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Uncertainty and the Cost of Bank vs. Bond Finance
Grimme, Christian - 2019
How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper … finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending …
Persistent link: https://www.econbiz.de/10012892132
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When Pro-Poor Microcredit Institutions Favor Richer Borrowers - A Moral Hazard Story
Biancini, Sara; Venet, Baptiste; Ettinger, David - 2021
We suggest an explanation for the existence of “mission drift”, the tendency for Microfinance Institutions (MFIs) to lend money to wealthier borrowers rather than to the very poor. We focus on the relationship between MFIs and external funding institutions. We assume that both the MFIs and...
Persistent link: https://www.econbiz.de/10013245624
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Structural Reforms and Income Inequality : Who Benefits from Market-Oriented Reforms?
Gründler, Klaus - 2020
We examine how structural reforms relate to income inequality. We employ many indicators of structural reforms and use data for market and net income inequality. The dataset includes up to 135 countries since 1960. The results do not suggest that market-oriented structural reforms were...
Persistent link: https://www.econbiz.de/10012843419
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Who (Else) Benefits from Electricity Deregulation? Coal Prices, Natural Gas and Price Discrimination
Hughes, Jonathan E. - 2019
, distributional effects have been more difficult to assess. In the electricity sector, deregulation has vastly increased information … impact of deregulation. This also means policies that change fuel prices can have substantially different effects on …
Persistent link: https://www.econbiz.de/10012892212
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Entry Barriers and the Labor Market Outcomes of Incumbent Workers : Evidence from a Deregulation Reform in the German Crafts Sector
Lergetporer, Philipp - 2019
We study the labor market outcomes of a deregulation reform in Germany that removed licensing requirements to become …
Persistent link: https://www.econbiz.de/10012892300
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Regulation, Financial Crises, and Liberalization Traps
Marchionne, Francesco - 2019
To reconcile the mixed empirical results, we develop a theoretical model whose main implication is a concave impact of regulation on the probability of a crisis. We test this relationship by applying a Probit model of a non-linear specification to annual data from 1999 to 2011 drawn from 132...
Persistent link: https://www.econbiz.de/10012866557
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Softening the Blow : U.S. State-Level Banking Deregulation and Sectoral Reallocation after the China Trade Shock
Ruslanova, Lilia; Hoffmann, Mathias - 2021
U.S. state-level banking deregulation during the 1980’s mitigated the impact of the China trade shock (CTS) on local … granular bank-county-level data, we show that household consumption smoothing in response to the CTS was easier in financially …
Persistent link: https://www.econbiz.de/10013243243
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Disclosure Deregulation of Quarterly Reporting
Behrmann, Vanessa; Hornuf, Lars; Zimmermann, Jochen - 2022
In this article we investigate the deregulation efforts resulting from the 2015 transposition of the EU’s Transparency … the deregulation on average increase information asymmetry and reduce firm value. We find that this effect is stronger for …
Persistent link: https://www.econbiz.de/10013323972
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Optimal Organization of Financial Intermediaries
Bougheas, Spiros; Wang, Tianxi - 2015
intermediation. In one structure, called Bank, the intermediary is financed by issuing debt contracts to investors, and thus …
Persistent link: https://www.econbiz.de/10011307120
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Profit Taxation and Bank Risk Taking
Kogler, Michael - 2021
bias in corporate taxation. It is well known that this reform reduces bank leverage. This paper analyzes a novel …
Persistent link: https://www.econbiz.de/10013250732