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D'Acunto, Francesco; Liu, Ryan; Pflueger, Carolin; … - 2017

The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most exible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...

Persistent link: https://www.econbiz.de/10011597779

The dominant currency financing channel of external adjustment

Casas, Camila; Meleshchuk, Sergii; Timmer, Yannick - 2023

We propose a new channel through which exchange rates affect trade. Exploiting the heterogeneity in firms' foreign currency debt maturity structure around a large depreciation in Colombia, we show that debt revaluation compresses imports due to higher delinquencies and interest rates, while...

Persistent link: https://www.econbiz.de/10014304470

The impact of Basel III on trade finance : the potential unintended consequences of the leverage ratio

Auboin, Marc; Blengini, Isabella - 2014

Trade finance, particularly in the form of short-term letters of credit has received favourable capital treatment new Basel III rules. However, concerns have been expressed over the potential negative "unintended consequences" of the newly created leverage ratio for trade. This paper offers a...

Persistent link: https://www.econbiz.de/10010404596

A Q-theory of banks

Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2021

We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market equity values diverge, especially during crises;...

Persistent link: https://www.econbiz.de/10012649212

Comparative venture capital governance : private versus labour sponsored venture capital funds

Cumming, Douglas J.; MacIntosh, Jeffrey G. - 2003

Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general...

Persistent link: https://www.econbiz.de/10011514156

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/10013206072

Collateral and its substitutes in emerging markets' lending

Menkhoff, Lukas; Neuberger, Doris; Ornsiri Rungruxsirivorn - 2011

Due to opaque information and weak enforcement in emerging loan markets, the need for collateral is high, whereas … borrowers lack adequate assets to pledge as collateral. How is this puzzle solved? We find for a representative sample from … Northeast Thailand that indeed most loans do not include any tangible assets as collateral. Instead, lenders enforce collateral …

Persistent link: https://www.econbiz.de/10009303939

Insurers monitor shocks to collateral : micro evidence from mortgage-backed securities

Fetzer, Thiemo; Guin, Benjamin; Netto, Felipe; Saidi, Farzad - 2024

This paper uncovers if and how insurance companies react to shocks to collateral in their portfolio of securitized …

Persistent link: https://www.econbiz.de/10015061135

Shareholder liability and bank failure

Aldunate, Felipe; Jenter, Dirk; Korteweg, Arthur; … - 2021

Does enhanced shareholder liability reduce bank failure? We compare the performance of around 4,200 state-regulated banks of similar size in neighboring U.S. states with different liability regimes during the Great Depression. The distress rate of limited liability banks was 29% higher than that...

Persistent link: https://www.econbiz.de/10012584232

Evaluating the impact of export finance support on firm-level export performance : evidence from Pakistan

Defever, Fabrice; Riaño, Alejandro; Varela, Gonzalo - 2020

This paper evaluates the impact of two export finance support schemes: The Export Finance Scheme (EFS) and the Long-Term Finance Facility for Plant & Machinery (LTFF) on firm-level export performance. These policies offer loans to exporters at concessionary interest rates to finance short-term...

Persistent link: https://www.econbiz.de/10012263748

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