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Huang, R.; Ratnovksi, L. - Tilburg University, Center for Economic Research - 2009

Commercial banks increasingly use short-term wholesale funds to supplement traditional retail deposits. Existing literature mainly points to the "bright side" of wholesale funding: sophisticated financiers can monitor banks, disciplining bad ones but refinancing solvent ones. This paper models a...

Persistent link: https://www.econbiz.de/10011092929

Regional Inflation, Financial Integration and Dollarization (This is a revision of CentER DP 2013-073)

de Haas, R.; Brown, M.; Sokolov, V. - Tilburg University, Center for Economic Research - 2015

We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the domestic currency and financial dollarization. Our results show that regions with higher inflation experience an increase in the dollarization of...

Persistent link: https://www.econbiz.de/10011199227

MBS Ratings and the Mortgage Credit Boom

Ashcraft, A.; Goldsmith-Pinkham, P.; Vickery, J. - Tilburg University, Center for Economic Research - 2010

We study credit ratings on subprime and Alt-A mortgage-backed securities (MBS) deals issued between 2001 and 2007, the period leading up to the subprime crisis. The fraction of highly-rated securities in each deal is decreasing in mortgage credit risk (measured either ex-ante or ex-post),...

Persistent link: https://www.econbiz.de/10011090320

A Survey of Venture Capital Research

Da Rin, Marco; Hellmann, T.; Puri, M.L. - Tilburg University, Center for Economic Research - 2011

This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work...

Persistent link: https://www.econbiz.de/10011091468

Credit Ratings and Bank Monitoring Ability

Nakamura, L.I.; Roszbach, K. - Tilburg University, Center for Economic Research - 2010

In this paper we use credit rating data from two Swedish banks to elicit evidence on these banks’ loan monitoring ability. We do so by comparing the ability of bank ratings to predict loan defaults relative to that of public ratings from the Swedish credit bureau. We test the banks’...

Persistent link: https://www.econbiz.de/10011091685

The Bank's Choice of Financing and the Correlation Structure of Loan Returns

Ioannidou, Vasso; Pierides, Y. - Tilburg University, Center for Economic Research - 2003

This paper examines how the correlation structure of loan returns within a bank s loan portfolio a.ects its choice of .nancing when the bank faces binding capital constraints and there is asymmetric information about the quality of its loans.The paper uses an asymmetric information model similar...

Persistent link: https://www.econbiz.de/10011090808

Diversification at Financial Institutions and Systemic Crises

Wagner, Wolf - Tilburg University, Center for Economic Research - 2006

We show that the diversification of risks at financial institutions has unwelcome effects by increasing the likelihood of systems crises.As a result, complete diversification is not warranted adn the optimal degree of diversification is arbitrarily low.We also identify externalities that cause...

Persistent link: https://www.econbiz.de/10011092648

Lending relationships and credit rationing : the impact of securitization

Degryse, Hans; Carbo Valverde, S.; Rodriguez-Fernandez, F. - Tilburg University, Center for Economic Research - 2011

Do lending relationships mitigate credit rationing? Does securitization influence the impact of lending relationships … securitization activities relaxes credit constraints in normal periods; however, it also increases credit rationing during crisis … periods. Finally, we study the impact of different types of securitization – covered bonds and mortgage-backed securities (MBS …

Persistent link: https://www.econbiz.de/10011092653

Securitization and Lending Standards : Evidence from the Wholesale Loan Market

Kara, A.; Marques-Ibanez, D.; Ongena, S. - Tilburg University, Center for Economic Research - 2011

Persistent link: https://www.econbiz.de/10011090501

Does Corporate Income Taxation Affect Securitization? Evidence from OECD Banks

Gong, D.; Ligthart, J.E. - Tilburg University, Center for Economic Research - 2013

more securitization at banks that are constrained in funding markets, while it did not affect securitization at … unconstrained banks. This is consistent with prior theory suggesting that the tax effects of securitization depend on the extent to …' securitization decisions and therefore proposals of new taxes on bank profi ts are inappropriate. …

Persistent link: https://www.econbiz.de/10011092428

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