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Are universal banks better underwriters?
Focarelli, Dario; Marques-Ibanez, David; Pozzolo, … - 2011
’s restrictions. Securities underwritten by commercial banks’ subsidiaries have a higher probability of default than those … gain market share and/or to the lower initial ability of these banks to correctly evaluate default risk …
Persistent link: https://www.econbiz.de/10009640613
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Are universal banks better underwriters? : evidence from the last days of the Glass-Steagall Act
Focarelli, Dario; Marqués Ibáñez, David; Pozzolo, … - 2011
's restrictions. Securities underwritten by commercial banks' subsidiaries have a higher probability of default than those … gain market share and/or to the lower initial ability of these banks to correctly evaluate default risk. - Glass …-Steagall Act ; securities underwriting ; default ; investment banking …
Persistent link: https://www.econbiz.de/10008901496
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Risk characteristics of covered bonds : monitoring beyond ratings
Grothe, Magdalena; Zeyer, Jana - 2020
This paper proposes a set of indicators relevant for the risk characteristics of covered bonds, as based on granular publicly available transparency data. The indicators capture various aspects of cash flow risks related to the issuer, the cover pool and the payment structure. They offer unified...
Persistent link: https://www.econbiz.de/10012206219
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Financing Innovation in Italy : An Analysis of Venture Capital and Private Equity Investments
Vacca, Valerio Paolo - 2014
Using a unique data set, this paper describes the main features of the venture capital industry in Italy. Operations by Italian specialised venture capitalists are only in part devoted to small, young firms from advanced industries, have a rather short duration and are weakly focused on a few...
Persistent link: https://www.econbiz.de/10013056557
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Italian Banks and Market-Based Corporate Financing
Albareto, Giorgio - 2018
The recent financial crisis has induced firms to turn increasingly to financing sources other than bank credit, and banks to boost their income from non-lending services. This paper provides some evidence concerning possibility and convenience for Italian banks to expand the supply of financial...
Persistent link: https://www.econbiz.de/10012921176
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FinTech Credit : A Critical Review of Empirical Research Literature
Branzoli, Nicola - 2020
FinTech credit has attracted significant attention from academics and policymakers in recent years. Given its growing importance, in this paper we provide an overview of the empirical research on FinTech credit to households and non-financial corporations (NFCs). We focus on three broad topics:...
Persistent link: https://www.econbiz.de/10012832784
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Do reputable issuers provide better-quality securitizations?
Deku, Solomon Y.; Kara, Alper; Marqués Ibáñez, David - 2019
We examine the link between issuer reputation and mortgage-backed security (MBS) performance using a sample of 4,247 European MBS issued between 1999 and 2007. We measure performance with credit rating downgrades and delinquencies and track their changes over the long term. We find that,...
Persistent link: https://www.econbiz.de/10011975518
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Intensified competition and the impact on credit ratings in the RMBS market
Breemen, Vivian van; Fabozzi, Frank J.; Vink, Dennis - 2022
In this paper, we empirically investigate the impact of intensified competition on rating quality in the credit rating market for residential mortgage-backed securities (RMBS) in the period 2017-2020. We provide evidence that competition between large credit rating agencies (CRAs) (Moody's and...
Persistent link: https://www.econbiz.de/10013329377
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Risk retention in the European securitization market : skimmed by the skin-in-the-game methods?
Breemen, Vivian van; Schwarz, Claudia; Vink, Dennis - 2023
We empirically investigated the impact of regulatory risk retention methods on credit ratings and pricing at issuance using a sample of European securitization tranches issued in the period 2011-2021. European regulation is based on the assumption that all risk retention methods homogenously...
Persistent link: https://www.econbiz.de/10014362634
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Bank balance sheet constraints and bond liquidity
Breckenfelder, Johannes; Ivashina, Victoria - 2021
We explore the ties between bonds and individual dealers formed through home advantage and the persistence of previous underwriting relationships. Building on these connections, we show that the introduction of the leverage ratio for the European banks had a large impact on exposed bonds'...
Persistent link: https://www.econbiz.de/10012622810