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Political Risk Spreads
Bekaert, Geert; Harvey, Campbell; Lundblad, Christian; … - National Bureau of Economic Research (NBER) - 2014
We introduce a new, market-based and forward looking measure of political risk derived from the yield spread between a country's U.S. dollar debt and an equivalent U.S. Treasury bond. We explain the variation in these sovereign spreads with four factors: global economic conditions,...
Persistent link: https://www.econbiz.de/10010951038
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Business Strategy and the Management of Firms
Yang, Mu-Jeung; Kueng, Lorenz; Hong, Bryan - National Bureau of Economic Research (NBER) - 2015
Business strategy can be defined as a firm's plan to generate economic profits based on lower cost, better quality, or new products. The analysis of business strategy is thus at the intersection of market competition and a firm's efforts to secure persistently superior performance via...
Persistent link: https://www.econbiz.de/10011123643
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The Housing Meltdown : Why Did it Happen in the United States?
Ellis, Luci - 2013
The crisis enveloping global financial markets since August 2007 was triggered by actual and prospective credit losses on US mortgages. Was the United States just unlucky to have been the first to experience a housing crisis? Or was it inherently more susceptible to one? I examine the limited...
Persistent link: https://www.econbiz.de/10012710907
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Do Accounting Changes Affect the Economic Behaviour of Financial Firms?
Beatty, Anne - 2013
influence bank decision-making.quot; These papers do not attempt to disentangle the effects of capital regulation versus market … accounting does not affect regulatory capital calculations. This is consistent with bank managers acting as if they are concerned …
Persistent link: https://www.econbiz.de/10012711586
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Capital Regulation and Banks' Financial Decisions
Zhu, Haibin - 2013
decisions. In equilibrium, lending decisions, capital buffer and the probability of bank failure are endogenously determined …
Persistent link: https://www.econbiz.de/10012711664
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Dynamic Prudential Regulation : Is Prompt Corrective Action Optimal?
Shim, Ilhyock - 2013
Prompt Corrective Action (PCA) prescribes prompt and deterministic termination of banks with insufficient levels of book-value capital. This paper investigates whether reliance on book-value capital is a good policy choice and if PCA is an optimal regulatory approach. I use a variant of DeMarzo...
Persistent link: https://www.econbiz.de/10012711686
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Risk and Liquidity in a System Context
Shin, Hyun Song - 2013
This paper explores the pricing of debt in a financial system where the assets that borrowers hold to meet their obligations include claims against other borrowers. Assessing financial claims in a system context captures features that are missing in a partial equilibrium setting. It is possible...
Persistent link: https://www.econbiz.de/10012711729
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Bank Size, Credit and the Sources of Bank Market Risk
Stever, Ryan - 2013
This study examines bank risk by investigating the equity and loan portfolio characteristics of publicly-traded bank …
Persistent link: https://www.econbiz.de/10012711779
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Bank Runs Without Self-Fulfilling Prophecies
Zhu, Haibin - 2013
This paper proposes that bank runs are unique equilibrium outcomes instead of self-fulfilling prophecies. By assuming … economy. A bank run would occur if and only if depositors perceive a low return on bank assets. Furthermore, a panic situation … offer a demand-deposit contract that is susceptive to bank runs …
Persistent link: https://www.econbiz.de/10012711889
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China's Asset Management Corporations
Fung, Ben S. C. - 2013
financing have been less than transparent, it appears to have burdened The People's Bank of China (PBoC) with greater risks to …
Persistent link: https://www.econbiz.de/10012711896