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Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets

Acharya, Viral V.; Chauhan, Rahul S.; Rajan, Raghuram Govind - National Bureau of Economic Research - 2023

in 2017, there was no commensurate shrinkage of these claims on liquidity. Consequently, the financial sector was left … more sensitive to potential liquidity shocks, with weaker-capitalized banks most exposed. This necessitated Fed liquidity … provision in September 2019 and again in March 2020. Liquidity-risk-exposed banks suffered the most drawdowns and the largest …

Persistent link: https://www.econbiz.de/10014247971

Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market

Deng, Yongheng - 2011

In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...

Persistent link: https://www.econbiz.de/10012461787

The Degree of Judicial Enforcement and Credit Markets : Evidence from Japanese Household Panel Data

Horioka, Charles Yuji - 2010

In this paper, we conduct an empirical analysis of the impact of better judicial enforcement on the probability of being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel Survey of Consumers, conducted by the Institute for Research...

Persistent link: https://www.econbiz.de/10012463019

Contingent Credit Under Stress

Acharya, Viral V.; Jager, Maximilian; Steffen, Sascha - National Bureau of Economic Research - 2023

' provision of liquidity insurance in the form of credit lines, their significance in managing corporate liquidity, and the …

Persistent link: https://www.econbiz.de/10014437040

Corporate Governance, Business Group Governance and Economic Development Traps

Dau, Luis - 2020

Every firm in a developed economy relies on the mere existence of countless other firms to keep prices competitive up and down all supply chains. Without this network externality, no firm forms; and without many firms, no network forms; locking in a low-income trap. Business group governance...

Persistent link: https://www.econbiz.de/10012482288

Agency Problems and the Fate of Capitalism

Morck, Randall - 2010

Economics has firms maximizing value and people maximizing utility, but firms are run by people. Agency theory concerns the mitigation of this internal contradiction in capitalism. Firms need charters, regulations and laws to restrain those entrusted with their governance, just as economies need...

Persistent link: https://www.econbiz.de/10012462167

The Internal Governance of Firms

Acharya, Viral V. - 2009

We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. Internal governance can mitigate agency problems and ensure that firms have substantial value, even with little or no external governance by...

Persistent link: https://www.econbiz.de/10012463081

Never Waste a Good Crisis : An Historical Perspective on Comparative Corporate Governance

Morck, Randall - 2009

Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating the economy's capital and other resources. Comparative financial histories show these corporate governance regimes to be largely stable through time, but capable of...

Persistent link: https://www.econbiz.de/10012463607

Innocents Abroad : The Hazards of International Joint Ventures with Pyramidal Group Firms

Perkins, Susan - 2008

The fundamental unit of production in microeconomics is the firm, and this mirrors reality in the United States and United Kingdom. But elsewhere, business groups can be the more important unit, for business strategy is often formulated at the business group level, not the firm level. In many...

Persistent link: https://www.econbiz.de/10012464733

When Labor Has a Voice in Corporate Governance

Faleye, Olubunmi - 2005

Equity ownership gives labor both a fractional stake in the firm's residual cash flows and a voice in corporate governance. Relative to other firms, labor-controlled publicly-traded firms deviate more from value maximization, invest less in long-term assets, take fewer risks, grow more slowly,...

Persistent link: https://www.econbiz.de/10012467431