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We show that insurance companies have almost nonupled their investments in collateralized loan obligations (CLOs) in … capital charges, insurance companies invest more heavily in bonds and CLO tranches with higher yields. Preferences for CLO … regulatory reform, resulting in insurance companies holding more than 40 percent of mezzanine tranches outstanding in 2019. In …
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-standing gap in the literature by analyzing board governance using a sample of banking firm data that spans forty years. We examine … banking firms with larger boards do not underperform their peers in terms of Tobin’s Q. Our findings suggest caution in … applying regulations motivated by research on the governance of nonfinancial firms to banking firms. Since organizational …
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We address two questions: (i) Are bank capital structure and value correlated in the cross section, and if so, how? (ii) If bank capital does affect bank value, how are the components of bank value affected by capital? We first develop a dynamic model with a dissipative cost of bank capital that...
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