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Risk-Adjusting the Returns to Private Debt Funds
Erel, Isil; Flanagan, Thomas; Weisbach, Michael S. - National Bureau of Economic Research - 2024
Private debt funds are the fastest growing segment of the private capital market. We evaluate their risk-adjusted returns, applying a cash-flow based method to form a replicating portfolio that mimics their risk profiles. Using both equity and debt benchmarks to measure risk, a typical private...
Persistent link: https://www.econbiz.de/10014512132
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Monetary Policy Transmission Through Online Banks
Erel, Isil; Liebersohn, Jack; Yannelis, Constantine; … - National Bureau of Economic Research - 2023
monetary policy by lowering search costs and expanding bank markets. This paper studies the reaction of online banks to changes … online banks. Consistent with the rate movements, online bank deposits experience inflows, while traditional banks experience …
Persistent link: https://www.econbiz.de/10014322768
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Evolution of Debt Financing toward Less-Regulated Financial Intermediaries in the United States
Erel, Isil; Inozemtsev, Eduard - National Bureau of Economic Research - 2024
COVID-19 pandemic shock. We argue that tighter bank regulation has created incentives for nonbanks to increase their …
Persistent link: https://www.econbiz.de/10014486206
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Does FinTech Substitute for Banks? Evidence from the Paycheck Protection Program
Erel, Isil - 2020
Protection Program (PPP). We find that FinTech is disproportionately used in ZIP codes with fewer bank branches, lower incomes …
Persistent link: https://www.econbiz.de/10012481207
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Why Did U.S. Banks Invest in Highly-Rated Securitization Tranches?
Erel, Isil - 2011
-rated tranches were economically trivial for the typical bank, but banks with greater holdings performed more poorly during the …-rated tranches are not higher for banks with large trading books in regressions that control for bank size. The ratio of highly …-rated tranches holdings to assets increases with bank assets, but not for banks with more than $50 billion of assets. This evidence …
Persistent link: https://www.econbiz.de/10012461388