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Investment and Usage of New Technologies : Evidence from a Shared ATM Network
Degryse, Hans; Ferrari, S.; Verboven, F.L. - Tilburg University, Center for Economic Research - 2008
When new technologies become available, it is not only essential that firms have the correct investment incentives, but often also that consumers make the proper usage decisions. This paper studies investment and usage in a shared ATM network. Be- cause all banks coordinate their ATM investment...
Persistent link: https://www.econbiz.de/10011091116
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Securitization and Lending Standards : Evidence from the Wholesale Loan Market
Kara, A.; Marques-Ibanez, D.; Ongena, S. - Tilburg University, Center for Economic Research - 2011
Persistent link: https://www.econbiz.de/10011090501
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Does Corporate Income Taxation Affect Securitization? Evidence from OECD Banks
Gong, D.; Ligthart, J.E. - Tilburg University, Center for Economic Research - 2013
more securitization at banks that are constrained in funding markets, while it did not affect securitization at … unconstrained banks. This is consistent with prior theory suggesting that the tax effects of securitization depend on the extent to …' securitization decisions and therefore proposals of new taxes on bank profi ts are inappropriate. …
Persistent link: https://www.econbiz.de/10011092428
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Diversification at Financial Institutions and Systemic Crises
Wagner, Wolf - Tilburg University, Center for Economic Research - 2006
We show that the diversification of risks at financial institutions has unwelcome effects by increasing the likelihood of systems crises.As a result, complete diversification is not warranted adn the optimal degree of diversification is arbitrarily low.We also identify externalities that cause...
Persistent link: https://www.econbiz.de/10011092648
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Lending relationships and credit rationing : the impact of securitization
Degryse, Hans; Carbo Valverde, S.; Rodriguez-Fernandez, F. - Tilburg University, Center for Economic Research - 2011
Do lending relationships mitigate credit rationing? Does securitization influence the impact of lending relationships … securitization activities relaxes credit constraints in normal periods; however, it also increases credit rationing during crisis … periods. Finally, we study the impact of different types of securitization – covered bonds and mortgage-backed securities (MBS …
Persistent link: https://www.econbiz.de/10011092653
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An Empirical Analysis of Legal Insider Trading in the Netherlands
Degryse, Hans; de Jong, Frank C. J. M.; Lefebvre, J.J.G. - Tilburg University, Center for Economic Research - 2009
In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by...
Persistent link: https://www.econbiz.de/10011090406
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Tranching in the Syndicated Loan Market
Cumming, D.; McCahery, J.A.; Schwienbacher, A. - Tilburg University, Center for Economic Research - 2011
We use data comprising over 100,000 loans from 115 countries during 1995-2009 to examine factors that affect the extent of loan tranching, and the range of tranche spreads. The data show five factors that drive them: asymmetric information, borrower risk, transaction costs, the presence of...
Persistent link: https://www.econbiz.de/10011092615
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Arbitrage in Energy Markets : Competing in the Incumbent's Shadow
Kupper, G.; Willems, Bert - Tilburg University, Center for Economic Research - 2007
This paper studies the welfare implications of using market mechanisms to allocate transmission capacity in recently liberalized electricity markets. It questions whether access to this essential facility should be traded on a market, or whether the incumbent should retain exclusive usage...
Persistent link: https://www.econbiz.de/10011090805
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Shocks to Bank Lending, Risk-Taking, Securitization, and Their Role for U.S. Business Cycle Fluctuations
Wagner, Wolf; Peersman, G. - Tilburg University, Center for Economic Research - 2014
Abstract: Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and … the type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … using a model of bank risk-taking and securitization. …
Persistent link: https://www.econbiz.de/10011091756
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Adverse Selection and Moral Hazard in Anonymous Markets
Klein, Tobias J.; Lambertz, C.; Stahl, K. - Tilburg University, Center for Economic Research - 2013
Abstract: We study the effects of improvements in eBay’s rating mechanism on seller exit and continuing sellers’ behavior. Following a large sample of sellers over time, we exploit the fact that the rating mechanism was changed to reduce strategic bias in buyer rating. That improvement did...
Persistent link: https://www.econbiz.de/10011090420