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Bank credit and market-based finance for corporations : the effects of minibond issuances
Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2021
We study the effects of diversifying funding sources on the financing conditions for firms. We exploit a regulatory reform that took place in Italy in 2012, i.e. the introduction of ‘minibonds’, which opened a new market-based funding opportunity for unlisted firms. Using the Italian Credit...
Persistent link: https://www.econbiz.de/10012614108
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Bank credit and market-based finance for corporations : the effects of minibond issuances
Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2020
Does a diversification of funding sources affect the financing conditions for firms? To answer this question we study a regulatory reform which allowed unlisted firms to issue minibonds. Using the Italian Credit Register, we compare new loans granted to issuer firms with new loans concurrently...
Persistent link: https://www.econbiz.de/10012419623
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The Real Effects of Relationship Lending
Banerjee, Ryan - 2017
This paper studies the real consequences of relationship lending on firm activity in Italy following Lehman Brothers' default shock and Europe's sovereign debt crisis. We use a large data set that merges the comprehensive Italian Credit and Firm Registers. We find that following Lehman's...
Persistent link: https://www.econbiz.de/10012946217
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The impact of treasury supply on financial sector lending and stability
Krishnamurthy, Arvind; Vissing-Jørgensen, Annette - 2015
We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the nonfinancial sector. This demand drives a premium on safe and liquid assets that the financial sector exploits by owning risky and illiquid...
Persistent link: https://www.econbiz.de/10011412482
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Aggregate investment externalities and macroprudential regulation
Gersbach, Hans; Rochet, Jean-Charles - 2012
explanation for this phenomenon. We show that, instead of dampening productivity shocks, the banking sector tends to exacerbate …
Persistent link: https://www.econbiz.de/10009558435
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Credit Supply and Productivity Growth
Manaresi, Francesco - 2018
We study the impact of bank credit supply on firm output and productivity. By exploiting a matched firm-bank database … revenues) for a given level of inputs. Our estimates imply that a credit crunch will be followed by a productivity slowdown, as … account for about a quarter of the observed decline in Italy's total factor productivity growth. The results are robust to an …
Persistent link: https://www.econbiz.de/10012921972
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Banks’ Maturity Transformation : Risk, Reward, and Policy
Bologna, Pierluigi - 2017
The aim of this paper is twofold: first, to study the determinants of banks' net interest margin with a particular focus on the role of maturity transformation, using a new measure of maturity mismatch; second, to analyse the implications for banks of the relaxation of a binding prudential limit...
Persistent link: https://www.econbiz.de/10012941761
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Economic support during the COVID crisis : quantitative easing and lending support schemes in the UK
Fatouh, Mahmoud; Giansante, Simone; Ongena, Steven - 2021
We investigate how the interaction of the Brexit and COVID waves of the Bank of England’s quantitative easing with the leverage ratio capital requirements or government COVID lending support schemes affected bank business lending. We find that the former QE programme was particularly...
Persistent link: https://www.econbiz.de/10012614521
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Gender, credit, and firm outcomes
Delēs, Manthos D.; Hasan, Iftekhar; Iosifidi, Maria; … - 2019
Small and micro enterprises are usually majority owned by entrepreneurs. Using a unique sample of loan applications from such firms, we study the role of owners' gender in the credit decision of banks and the post-credit decision firm outcomes. We find that, ceteris paribus, female entrepreneurs...
Persistent link: https://www.econbiz.de/10012177373
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How Excessive Is Banks’ Maturity Transformation?
Segura, Anatoli - 2016
We quantify the gains from regulating banks' maturity transformation in an infinite horizon model of banks which finance long-term assets with non-tradable debt. Banks choose the amount and maturity of their debt trading off investors' preference for short maturities with the risk of systemic...
Persistent link: https://www.econbiz.de/10012980515