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Falato, Antonio; Iercosan, Diana; Zikes, Filip - 2018

This paper uses detailed high-frequency regulatory data to evaluate whether trading increases or decreases systemic risk in the U.S. banking sector. We estimate the sensitivity of weekly bank trading net profits to a variety of aggregate risk factors, which include equities, fixed-income,...

Persistent link: https://www.econbiz.de/10012017492

The effects of institutional investor objectives on firm valuation and governance

Borochin, Paul; Yang, Jie - 2016 - This version: November, 2016,

We find that ownership by different types of institutional investor has different implications for future firm misvaluation and governance characteristics. Dedicated institutional investors decrease future firm misvaluation relative to fundamentals, as well as the magnitude of this misvaluation....

Persistent link: https://www.econbiz.de/10011578798

Options, equity risks, and the value of capital structure adjustments

Borochin, Paul; Yang, Jie - 2016 - This version: October, 2016

-looking market-based risk measures provide significant explanatory power in predicting net leverage changes in excess of accounting …' magnitudes of, and propensity for, net leverage increases. Firms with larger predicted leverage increases outperform firms with …, leverage, and distress risk puzzles, firms with lower predicted leverage increases are riskier but earn lower abnormal returns …

Persistent link: https://www.econbiz.de/10011579117

Firm leverage, labor market size, and employee pay

Dore, Timothy E.; Zarutskie, Rebecca - 2017

We provide new estimates of the wage costs of firms' debt. Our empirical approach exploits within-firm geographical … sample of public firms. We find that, following an increase in firm leverage, workers with higher unemployment costs … that a 10 percentage point increase in leverage increases wage compensation for the median worker by 1.9% and total firm …

Persistent link: https://www.econbiz.de/10011710130

Rising Intangible Capital, Shrinking Debt Capacity, and the US Corporate Savings Glut

Falato, Antonio - 2018

collateral, a shift toward greater reliance on intangible capital shrinks the debt capacity of firms and leads them to optimally …

Persistent link: https://www.econbiz.de/10012938237

Business to Business Credit to Small Firms

Mach, Traci - 2014

Following the financial crisis, total outstanding loans to businesses by commercial banks dropped off substantially. Large loans outstanding began to rebound by the third quarter of 2010 and essentially returned to their previous growth trajectory while small loans outstanding continued to...

Persistent link: https://www.econbiz.de/10013049258

Can Macro Variables Used in Stress Testing Forecast the Performance of Banks?

Guerrieri, Luca - 2013

When stress tests for the banking sector use a macroeconomic scenario, an unstated premise is that macro variables should be useful factors in forecasting the performance of banks. We assess whether variables such as the ones included in stress tests for U.S. bank holding companies help improve...

Persistent link: https://www.econbiz.de/10013089290

Policy Uncertainty, Irreversibility, and Cross-Border Flows of Capital

Julio, Brandon - 2013

We examine the effects of government policy uncertainty on cross-border capital flows. FDI flows from US companies to foreign affiliates drop significantly during the period just before an election. The election effect for FDI is larger than election cycles in domestic investment. The electoral...

Persistent link: https://www.econbiz.de/10013073343

The Effects of Geographic Expansion on Bank Efficiency

Berger, Allen N. - 2005

We assess the effects of geographic expansion on bank efficiency using cost and profit efficiency for over 7,000 U.S. banks, 1993-1998. We find that parent organizations exercise some control over the efficiency of their affiliates, although this control tends to dissipate with distance to the...

Persistent link: https://www.econbiz.de/10012737695

How do capital requirements affect loan rates? : evidence from high volatility commercial real estate

Glancy, David; Kurtzman, Robert - 2018

We study how bank loan rates responded to a 50% increase in capital requirements for a subcategory of construction lending, High Volatility Commercial Real Estate (HVCRE). To identify this effect, we exploit variation in the loan terms determining whether a loan is classified as HVCRE and the...

Persistent link: https://www.econbiz.de/10012016595

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