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Angeloni, Ignazio; Faia, Ester; Winkler, Roland - 2014 - First draft: August 2010. This draft: April 2014

We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using a macromodel where banks choose their capital structure and are subject to runs. Under a Taylor rule, the post-crisis interest rate hits the zero lower bound (ZLB) and remains there for several...

Persistent link: https://www.econbiz.de/10010354007

The value of firm networks : a natural experiment on board connections

Faia, Ester; Mayer, Maximilian; Pezone, Vincenzo - 2021

We present causal evidence on the e↵ect of boardroom networks on firm value and compensation policies. We exploit a ban on interlocking directorates of Italian financial and insurance companies as exogenous variation and show that firms that lose centrality in the network experience negative...

Persistent link: https://www.econbiz.de/10012643884

Cross-country variations in capital structures : the role of bankruptcy codes

Acharya, Viral V.; Sundaram, Rangarajan K.; John, Kose - In: Journal of financial intermediation 20 (2011) 1, pp. 25-54

Persistent link: https://www.econbiz.de/10008989445

Bank and sovereign debt risk

Darracq Pariès, Matthieu; Faia, Ester; Rodriguez … - 2012 - This draft: December 2012

long run fragility. We build a macro model with banks subject to incentive problems and liquidity risk (in the form of … liquidity based banks' runs) which provides a link between endogenous bank capital and macro and policy risk. Our banks also … invest in risky government bonds used as capital buffer to self-insure against liquidity risk. The model can replicate the …

Persistent link: https://www.econbiz.de/10010226188

Bank lines of credit as contingent liquidity : covenant violations and their implications

Acharya, Viral V.; Almeida, Heitor; Ippolito, Filippo; … - In: Journal of financial intermediation 44 (2020), pp. 1-13

Persistent link: https://www.econbiz.de/10012653786

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007

Acharya, Viral V. - 2013

In August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We … investigate how banks scrambled for liquidity in response to this freeze and its implications for corporate borrowing. Commercial …

Persistent link: https://www.econbiz.de/10013077991

The dark side of liquidity creation : leverage and systemic risk

Acharya, Viral V.; Thakor, Anjan V. - In: Journal of financial intermediation 28 (2016), pp. 4-21

Persistent link: https://www.econbiz.de/10011715175

How do global banks scramble for liquidity? : evidence from the asset-backed commercial paper freeze of 2007

Acharya, Viral V.; Afonso, Gara; Kovner, Anna - In: Journal of financial intermediation 30 (2017), pp. 1-34

Persistent link: https://www.econbiz.de/10011822415

Monetary policy and risk taking

Angeloni, Ignazio; Faia, Ester; Lo Duca, Marco - 2013 - This draft: January 2013

We assess the effects of monetary policy on bank risk to verify the existence of a risk-taking channel - monetary expansions inducing banks to assume more risk. We first present VAR evidence confirming that this channel exists and tends to concentrate on the bank funding side. Then, to...

Persistent link: https://www.econbiz.de/10010226064

Trust in the monetary authority

Bursian, Dirk; Faia, Ester - 2013 - This draft: February 2013

The efficacy of monetary authority actions depends primarily on the ability of the monetary authority to affect inflation expectations, which ultimately depend on agents' trust. We propose a model embedding trust cycles, as emerging from sequential coordination games betwen atomistic agents and...

Persistent link: https://www.econbiz.de/10010225972