Similar Search Results

Boyarchenko, Nina - 2019

We study how the risks to future liquidity flow across corporate bond, Treasury, and stock markets. We document … distribution “flight-to-safety” effects: a deterioration in the liquidity of high-yield corporate bonds forecasts an increase in … the average liquidity of Treasury securities and a decrease in uncertainty about the liquidity of investment …

Persistent link: https://www.econbiz.de/10012897700

The internal governance of firms

Acharya, Viral V.; Myers, Stewart C.; Rajan, Raghuram Govind - 2009

"We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. Internal governance can mitigate agency problems and ensure that firms have substantial value, even with little or no external governance by...

Persistent link: https://www.econbiz.de/10003913453

Creditor rights and corporate risk-taking

Acharya, Viral V.; Ahmihud, Yakov; Litov, Lubomir - 2009

Persistent link: https://www.econbiz.de/10003916147

Rollover risk and market freezes

Acharya, Viral V.; Gale, Douglas; Yorulmazer, Tanju - 2010

"The crisis of 2007-09 has been characterized by a sudden freeze in the market for short-term, secured borrowing. We present a model that can explain a sudden collapse in the amount that can be borrowed against finitely-lived assets with little credit risk. The borrowing in this model takes the...

Persistent link: https://www.econbiz.de/10003931359

Cash holdings and credit risk

Acharya, Viral V.; Davydenko, Sergei A.; Strebulaev, Ilya A. - 2011

liquidity may be related positively to the longer-term probability of default. Our empirical analysis confirms these predictions …

Persistent link: https://www.econbiz.de/10009009580

Are banks passive liquidity backstops? : deposit rates and flows during the 2007-2009 crisis

Acharya, Viral V.; Mora, Nada - 2012

Persistent link: https://www.econbiz.de/10009506561

Bank Liquidity Creation, Systemic Risk, and Basel Liquidity Regulations

Roberts, Daniel - 2019

We find that banks subject to the Liquidity Coverage Ratio (LCR) create less liquidity per dollar of assets in the post …-off between lower liquidity creation and greater resilience from liquidity regulations …

Persistent link: https://www.econbiz.de/10012898995

COVID Response : The Municipal Liquidity Facility

Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021

responsibilities. In April 2020, the Federal Reserve announced the establishment of the Municipal Liquidity Facility (MLF) to help …

Persistent link: https://www.econbiz.de/10013211407

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007

Acharya, Viral V. - 2013

In August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We … investigate how banks scrambled for liquidity in response to this freeze and its implications for corporate borrowing. Commercial …

Persistent link: https://www.econbiz.de/10013077991

Did Liquidity Providers Become Liquidity Seekers? Evidence from the CDS-Bond Basis during the 2008 Financial Crisis

Choi, Jaewon - 2014

crisis is often attributed to corporate bond dealers' failure to provide liquidity. We investigate this common perception … using unique data on dealers' trading. We show that corporate bond dealers provided liquidity in response to major selling … activity by clients when the CDS-bond basis widened. Although providing liquidity, dealers did not trade aggressively enough to …

Persistent link: https://www.econbiz.de/10013062427