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Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?
Merrill, Craig B.; Nadauld, Taylor D.; Stulz, René M.; … - National Bureau of Economic Research (NBER) - 2012
Much attention has been paid to the large decreases in value of non-agency residential mortgage-backed securities (RMBS) during the financial crisis. Many observers have argued that the fall in prices was partly driven by decreased liquidity and fire sales. We investigate whether capital...
Persistent link: https://www.econbiz.de/10010950851
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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 compensation has to increase with firm risk to satisfy as agent …
Persistent link: https://www.econbiz.de/10008628366
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Deposit Insurance and External Finance
Cecchetti, Stephen; Krause, Stefan - National Bureau of Economic Research (NBER) - 2004
Countries around the world differ substantially in the relative importance of their banks and capital markets in providing investment financing. This paper examines one potential explanation for the cross-country differences in the importance of banks and capital market financing of investment....
Persistent link: https://www.econbiz.de/10005575715
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Managing Public Investment Funds: Best Practices and New Challenges
Mitchell, Olivia; Piggott, John; Kumru, Cagri - National Bureau of Economic Research (NBER) - 2008
Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and...
Persistent link: https://www.econbiz.de/10005579916
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Agricultural Decisions after Relaxing Credit and Risk Constraints
Karlan, Dean; Udry, Christopher; Osei, Robert Darko; … - National Bureau of Economic Research (NBER) - 2012
to farmer investment is uninsured risk: when provided with insurance against the primary catastrophic risk they face … insurance are consistent with the presence of important basis risk associated with the index insurance, with imperfect trust …
Persistent link: https://www.econbiz.de/10010969291
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A Game Theoretic Foundation of Competitive Equilibria with Adverse Selection
Netzer, Nick; Scheuer, Florian - National Bureau of Economic Research (NBER) - 2012
low to high risk agents that is increasing in the share of low risks in the population under weak conditions on risk …
Persistent link: https://www.econbiz.de/10010885305
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Regulatory reform and risk-taking: replacing ratings
Becker, Bo; Opp, Marcus - National Bureau of Economic Research (NBER) - 2013
, we document that insurers' risk taking was distorted and increased in response to the new regulation. …
Persistent link: https://www.econbiz.de/10010950665
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Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities
Mitchell, Olivia; Maurer, Raimond; Rogalla, Ralph; … - National Bureau of Economic Research (NBER) - 2014
Life insurers use accounting and actuarial techniques to smooth reporting of firm assets and liabilities, seeking to transfer surpluses in good years to cover benefit payouts in bad years. Nevertheless, these techniques been criticized as they make it difficult to assess insurers' true financial...
Persistent link: https://www.econbiz.de/10010950681
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Reaching for Yield in the Bond Market
Becker, Bo; Ivashina, Victoria - National Bureau of Economic Research (NBER) - 2013
bonds acquired by insurance companies shows no outperformance, but higher systematic risk and volatility. …
Persistent link: https://www.econbiz.de/10010950683
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The Problem of the Uninsured
Ehrlich, Isaac; Yin, Yong - National Bureau of Economic Research (NBER) - 2012
The problem of the uninsured - those eschewing the purchase of health insurance policies - cannot be fully understood without considering informal alternatives to market insurance called "self-insurance" and "self-protection", including the publicly and charitably-financed safety-net health care...
Persistent link: https://www.econbiz.de/10010950729