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Tech in Fin Before FinTech : Blessing or Curse for Financial Stability?
Pierri, Nicola - 2020
Motivated by the world-wide surge of FinTech lending, we analyze the implications of lender' information technology adoption for financial stability. We estimate bank-level intensity of IT adoption before the global financial crisis using a novel dataset that provides information on hardware...
Persistent link: https://www.econbiz.de/10012842385
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Epidemic Exposure, Fintech Adoption, and the Digital Divide
Saka, Orkun; Eichengreen, Barry; Aksoy, Cevat Giray - 2021
,000 individuals in 140 countries, merging them with information on the incidence of epidemics and local 3G internet infrastructure …
Persistent link: https://www.econbiz.de/10013219076
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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
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Pork, Infrastructure and Growth : Evidence from the Italian Railway Expansion
Bonfatti, Roberto; Facchini, Giovanni; Tarasov, Alexander; … - 2021
This paper studies the role played by politics in shaping the Italian railway network, and its impact on long-run growth patterns. Examining a large state-planned railway expansion that took place during the second half of the 19th century in a recently unified country, we first study how both...
Persistent link: https://www.econbiz.de/10013216257
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The Macroeconomic Effects of Funding U.S. Infrastructure
Malley, James R.; Philippopoulos, Apostolis - 2022
This paper quantitatively assesses the macroeconomic effects of the recently agreed U.S. bipartisan infrastructure … types of infrastructure spending and linkages between the final and intermediate goods sectors. We find that infrastructure … multipliers above unity if infrastructure spending and rising public debt are financed by consumption, dividend and labour income …
Persistent link: https://www.econbiz.de/10013307758
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Optimal regulation of auditing
Pagano, Marco; Immordino, Giovanni - 2007
We study regulation of the auditing profession in a model where audit quality is unobservable and enforcing regulation is costly. The optimal audit standard falls short of the first-best audit quality, and is increasing in the riskiness of firms and in the amount of funding they seek. The model...
Persistent link: https://www.econbiz.de/10010264117
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An empirical analysis of legal insider trading in the Netherlands
Degryse, Hans; de Jong, Frank; Lefebvre, Jérémie - 2009
In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by...
Persistent link: https://www.econbiz.de/10010274331
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Embedded Supervision: How to Build Regulation into Decentralised Finance
Auer, Raphael A. - 2022
The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for...
Persistent link: https://www.econbiz.de/10013353383
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Embedded Supervision : How to Build Regulation into Decentralised Finance
Auer, Raphael - 2022
The emergence of so-called “decentralised finance” (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for...
Persistent link: https://www.econbiz.de/10013405970
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Shadow Banks and the Risk-Taking Channel of Monetary Policy Transmission in the Euro Area
Wischnewsky, Arina; Neuenkirch, Matthias - 2018
In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through an increase in shadow banks’ total asset growth and their risk assets ratio. Our dataset covers the period 2003Q1 - 2017Q3 and includes, in addition to the standard...
Persistent link: https://www.econbiz.de/10011887378