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The long-term earnings' effects of a credit market disruption

Adamopoulou, Effrosyni; De Philippis, Marta; Sette, Enrico - 2023

This paper studies the long-term consequences on firms and workers of the credit crunch triggered by the 2007-2008 global financial crisis. Relying on a unique matched bank-employer-employee administrative dataset, we construct a firm-specific credit supply shock and examine firms’ and...

Persistent link: https://www.econbiz.de/10014440036

Financing and advising early stage startups : the effect of angel investor subsidies

Berger, Marius; Gottschalk, Sandra - 2021

In recent years governments around the world have introduced policies to stimulate investments in early stage entrepreneurial companies, in particular investments by Angel investors. In this paper we study whether introducing subsidies to Angel investors has effects on startups’ access to...

Persistent link: https://www.econbiz.de/10012622932

Financial crises and shadow banks : a quantitative analysis

Rottner, Matthias - 2022

Motivated by the build-up of shadow bank leverage prior to the financial crisis of 2007-2008, I develop a nonlinear macroeconomic model featuring excessive leverage accumulation and endogenous financial crises to capture the observed dynamics and to quantify the build-up of financial fragility....

Persistent link: https://www.econbiz.de/10013194657

Traditional banks, shadow banks and the US credit boom : credit origination versus financing

Unger, Robert - 2016

The US credit boom has been identified as one of the causes of the global financial crisis and the resulting debt overhang is seen as the primary reason for the weak economic recovery. Most of the existing literature links the credit boom to the emergence of the shadow banking system. This paper...

Persistent link: https://www.econbiz.de/10011456517

How does P2P lending fit into the consumer credit market?

Roure, Calebe de; Pelizzon, Loriana; Tasca, Paolo - 2016

Why do retail consumers look for P2P financial intermediation? Are internetbased peer-to-peer (P2P) loans a substitute for or a complement to bank loans? In this study we answer these questions by comparing P2P lending with the nonconstruction consumer credit market in Germany. We show that P2P...

Persistent link: https://www.econbiz.de/10011520643

Hampered interest rate pass-through : a supply side story?

Heckmann, Lotta; Moertel, Julia - 2020

This paper shows that the supply side of credit is a major factor for the phenomenonof hampered interest rate pass-through in monopolistic banking markets. Our data,covering all 1,555 small and medium sized banks in Germany, provides a clear wayto partial out demand shocks; we are thus able to...

Persistent link: https://www.econbiz.de/10012322286

A theory of crowdfunding : a mechanism design approach with demand uncertainty and moral hazard

Strausz, Roland - 2017

Crowdfunding provides innovation in enabling entrepreneurs to contract with consumers before investment. Under … information threatens this benefit. Crowdfunding’s after-markets enable consumers to actively implement deferred payments and … thereby manage moral hazard. Popular crowdfunding platforms offer schemes that allow consumers to do so through conditional …

Persistent link: https://www.econbiz.de/10011590906

Equity crowdfunding and early stage entrepreneurial finance : damaging or disruptive?

Estrin, Saul; Gozman, Daniel; Khavul, Susanna - 2017

Persistent link: https://www.econbiz.de/10011737765

Maturity shortening and market failure

Thierfelder, Felix - 2012

Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not uniform across maturities. As funding pressures were...

Persistent link: https://www.econbiz.de/10009509089

Cyclicality of SME lending and government involvement in banks

Behr, Patrick; Foos, Daniel; Norden, Lars - 2015

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan...

Persistent link: https://www.econbiz.de/10011391616

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