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Taming overconfident CEOs through stricter financial regulation
Kassner, Bernhard - 2023
paper shows that financial regulation can be effective at mitigating this type of risk. Exploiting regulatory changes … financial institutions subject to stricter regulation. Following the easing of these regulations, overconfidence-induced risk …-taking increases again. These findings confirm the effectiveness of financial regulation at correcting overconfident behavior, but also …
Persistent link: https://www.econbiz.de/10014477386
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Arbitraging the Basel securitization framework : evidence from German ABS investment
Efing, Matthias - 2015
This paper provides evidence for regulatory arbitrage within the class of assetbacked securities (ABS) based on individual asset holding data of German banks. I find that those banks operating with tight regulatory constraints pick the securities with the highest yield and lowest collateral...
Persistent link: https://www.econbiz.de/10011391709
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You can‘t always get what you want (where you want it) : cross-border effects of the US money market fund reform
Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol - 2022
This paper documents significant cross-border effects of the 2014 US money market fund (MMF) reform on MMFs in the euro area. As US-based prime MMFs became less money-like due to the reform, euro area-based prime MMFs received large inflows from foreign investors. These cross-border flows were...
Persistent link: https://www.econbiz.de/10012876146
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Übernahmen durch Private Equity im deutschen Gesundheitssektor : eine Zwischenbilanz für die Jahre 2013 bis 2018
Scheuplein, Christoph; Evans, Michaela; Merkel, Sebastian - 2019
Interviews auch Hintergründe und exploriert Konsequenzen der genannten Entwicklungen. Vor allem die veränderte Regulierung des …
Persistent link: https://www.econbiz.de/10011970843
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Out of sight, out of mind? : on the risk of sub-custodian structures
Droll, Thomas; Podlich, Natalia; Wedow, Michael - 2015
We analyse sub-custodian chains using a unique data set from a survey. Our key question is whether there is any evidence for moral hazard in the delegation of asset safe-keeping to sub-custodians. Sub-custodian chains can be relatively long and frequently reach across several countries. The risk...
Persistent link: https://www.econbiz.de/10011334614
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Macro to the rescue? : an analysis of macroprudential instruments to regulate housing credit
Falter, Alexander - 2019
This paper builds a macro model with a financial sector and a housing market to understand the transmission and effects of macroprudential instruments addressing mortgage credit. The model compares the introduction of a loan-to-value ratio (LTV), a countercyclical capital buffer (CCyB)-style...
Persistent link: https://www.econbiz.de/10012034723
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Financing and advising early stage startups : the effect of angel investor subsidies
Berger, Marius; Gottschalk, Sandra - 2021
representative sample of entrepreneurial companies in Germany, we analyze the effect of the introduction of a major subsidy program … for Angel investors in Germany. Having data before and after the introduction of the program allows us to use a difference …
Persistent link: https://www.econbiz.de/10012622932
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Bank profitability, leverage constraints, and risk-taking
Martynova, Natalya; Ratnovski, Lev; Vlahu, Razvan - 2019
Traditional theory suggests that higher bank profitability (or franchise value) dissuades bank risk-taking. We highlight an opposite effect: higher profitability loosens bank borrowing constraints. This enables profitable banks to take risk on a larger scale, inducing risk-taking. This effect is...
Persistent link: https://www.econbiz.de/10012020122
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Effects of bank capital requirements on lending by banks and non-bank financial institutions
Bednarek, Peter; Briukhova, Olga; Ongena, Steven; … - 2023
What is the impact of a sudden and sizeable increase in bank capital requirements on the lending activity by directly affected banks and by non-affected non-bank financial institutions (NBFIs)? To answer this question, we apply a difference-in-differences methodology around the capital exercise...
Persistent link: https://www.econbiz.de/10014384399
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Regulatory competition in capital standards with selection effects among banks
Haufler, Andreas; Maier, Ulf - 2017
Several countries have recently introduced national capital standards exceeding the internationally coordinated Basel III rules, which is inconsistent with the 'race to the bottom' in capital standards found in the literature. We study regulatory competition when banks are heterogeneous and give...
Persistent link: https://www.econbiz.de/10011591503