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All You Need is Cash : Corporate Cash Holdings and Investment after the Global Financial Crisis

Joseph, Andreas; Kneer, Christiane; van Horen, Neeltje - 2021

Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis but also during the recovery period. Cash-rich SMEs could maintain their capital stock during the global financial crisis, while cash-poor rivals reduced theirs. This gave...

Persistent link: https://www.econbiz.de/10013229694

The Trading Response of Individual Investors to Local Bankruptcies

Laudenbach, Christine - 2020

We use data from a German online brokerage and a survey to show that retail investors sharply reduce risk-taking in response to nearby firm bankruptcies, which are not predictive of returns. The effects on trading are spatially highly concentrated, immediate and not persistent. They seem to...

Persistent link: https://www.econbiz.de/10012837679

Consumer Debt and Default : A Macro Perspective

Exler, Florian - 2020

In this survey, we review the quantitative macroeconomic literature analyzing consumer debt and default. We start by providing an overview of consumer bankruptcy law in the US and document the relevant institutional changes over time. We proceed with a comprehensive empirical section, describing...

Persistent link: https://www.econbiz.de/10012841141

Have Capital Market Anomalies Worldwide Attenuated in the Recent Era of High Liquidity and Trading Activity?

Auer, Benjamin R. - 2018

We revisit and extend the study by Chordia et al. (2014) which documents that, in recent years, increased liquidity has … characterised by positive trends in liquidity, there is no persuasive time-series and cross-sectional evidence for a negative link … between anomalies in market returns and liquidity. Thus, this proxy of arbitrage activity does not appear to be a key factor …

Persistent link: https://www.econbiz.de/10012908691

Furlough and Household Financial Distress During the Covid-19 Pandemic

Görtz, Christoph; McGowan, Danny; Yeromonahos, Mallory - 2021

We study how furlough affects household financial distress during the COVID-19 pandemic. Furlough increases the probability of late housing and bill payments by 30% and 9%, respectively. The effects exist for individuals who rent their home, but not mortgagees who can mitigate financial distress...

Persistent link: https://www.econbiz.de/10013212266

The Liquidity Channel of Fiscal Policy

Bayer, Christian - 2020

—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete … markets and portfolio choice, in which public debt affects private liquidity. In this environment, the short-run fiscal … multiplier is amplified by the countercyclical liquidity premium. This liquidity channel stabilizes investment and crowds in …

Persistent link: https://www.econbiz.de/10012830353

The Impact of Fintech Startups on Financial Institutions' Performance and Default Risk

Haddad, Christian; Hornuf, Lars - 2021

We examine the impact of fintech start-ups on the performance and default risk of traditional financial institutions. We find a positive relationship between fintech start-up formations and incumbent institutions’ performance for the period 2005–2018 and a large sample of financial...

Persistent link: https://www.econbiz.de/10013229697

Lender of last resort and bank closure policy

Freixas, Xavier; Parigi, Bruno Maria - 2008

During the last decades a consensus has emerged that it is impossible to disentangle liquidity shocks from solvency …

Persistent link: https://www.econbiz.de/10010264351

Term structure and cyclicity of value-at-risk: consequences for the solvency capital requirement

Bec, Frédérique; Gollier, Christian - 2009

This paper explores empirically the link between French equities returns Value-at-Risk (VaR) and the state of financial markets cycle. The econometric analysis is based on a simple vector autoregression setup. Using quarterly data from 1970Q4 to 2008Q3, it turns out that the k-year VaR of French...

Persistent link: https://www.econbiz.de/10010264597

Impatience and Uncertainty : Experimental Decisions Predict Adolescents' Field Behavior

Sutter, Matthias - 2011

We study risk attitudes, ambiguity attitudes, and time preferences of 661 children and adolescents, aged ten to eighteen years, in an incentivized experiment and relate experimental choices to field behavior. Experimental measures of impatience are found to be significant predictors of...

Persistent link: https://www.econbiz.de/10013118350

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