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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

Debt Recovery in Firm Liquidations: Do Liquidation Trustees Matter?

Cepec, Jaka; Grajzl, Peter; Zajc, Katarina - 2016

Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the … functioning of insolvency regimes worldwide is sparse. We investigate whether creditors’ recovery of outstanding claims, a measure … of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration …

Persistent link: https://www.econbiz.de/10011522534

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

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

Voting in corporate boards with heterogeneous preferences

Balduzzi, Paolo; Graziano, Clara; Luporini, Annalisa - 2011

We analyze the voting behavior of a board of directors that has to approve (or reject) an investment proposal with uncertain return. We consider three types of directors: insiders, who are biased toward acceptance of the project, independent outsiders who want to maximize the firm's profit and...

Persistent link: https://www.econbiz.de/10010274882

Managerial hedging and portfolio monitoring

Bisin, Alberto; Gottardi, Piero; Rampini, Adriano A. - 2004

Incentive compensation induces correlation between the portfolio of managers and the cash flow of the firms they manage. This correlation exposes managers to risk and hence gives them an incentive to hedge against the poor performance of their firms. We study the agency problem between...

Persistent link: https://www.econbiz.de/10010261074

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

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 interrelationship between formal and informal decentralization and its impact on sub-central governance performance: The case of Vietnam

Thanh, Thuy Vu; Zouikri, Messaoud; Deffains, Bruno - 2012

Formal and informal institutions are often viewed as complements or substitutes in empirical and theoretical works. However, no evidence of complementarities or substitutes is found in our empirical analysis of the interrelation between formal and informal decentralization across 64 provinces of...

Persistent link: https://www.econbiz.de/10010325617

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