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Diversification and ownership concentration
Parigi, Bruno Maria; Pelizzon, Loriana - 2005
We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects...
Persistent link: https://www.econbiz.de/10010261366
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Monitoring a common agent : implications for financial contracting
Khalil, Fahad; Martimort, David; Parigi, Bruno Maria - 2005
We study the problem of multiple principals who want to obtain income from a privately informed agent and design their contracts non-cooperatively. Our analysis reveals that the degree of coordination between principals has strong implications for the shapes of contracts and the amount of...
Persistent link: https://www.econbiz.de/10010261310
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Cultural Stereotypes of Multinational Banks
Eichengreen, Barry; Saka, Orkun - 2022
trust of residents of a bank’s countries of operation in the residents of a potential target country of investment has a … cultural stereotypes at the bank level, we show that corporate culture at bank headquarters is influenced by foreign …. We therefore leverage the geography of multinational bank branch networks to construct a bank-specific measure of culture …
Persistent link: https://www.econbiz.de/10014240868
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Regulatory and Bailout Decisions in a Banking Union
Haufler, Andreas - 2021
externalities between the two countries arise from cross-border bank ownership. The two countries face (i) a regulatory decision of … contrast, bailout policies are centralized only when international spillovers from cross-border bank ownership are strong, and …
Persistent link: https://www.econbiz.de/10013236197
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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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Persistence in the Market Risk Premium : Evidence Across Countries
Caporale, Guglielmo Maria - 2020
This paper provides evidence on the degree of persistence of one of the key components of the CAPM, namely the market risk premium, as well as its volatility. The analysis applies fractional integration methods to data for the US, Germany and Japan, and for robustness purposes considers...
Persistent link: https://www.econbiz.de/10012836946
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The Risk of Policy Tipping and Stranded Carbon Assets
der Ploeg, Rick van - 2019
If global warming is to stay below 2°C, there are four risks of assets stranding. First, substantial fossil fuel reserves will be stranded at the end of the fossil era. Second, this will be true for exploration capital too. Third, unanticipated changes in present or expected future climate...
Persistent link: https://www.econbiz.de/10012865168
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Bank Regulation and Sovereign Risk : A Paradox
Afonso, António; Teixeira, André - 2023
This paper investigates the impact of banking prudential regulation on sovereign risk. We show that prudential regulation reduces sovereign risk and induces governments to spend more. As a result, countries with tight prudential regulation have lower primary budget balances and accumulate more...
Persistent link: https://www.econbiz.de/10014356478
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Cultural Stereotypes of Multinational Banks
Eichengreen, Barry; Saka, Orkun - 2022
trust of residents of a bank's countries of operation in the residents of a potential target country of investment has a … cultural stereotypes at the bank level, we show that corporate culture at bank headquarters is influenced by foreign …. We therefore leverage the geography of multinational bank branch networks to construct a bank-specific measure of culture …
Persistent link: https://www.econbiz.de/10014290033
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Avoiding Taxes : Banks' Use of Internal Debt
Reiter, Franz - 2020
This paper investigates how multinational banks use internal debt to shift profits to low-taxed affiliates. Using regulatory data on multinational banks headquartered in Germany, we show that banks use this tax avoidance channel more aggressively than non-financial multinationals do. We find...
Persistent link: https://www.econbiz.de/10012823158