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Is proprietary trading detrimental to retail investors?
Fecht, Falko; Hackethal, Andreas; Karabulut, Yigitcan - 2013
We study a conflict of interest faced by universal banks that conduct proprietary trading alongside their retail banking services. Our dataset contains the stock holdings of each and every German bank and of their corresponding retail clients. We investigate (i) whether banks deliberately push...
Persistent link: https://www.econbiz.de/10010202878
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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. I use the model to illustrate that extensive leverage makes the shadow …
Persistent link: https://www.econbiz.de/10013194657
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The effect of bank shocks on firm-level and aggregate investment
Amador, João; Nagengast, Arne J. - 2016
We show that credit supply shocks have a strong impact on firm-level as well as aggregate investment by applying the methodology developed by Amiti and Weinstein (2013) to a rich dataset of matched bank-firm loans in the Portuguese economy for the period 2005 to 2013. We argue that their...
Persistent link: https://www.econbiz.de/10011495499
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Risk weighting, private lending and macroeconomic dynamics
Donadelli, Michael; Jüppner, Marcus; Prosperi, Lorenzo - 2019
According to current regulation, European banks can apply zero risk weights to sovereign exposures in their balance sheet, irrespective of the assigned rating. We show that a zero risk weighting of sovereign bonds has implications by distorting banks' asset allocation decisions. Due to the lower...
Persistent link: https://www.econbiz.de/10012098989
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Market sentiment, financial fragility, and economic activity : the role of corporate securities issuance
Dieckelmann, Daniel - 2021
. Crises and recessions often occur independently of domestic leverage, making the credit-to-GDP gap a deficient early …
Persistent link: https://www.econbiz.de/10012431742
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Market discipline across bank governance models : empirical evidence from German depositors
Arnold, Eva; Größl, Ingrid; Koziol, Philipp - 2015
German savers are renowned for preferring safe, long-term investments, thus providing patient capital, with bank deposits playing an important role. Using a comprehensive data set for the German banking sector, we examine whether German depositors are really that patient, abstaining from any...
Persistent link: https://www.econbiz.de/10011285397
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Do natural resource sectors rely less on external finance than manufacturing sectors?
Hattendorff, Christian - 2012
. Measures relating investment and cash flow indicate high external dependence, while measures accounting for more short …
Persistent link: https://www.econbiz.de/10009580846
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Financial constraints for R&D and innovation : new evidence from a survey experiment
Czarnitzki, Dirk; Giebel, Marek - 2021
We utilize a new survey experiment to evaluate the existence and degree of financial constraints for R&D in the economy. The experiment does not only allow to deduct the presence of financial constraints, but also to evaluate their economic significance. Using data on German companies, we find...
Persistent link: https://www.econbiz.de/10012671880
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Interest rate shocks, competition and bank liquidity creation
Kick, Thomas - 2022
We study the effects of interest rate shocks (IRS) on banks’ liquidity creation. A unique supervisory data set from the Deutsche Bundesbank allows identifying banks’ liquidity creation for the real economy and the effects of banking market competition. Here, we employ a novel approach to...
Persistent link: https://www.econbiz.de/10013184357
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Subsidies and innovation in the recent financial crisis
Giebel, Marek; Kraft, Kornelius - 2021
We analyze the impact of subsidies on R&D expenditures in the financial crisis and beyond. The financial crisis has led to considerable turmoil in financing and, as a result, to restrictions of firms' access to external financing. Utilizing this fact, we identify and analyze financing...
Persistent link: https://www.econbiz.de/10012793582