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Did Fair-Value Accounting Contribute to the Financial Crisis?

Leuz, Christian; Laux, Christian - National Bureau of Economic Research (NBER) - 2009

The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...

Persistent link: https://www.econbiz.de/10008634632

International Banking and Liquidity Risk Transmission: Lessons from Across Countries

Buch, Claudia M.; Goldberg, Linda S. - National Bureau of Economic Research (NBER) - 2014

Activities of international banks have been at the core of discussions on the causes and effects of the international financial crisis. Yet we know little about the actual magnitudes and mechanisms for transmission of liquidity shocks through international banks, including the reasons for...

Persistent link: https://www.econbiz.de/10010951408

Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments

Greenstone, Michael; Oyer, Paul; Vissing-Jorgensen, Annette - National Bureau of Economic Research (NBER) - 2005

The 1964 Securities Acts Amendments extended the mandatory disclosure requirements that had applied to listed firms since 1934 to large firms traded Over-the-Counter (OTC). We find several pieces of evidence indicating that investors valued these disclosure requirements, two of which are...

Persistent link: https://www.econbiz.de/10005829550

Capital-Market Effects of Securities Regulation: Hysteresis, Implementation, and Enforcement

Leuz, Christian; Christensen, Hans B.; Hail, Luzi - National Bureau of Economic Research (NBER) - 2011

This paper examines capital market effects of changes in securities regulation. We analyze two key directives in the … European Union (EU) that tightened market abuse and transparency regulation and its enforcement. All EU member states were … strictness of implementation and enforcement as well as in prior regulation to analyze the role of these factors for regulatory …

Persistent link: https://www.econbiz.de/10008804681

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 load positively on peripheral (Greece, Ireland, Portugal, Spain and Italy, or GIPSI) bond returns and negatively on German government bond returns, a position that generated...

Persistent link: https://www.econbiz.de/10010950931

Fiscal Unions

Werning, Iván; Farhi, Emmanuel - National Bureau of Economic Research (NBER) - 2012

We study cross-country insurance in a currency union with nominal price and wage rigidities. We provide two results that build the case for the creation of a fiscal union within a currency union. First, we show that, if financial markets are incomplete, the value of gaining access to any given...

Persistent link: https://www.econbiz.de/10010796697

Coordination in the European Union

Feldstein, Martin S. - National Bureau of Economic Research (NBER) - 2013

This paper examines the sources of current conflict within the EU and the EMU. The topics discussed include the recent ECB policy of bond buying (the OMT policy), the attempts to advance the "European Project" of stronger political union (the fiscal compact, the banking union, and the proposals...

Persistent link: https://www.econbiz.de/10010652318

The Dollar and its Discontents

Jeanne, Olivier - National Bureau of Economic Research (NBER) - 2012

Has the US dollar delivered the benefits that the rest of the world is expecting from its holdings of international liquidity? US government debt has been liquid and safe, and it is supplied in sufficient quantity. But it has given a low return to the countries that accumulated the most...

Persistent link: https://www.econbiz.de/10010821957

Debiasing through Law

Jolls, Christine; Sunstein, Cass R. - National Bureau of Economic Research (NBER) - 2005

In many settings, human beings are boundedly rational. A distinctive and insufficiently explored legal response to bounded rationality is to attempt to "debias through law," by steering people in more rational directions. In many important domains, existing legal analyses emphasize the...

Persistent link: https://www.econbiz.de/10005014925

Liquidity Risk and U.S. Bank Lending at Home and Abroad

Goldberg, Linda S.; Correa, Ricardo; Rice, Tara - National Bureau of Economic Research (NBER) - 2014

While the balance sheet structure of U.S. banks influences how they respond to liquidity risks, the mechanisms for the effects on and consequences for lending vary widely across banks. We demonstrate fundamental differences across banks without foreign affiliates versus those with foreign...

Persistent link: https://www.econbiz.de/10010951401

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