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Ranking Systemically Important Financial Institutions

Dungey, Mardi; Luciani, Matteo; Veredas, David - Tinbergen Instituut - 2012

We propose a simple network–based methodology for ranking systemically important financial institutions. We view the risks of firms –including both the financial sector and the real economy– as a network with nodes representing the volatility shocks. The metric for the connections of the...

Persistent link: https://www.econbiz.de/10011255476

The Impact of China on Stock Returns and Volatility in the Taiwan Tourism Industry

Chang, Chia-Lin; Hsu, Hui-Kuang; McAleer, Michael - Tinbergen Instituut - 2013

This discussion paper resulted in a publication in The North American Journal of Economics and Finance (2014). Volume 29(C), pages 381-401. This paper investigates the stock returns and volatility size effects for firm performance in the Taiwan tourism industry, especially the impacts arising...

Persistent link: https://www.econbiz.de/10011255765

Bank Deregulation, Competition and Economic Growth: The US Free Banking Experience

Ager, Philipp; Spargoli, Fabrizio - Tinbergen Instituut - 2013

We exploit the introduction of free banking laws in US states during the 1837-1863 period to examine the impact of removing barriers to bank entry on bank competition and economic growth. As governments were not concerned about systemic stability in this period, we are able to isolate the...

Persistent link: https://www.econbiz.de/10011256043

Incentives for Effective Risk Management

Daníelsson, Jón; Jorgensen, Bjørn N.; Vries, Casper G. de - Tinbergen Instituut - 2001

standard approach subsequent to becoming regulated, i.e., the presence of regulation may induce a bank to decrease the quality …

Persistent link: https://www.econbiz.de/10011255855

Sequential Advocacy

Beniers, Klaas J.; Dur, Robert A.J.; Swank, Otto H. - Tinbergen Instituut - 2002

The collection of information necessary fordecision-making is often delegated to agents (e.g. bureaucrats,advisors, lawyers). If both the pros and cons of a decision haveto be examined, it is better to use competing agents instead of asingle agent. The reason is that two conflicting pieces...

Persistent link: https://www.econbiz.de/10011257104

Uncertainty of Law and the Legal Process

Dari-Mattiacci, Guiseppe; Deffains, Bruno - Tinbergen Instituut - 2006

There is extensive literature on whether courts or legislators produce efficient rules, but which of them produces rules efficiently? The law is subject to uncertainty ex ante; uncertainty makes the outcomes of trials difficult to predict and deters parties from settling disputes out of court. In...

Persistent link: https://www.econbiz.de/10011257519

Deregulation in Retailing: The Dutch Experience

Carree, Martin; Nijkamp, Joyce - Tinbergen Instituut - 1999

Institutional barriers to entry were removed to a considerable extent in 1996 in the Dutch retail sector. Three years before that the regulator decided to not take legal actions anymore against entrants violating institutional requirements. In the current analysis we investigate the effects of...

Persistent link: https://www.econbiz.de/10011256755

Insurance Sector Risk

Slijkerman, Jan Frederik - Tinbergen Instituut - 2006

We model and measure simultaneous large losses of the market value of insurers to understand the impact of shocks on the insurance sector. The downside risk of insurers is explicitly modelled by common and idiosyncratic risk factors. Since reinsurance is important for the capacity of insurers,...

Persistent link: https://www.econbiz.de/10011255587

An Analysis of the Effects of the Severance Payment Reform on Credit to Italian SMEs

Calcagno, Riccardo; Kraeussl, Roman; Monticone, Chiara - Tinbergen Instituut - 2008

We study the effects of the reform of the system of severance payments (TFR) of Italian employees on the cost and the access to credit for small and medium-size enterprises (SMEs). The most direct consequence of the reform is to reduce in the long run the amount of liquid assets available to...

Persistent link: https://www.econbiz.de/10011255902

The Elimination of Broker Voting in Director Elections

Akyol, Ali; Raff, Konrad; Verwijmeren, Patrick - Tinbergen Instituut - 2012

rates remain high after the change in regulation, while the probability of a director being voted off the board remains low …. In addition, we find no evidence of significant wealth effects of the change in regulation. We do find that firms are … increasingly letting shareholders ratify their auditors after the change in regulation, which helps in establishing a quorum. …

Persistent link: https://www.econbiz.de/10011256079