 1789 to 2009
Komai, Alejandro; Richardson, Gary - National Bureau of Economic Research (NBER) - 2011
In the United States today, the system of financial regulation is complex and fragmented. Responsibility to regulate the financial services industry is split between about a dozen federal agencies, hundreds of state agencies, and numerous industry-sponsored self-governing associations....
Persistent link: https://www.econbiz.de/10009323426
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CoVaR
Brunnermeier, Markus K.; Adrian, Tobias - National Bureau of Economic Research (NBER) - 2011
We propose a measure for systemic risk: CoVaR, the value at risk (VaR) of the financial system conditional on institutions being under distress. We define an institution's contribution to systemic risk as the difference between CoVaR conditional on the institution being under distress and the...
Persistent link: https://www.econbiz.de/10009323620
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The Risks of Financial Institutions
Carey, Mark; Stulz, Rene M. - National Bureau of Economic Research (NBER) - 2005
banking crises of the 1930s and before has lost much of its relevance. This view held that the main systemic problem is runs …
Persistent link: https://www.econbiz.de/10005011936
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Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets
Courtemanche, Charles; Snowden, Kenneth A. - National Bureau of Economic Research (NBER) - 2010
The Home Owners' Loan Corporation purchased more than a million delinquent mortgages from private lenders between 1933 and 1936 and refinanced the loans for the borrowers. Its primary goal was to break the cycle of foreclosure, forced property sales and decreases in home values that was...
Persistent link: https://www.econbiz.de/10008548780
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Deposit Insurance and External Finance
Cecchetti, Stephen; Krause, Stefan - National Bureau of Economic Research (NBER) - 2004
in the depth and breadth of capital markets can be explained by a combination of the existence of deposit insurance and … the extent to which a country's banking system is state owned. We provide both an equilibrium model predicting and … empirical evidence showing that countries with explicit deposit insurance and a high degree of state-owned bank assets have …
Persistent link: https://www.econbiz.de/10005575715
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Collective Risk Management in a Flight to Quality Episode
Caballero, Ricardo J; Krishnamurthy, Arvind - National Bureau of Economic Research (NBER) - 2007
We present a model of optimal intervention in a flight to quality episode. The reason for intervention stems from a collective bias in agents' expectations. Agents in the model make risk management decisions with incomplete knowledge. They understand their own shocks, but are uncertain of how...
Persistent link: https://www.econbiz.de/10005085158
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Dividends and Bank Capital in the Financial Crisis of 2007-2009
Acharya, Viral V.; Gujral, Irvind; Kulkarni, Nirupama; … - National Bureau of Economic Research (NBER) - 2011
equity. The dwindling pool of common equity in the banking system may have been one reason for the continued reluctance by …
Persistent link: https://www.econbiz.de/10008868166
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Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market
Deng, Yongheng; Morck, Randall; Wu, Jing; Yeung, Bernard - National Bureau of Economic Research (NBER) - 2011
speed and efficacy of China's stimulus derives from state control over its banking system and corporate sector. Beijing …
Persistent link: https://www.econbiz.de/10008869238