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Capital Market Financing, Firm Growth, Firm Size Distribution
Levine, Ross; Schmukler, Sergio; Didier, Tatiana - National Bureau of Economic Research (NBER) - 2014
Which firms issue equity and debt in domestic and international markets and what happens to their assets, sales, and number of employees? To answer these questions, we assemble a new dataset on firm-level capital raising activity during 1991-2011, which we match with firm attributes for 45,527...
Persistent link: https://www.econbiz.de/10010821881
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The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
Acharya, Viral V.; Steffen, Sascha - National Bureau of Economic Research (NBER) - 2013
We show that Eurozone bank risks during 2007-2012 can be understood as a "carry trade" behavior. Bank equity returns … exploit government guarantees, arbitrage regulatory risk weights, and access central-bank funding, we find that this carry …-GIPSI countries' banks, but not so for similar banks in other Western economies or for non-bank firms. …
Persistent link: https://www.econbiz.de/10010950931
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Bank sovereign bond holdings, sovereign shock spillovers, and moral hazard during the European crisis
Beltratti, Andrea; Stulz, René M. - National Bureau of Economic Research (NBER) - 2015
From 2010 to 2012, the relation between bank stock returns from European Union (EU) countries and the returns on …
Persistent link: https://www.econbiz.de/10011276429
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Trade Credit, Financial Intermediary Development and Industry Growth
Fisman, Raymond; Love, Inessa - National Bureau of Economic Research (NBER) - 2002
Recent work suggests that financial development is important for economic growth, since financial markets more effectively allocate capital to firms with high value projects. For firms in poorly developed financial markets, implicit borrowing in the form of trade credit may provide an...
Persistent link: https://www.econbiz.de/10005084613
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Stories of the Twentieth Century for the Twenty-First
Gourinchas, Pierre-Olivier; Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 2011
A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst effects of the twenty-first century's first global...
Persistent link: https://www.econbiz.de/10009228893
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Liquidity management of U.S. global banks: Internal capital markets in the great recession
Cetorelli, Nicola; Goldberg, Linda S. - National Bureau of Economic Research (NBER) - 2011
allocation, where distance is bank-affiliate specific and depends on the ex ante relative importance of such locations as local …
Persistent link: https://www.econbiz.de/10009277239
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Did Fair-Value Accounting Contribute to the Financial Crisis?
Leuz, Christian; Laux, Christian - National Bureau of Economic Research (NBER) - 2009
evidence to date points in the opposite direction, that is, towards overvaluation of bank assets. …
Persistent link: https://www.econbiz.de/10008634632
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Japan Premium and Stock Prices: Two Mirrors of Japanese Banking Crises
Ito, Takatoshi; Harada, Kimie - National Bureau of Economic Research (NBER) - 2000
Japan Premium most were the Daiwa Bank incidence in the fall of 1995, failures of large financial institutions in November … 1997, and uncertainties in the resolution of banking problem in fall 1998. (2) The bank stock index declined (in relative … to the general stock index) most in bank failures, in particular by the Yamaichi Securities failure in November 1997. (3 …
Persistent link: https://www.econbiz.de/10005710143
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Financial Development and the Composition of Industrial Growth
Fisman, Raymond; Love, Inessa - National Bureau of Economic Research (NBER) - 2003
We re-examine the role of financial market development in the intersectoral allocation of resources. Specifically, we propose the use of a new methodology that looks at the co-movement in growth rates across pairs of countries to examine the role of financial development in allowing firms to...
Persistent link: https://www.econbiz.de/10005778406
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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
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 …-level governance, country-level governance, country-level regulation, and bank balance sheet and profitability characteristics before …
Persistent link: https://www.econbiz.de/10005061603