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This paper provides a novel rationale for the regulation of market size when heterogeneous firms compete. A regulator seeks to maximize total welfare by choosing the number of firms allowed to enter the market, e.g. by issuing a certain number of licenses. Opening up the market for more firms...
Persistent link: https://www.econbiz.de/10012108481
This study summarizes some of the most important characteristics of the road transportation industry, and presents a discussion of its performance. The main objective is identifying areas where government action may be needed in order to correct market failures or to remove inadequate...
Persistent link: https://www.econbiz.de/10011940784
Is the asset management sector a source of financial instability? This paper contributes to the debate by performing a macroprudential stress test in order to quantify systemic risks in the mutual fund sector. For this purpose we include the welldocumented flow-performance relationship as an...
Persistent link: https://www.econbiz.de/10011740280
Persistent link: https://www.econbiz.de/10012152784
Institutional funds have concentrated ownership by a few institutional investors, infrequent outflows and essentially no leverage. Yet using unique granular data on the bond holdings of institutional funds, we show that their trading behavior is strongly procyclical: they actively move into...
Persistent link: https://www.econbiz.de/10012250652
Using a unique dataset on the sectoral ownership structure of euro area equity mutual funds, we study how different investor groups contribute to the negative performance externality from large outflows. Investment funds, as holders of mutual funds, are the main contributors to the flow...
Persistent link: https://www.econbiz.de/10013435221
Persistent link: https://www.econbiz.de/10000901129
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
Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice...
Persistent link: https://www.econbiz.de/10009625616
Persistent link: https://www.econbiz.de/10003529503