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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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The Countercyclical Capital Buffer and the Composition of Bank Lending
Auer, Raphael - 2019
Do macroprudential regulations on residential lending influence commercial lending behavior too? To answer this question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential mortgages on which extra capital requirements were...
Persistent link: https://www.econbiz.de/10012861456
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Stock Market Returns, Corporate Governance and Capital Market Equilibrium
Parigi, Bruno Maria; Pelizzon, Loriana; von Thadden, … - 2013
This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms' stock returns...
Persistent link: https://www.econbiz.de/10010328866
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Connected Lending of Last Resort
Mitchener, Kris James; Monnet, Eric - 2023
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand … November 1930, the Banque de France (BdF) lent selectively rather than broadly, providing substantially more liquidity to … unprecedented government bailout of the central bank, and resulted in loss of shareholder control over the central bank. …
Persistent link: https://www.econbiz.de/10014290136
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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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Freeze! Financial Sanctions and Bank Responses
Efing, Matthias - 2019
We study the effects of financial sanctions on cross-border credit supply. Using a differences-in-differences approach to analyze eleven sanctions episodes between 2002 and 2015, we find that banks located in Germany reduce their positions in countries with sanctioned entities by 38%. The...
Persistent link: https://www.econbiz.de/10012892162
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Do Employees Benefit from Worker Representation on Corporate Boards?
Blandhol, Christine; Mogstad, Magne; Nilsson, Peter; … - 2021
Do employees benefit from worker representation on corporate boards? Economists and policymakers are keenly interested in this question – especially lately, as worker representation is widely promoted as an important way to ensure the interests and views of the workers. To investigate this...
Persistent link: https://www.econbiz.de/10013314747
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The positive economics of labor market rigidities and investor protection
Fehn, Rainer; Meier, Carsten-Patrick - 2001
This paper presents a positive model which shows that institutional setups on capital and labor markets might be intertwined by politicoeconomic forces. Some countries especially in continental Europe exhibit a corporatist politicoeconomic equilibrium with a sustantial protection of insiders on...
Persistent link: https://www.econbiz.de/10010316080
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Politics-Business Co-evolution Paths : Workers’ Organization and Capitalist Concentration
Belloc, Marianna - 2012
Most pre-crisis explanations of the various corporate governance systems have considered the separation between ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other countries to achieve these efficient arrangements to their...
Persistent link: https://www.econbiz.de/10013116042
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Are Sustainability-Oriented Investors Different? Evidence from Equity Crowdfunding
Hornuf, Lars - 2020
In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany and investigate...
Persistent link: https://www.econbiz.de/10012831659