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Eisenbach, Thomas M.; Lucca, David O.; Townsend, Robert M. - 2016

We study bank supervision by combining a theoretical model that distinguishes supervision from regulation and a novel dataset on work hours of Federal Reserve supervisors. We highlight the trade-offs between the benefits and costs of supervision and use the model to interpret the relationship...

Persistent link: https://www.econbiz.de/10011442183

Non-bank financial institutions and banks' fire-sale vulnerabilities

Cetorelli, Nicola; Landoni, Mattia; Lu, Lina - 2023

understated and highlighting the value of treating nonbank financial institutions as one organic whole for monitoring purposes …

Persistent link: https://www.econbiz.de/10014233003

Reducing moral hazard at the expense of market discipline : the effectiveness of double liability before and during the Great Depression

Anderson, Haelim Park; Barth, Daniel; Choi, Dong Beom - 2018

Prior to the Great Depression, regulators imposed double liability on bank shareholders to ensure financial stability … and protect depositors. Under double liability, shareholders of failing banks lost their initial investment and had to pay … up to the par value of the stock in order to compensate depositors. We examine whether double liability was effective at …

Persistent link: https://www.econbiz.de/10011926198

How and why do small firms manage interest rate risk? : evidence from commercial loans

Vickery, James (contributor) - 2005 - Rev. September 2006

Although small firms are particularly sensitive to interest rates and other external shocks, empirical work on corporate risk management has focused instead on large public companies. This paper studies fixed-rate and adjustable-rate loans to see how small firms manage their exposure to interest...

Persistent link: https://www.econbiz.de/10003090902

The myth of the lead arranger's share

Brickle, Kristian; Fleckenstein, Quirin; Hillenbrand, … - 2020

We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly after syndication. In...

Persistent link: https://www.econbiz.de/10012211170

Run equilibria in a model of financial intermediation

Ennis, Huberto M. (contributor); Keister, Todd (contributor) - 2008

We study the Green and Lin (2003) model of financial intermediation with two new features: traders may face a cost of contacting the intermediary, and consumption needs may be correlated across traders. We show that each feature is capable of generating an equilibrium in which some (but not all)...

Persistent link: https://www.econbiz.de/10003781442

Financial frictions, real estate collateral, and small firm activity in Europe

Banerjee, Ryan; Blickle, Kristian - 2018

We observe significant heterogeneity in the correlation between changes in house prices and the growth of small firms across certain countries in Europe. We find that, overall, the correlation is far greater in Southern Europe than in Northern Europe. Using a simple model, we show that this...

Persistent link: https://www.econbiz.de/10011904686

Bank liquidity provision across the firm size distribution

Chodorow-Reich, Gabriel; Darmouni, Olivier; Luck, Stephan; … - 2020

Using loan-level data covering two-thirds of all corporate loans from U.S. banks, we document that SMEs (i) obtain much shorter maturity credit lines than large ﬁrms; (ii) have less active maturity management and therefore frequently have expiring credit; (iii) post more collateral on both...

Persistent link: https://www.econbiz.de/10012309187

Corporate credit provision

Boyarchenko, Nina; Mueller, Philippe - 2019

Productive firms can access credit markets directly by issuing corporate bonds or by borrowing through financial intermediaries. In this paper, we study the cyclical properties of corporate credit provision through these two types of debt instruments in major advanced economies. We argue that...

Persistent link: https://www.econbiz.de/10012061348

Gender and the availability of credit to privately held firms : evidence from the surveys of small business finances

Cole, Rebel A.; Mehran, Hamid - 2009

This study analyzes differences by gender in the ownership of privately held U.S. firms and examines the role of gender in the availability of credit. Using data from the nationally representative Surveys of Small Business Finances, which span a period of sixteen years, we document a series of...

Persistent link: https://www.econbiz.de/10003947529

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